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Grade Inflation In The School Of Real Estate And Construction Economics, Dermot Kehily 2010 Dublin Institute of Technology

Grade Inflation In The School Of Real Estate And Construction Economics, Dermot Kehily

Articles

No abstract provided.


Alternatives To Golf Course Developments In An Environmentally Sensitive Market, Tyler Grooms 2010 Cornell University

Alternatives To Golf Course Developments In An Environmentally Sensitive Market, Tyler Grooms

Cornell Real Estate Review

Developers usually seek to maximize their land’s value. Amenities are often used to accomplish this purpose. One of the most popular amenities of the past half century has been the golf course and the integrated golf course development. Today, however, U.S. golf course developments are overbuilt and represent, to some, a tired model for development-supported amenities. Furthermore, trends in sustainability have led to the creation of denser and less impactful developments, in contrast to the typical sprawling and ecologically impactful golf developments. These trends have forced developers to consider alternative amenities for driving land values and sales pace ...


Emerging Sustainable Real Estate: Trends Opportunities And Obstacles In Bridgeport, Connecticut, Joshua M. Heller 2010 Cornell University

Emerging Sustainable Real Estate: Trends Opportunities And Obstacles In Bridgeport, Connecticut, Joshua M. Heller

Cornell Real Estate Review

[Excerpt] As real estate professionals confront the current economic downturn, they are devoting more attention to interpreting evolving demographics, consumer preferences, and public policy in order to identify emerging trends and opportunities in real estate. Trends frequently cited include sustainability revolving around infill strategies like smart growth, and transit oriented-development (TOD).1 While analysts often cite smart growth and transit oriented development as new strategies for sustainable real estate development, they are not new concepts.


Foreword, David L. Funk 2010 Cornell University

Foreword, David L. Funk

Cornell Real Estate Review

[Excerpt] The Cornell Real Estate Review (CRER) continues its tradition of providing faculty, real estate industry practitioners, and graduate students a conduit to share practice and applied research from all fields related to the profession.


Redefining Distressed Opportunities, Ben Carlos Thypin 2010 Real Capital Analytics Inc.

Redefining Distressed Opportunities, Ben Carlos Thypin

Cornell Real Estate Review

[Excerpt] As the commercial real estate (CRE) industry embarks on a new year and hopes to put the pain of 2009 behind it, industry players should keep in mind that much of the wreckage left in the wake of the world financial crisis remains unresolved and billions of dollars in looming CRE loan maturities further cloud the outlook. By the end of Q1 2010, nearly $222 billion worth of CRE was distressed, of which $27 billion had been resolved. At the beginning of 2009, many predicted that a flood of distressed assets would be coming to market and hundreds of ...


Table Of Contents, Cornell Real Estate Review Editorial Board 2010 Cornell University

Table Of Contents, Cornell Real Estate Review Editorial Board

Cornell Real Estate Review

No abstract provided.


Letter From The Editors, Brett A. Mendell, Chris J. Haine 2010 Cornell University

Letter From The Editors, Brett A. Mendell, Chris J. Haine

Cornell Real Estate Review

[Excerpt] Dear Readers,
We, the Co-Editors, are excited to present Volume 8 of the Cornell Real Estate REview, a publication of the Cornell Program in Real Estate.
As this issue goes to press, much uncertainty remains regarding the nature and strength of the current economic recovery. Now, more than ever, we see the importance of joining scholarly discourse and professional expertise to gain a fuller understanding of the issues confronting the industry and the opportunities it presents. This nexus between real estate theory and practice remains the guiding principle of this publication and the Program in Real Estate.


Miscellaneous Frontmatter, Cornell Real Estate Review Editorial Board 2010 Cornell University

Miscellaneous Frontmatter, Cornell Real Estate Review Editorial Board

Cornell Real Estate Review

No abstract provided.


