IN PARTIAL FULFILMENT OF THE REQUIREMENTS FOR THE DEGREE OF MASTER OF SCIENCE IN REAL ESTATE DEVELOPMENT

This thesis examines the decision making process concerning the sale of urban real estate. It hypothesizes that a structured decision process captures the value of urban real estate. It utilizes examples from the Washington State Department of Natural Resources. For DNR, urban lands are those in transition from principal forest or agricultural uses to uses more characteristic of an urban environment such as residential, commercial, and industrial applications. The Department has a history of concern for income production to benefit the trusts it administers. The past reliance on timber production and sales has shifted in recent years to include an appreciation of income producing potential on non-timber lands. While the Department does not see itself as a land developer, it does realize that urbanized lands ar