The Coupon Mortgage: A Luxury Construction Lender’S End Run, Steven C. Cronig J.D., LL.M, Jesse M. Keenan J.D., LL.M. 2010 Adorno & Yoss, LLP

The Coupon Mortgage: A Luxury Construction Lender’S End Run, Steven C. Cronig J.D., Ll.M, Jesse M. Keenan J.D., Ll.M.

Cornell Real Estate Review

[Excerpt] The impact of the market failure that has befallen the residential real estate market during the past two years is well-known and self-evident, even if the underlying causes and remedies remain in controversy. Whether the market failure was caused by “predatory lenders,” whose only interest was in “churning product” to generate fees; “speculative developers,” who saw endless demand; “greedy securitizers,” who built a financial house of cards using over-leveraged derivative insurance contracts; “clueless speculators,” who thought the market values of real estate could only increase; or “hapless regulators,” who were under-funded and held in thrall to the industries they ...


The Pitfalls Of Physical Due Diligence, Vitold F. Gromek 2010 Gromek and Associates

The Pitfalls Of Physical Due Diligence, Vitold F. Gromek

Cornell Real Estate Review

[Excerpt] The recent real estate finance debacle has starkly demonstrated the failure amongst segments of the financial markets, and more importantly, the systematic weaknesses of the market. Factors contributing to the crisis included excessive leverage, degraded lending standards, a compensation structure at financial institutions which promoted inordinate risk assumption, the lack of transparency in available market information, dubious security ratings, a confusing and inefficient regulatory structure, and the growth of increasingly complex structured securities. There appears to have been a collective inability to identify not only specific risks but also systemic risk in the real estate financial markets, including the ...


Commercial Leasing In China: An Overview, Gregory M. Stein 2010 University of Tennessee

Commercial Leasing In China: An Overview, Gregory M. Stein

Cornell Real Estate Review

China’s real estate market—including its commercial leasing sector—has grown at a remarkable rate since the late 1980s, notwithstanding the fact that China did not adopt its first modern property law until 2007. Most of China’s recent real estate development thus has occurred in the absence of a comprehensive national property law. China has somehow managed to modernize its real estate market and attract foreign investment despite the fact that its legal system is incompletely developed and characterized by uncertainty.

In an effort to understand how and why investors and other professionals are willing to participate in ...


Acquisition Of Distressed Commercial Real Estate Debt, Paul Griesmer CRE, FRICS, Harvey Berenson, Philip L. Brady 2010 FTI Consulting, Inc.

Acquisition Of Distressed Commercial Real Estate Debt, Paul Griesmer Cre, Frics, Harvey Berenson, Philip L. Brady

Cornell Real Estate Review

This article addresses key considerations that apply to the acquisition and resolution of distressed commercial real estate debt. This article is based on the experience of the authors dealing with troubled real estate loan restructurings, problem loan resolutions, and distressed loan purchases and dispositions.


Industry Leader Profile: Art Gensler, Cornell Real Estate Review Editorial Board, Art Gensler 2010 Cornell University

Industry Leader Profile: Art Gensler, Cornell Real Estate Review Editorial Board, Art Gensler

Cornell Real Estate Review

Gensler is a global architecture, design, planning and consulting firm with more than 2,000 professionals across 33 locations. Gensler is a multiple winner of the Business Week/Architectural Record Awards, the U.S. benchmark for business design innovation. Art Gensler founded the firm in 1965. An architect, he is widely credited with elevating the practice of interior design to professional standing. He is a Fellow of the American Institute of Architects and of the International Interior Design Association, and a professional member of the Royal Institute of British Architects. He graduated from Cornell University's College of Architecture, Art ...


Green Initiatives In The U.S. Lodging Industry, Peng Liu, Zied Sanhaji 2010 Cornell University

Green Initiatives In The U.S. Lodging Industry, Peng Liu, Zied Sanhaji

Cornell Real Estate Review

Most hotels maintain resource-intensive operations in order to serve guests around the clock. Therefore, it is important to consider lodging properties with respect to environmental concerns. Though the public has become increasingly cognizant of the environmental impact of real estate in general, it has, for a long time, ignored the specific contributions of hotels to today’s environmental decay. However, a growing number of hoteliers realize that a shift in demand towards more sustainable practice has occurred, and the recent introduction of lodging properties to green rating systems testifies to this shift. The present study is intended to provide convincing ...


Information – The Key To The Real Estate Development Process, Ben Bulloch, John Sullivan 2010 Credit Tenant Capital

Information – The Key To The Real Estate Development Process, Ben Bulloch, John Sullivan

Cornell Real Estate Review

Information generation and sharing is an integral part of the real estate development process, but can this information flow be effectively modeled? Is there a simple yet informationally-rich methodology to detail and understand how it is shared between parties in a complex development process? Because the process is unpredictable, many developers fail to plan accordingly, relying on their past experiences or ability to solve problems as they arise. Practitioners who do attempt to model the development process typically use scheduling and project management software to list out the necessary tasks that occur. While these tools work well when tasks are ...


Sun Arrow Apartments: Investment Analysis Of An Apartment Complex Acquisition, Randy Hagedorn 2010 Hagedorn Investment Group

Sun Arrow Apartments: Investment Analysis Of An Apartment Complex Acquisition, Randy Hagedorn

Cornell Real Estate Review

The Sun Arrow Apartments Case Study focuses on the evaluation of an investment opportunity for a 275-unit apartment complex in the El Paso, Texas market. After taking Sun Arrow out of bankruptcy, Frank Markowitz of Fannie Mae informs the case study’s protagonist, Geoff Grayson, that he has thirty days to complete the acquisition of Sun Arrow. Grayson’s task is twofold. First, Grayson must determine how to get the funds necessary to quickly close Sun Arrow. Second, Grayson must assess his risk tolerance because various market and property risks exist in connection with any Sun Arrow acquisition. The Sun ...


Cover, 2010 Cornell University School of Hotel Administration

Cover

Cornell Real Estate Review

No abstract provided.


Conway Commons: Boma Real Estate Development Workshop, Scott Aster, Jason Clough, Amber Hyde, Michael Shall, Kyle Palmer 2010 Portland State University

Conway Commons: Boma Real Estate Development Workshop, Scott Aster, Jason Clough, Amber Hyde, Michael Shall, Kyle Palmer

Real Estate Development Workshop Projects

Students from Portland State University's Center for Real Estate produce a development plan for a site in Northwest Portland known as Conway Commons.

Their task was to produce an original development plan, including the development concept, market analysis, conceptual design, economic analysis, capital and operations budget, and management plan.


Building Beyond Singapore: Local Real Estate Businesses Venture Overseas, Knowledge@SMU 2010 Singapore Management University

Building Beyond Singapore: Local Real Estate Businesses Venture Overseas, Knowledge@Smu

Knowledge@SMU

Despite the recent property and construction boom in Singapore, local players in this field have always kept an eye on overseas markets. Lured by the promise of profits and prestige, many are setting up in cities around the world. However, unlike consumer mom-and-pop shops, the size of the investment typical of property and construction companies demands an ultra careful study of the overseas market. Companies have also got to ask if they have the required skills, talents and resources to churn a good project, said industry experts at a recent SMU forum.


Commitment, Risk, And Consumption: Do Birds Of A Feather Have Bigger Nests?, Stephen H. Shore, Todd Sinai 2010 University of Pennsylvania

Commitment, Risk, And Consumption: Do Birds Of A Feather Have Bigger Nests?, Stephen H. Shore, Todd Sinai

Real Estate Papers

Consumption commitments—goods like housing for which adjustment is costly—change the relationship between risk and consumption. Commitment provides a motive to reduce consumption when possible future losses are too small to warrant adjustment but not when losses are large enough that adjustment would be worthwhile. This implies conditions under which mean-preserving increases in risk can increase housing consumption. Our empirical evidence exploits the interaction of these conditions with a novel proxy for unemployment risk: couples sharing an occupation. Consistent with our model, same-occupation couples consume more housing only when adjustment costs are high and potential losses are sufficiently large.


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