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2007

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Articles 1 - 30 of 48

Full-Text Articles in Real Estate

Tax Increment Financing: A Look At Milwaukee, Wisconsin, Mark Eppli, Anthony Pennington-Cross Oct 2009

Tax Increment Financing: A Look At Milwaukee, Wisconsin, Mark Eppli, Anthony Pennington-Cross

Anthony Pennington-Cross

No abstract provided.


Valuing The Impact Of Environmental Contamination With A Hedonic Property Model: A Comparison Of Distance Estimates, Helen R. Neill, Djeto D. Assane Dec 2007

Valuing The Impact Of Environmental Contamination With A Hedonic Property Model: A Comparison Of Distance Estimates, Helen R. Neill, Djeto D. Assane

Public Policy and Leadership Faculty Publications

McCluskey and Rausser (2003) examined environmental stigma and neighborhood externality effects for both the short term and long term, respectively within a multiple-equilibrium hedonic model. They report results for a standard distance model and a discontinuous distance model. Questions arise with respect to the practice of estimating either a continuous or discontinuous function given theories of market capitalization and location theory. The purpose of this paper is to examine the theoretical and empirical implications of stigma using a continuous versus discontinuous distance function within a multiple-equilibrium hedonic model. The data set contains 563,618 single family residential homes within Clark ...


Center For Real Estate Quarterly, Volume 1, Number 4, Portland State University. Center For Real Estate Nov 2007

Center For Real Estate Quarterly, Volume 1, Number 4, Portland State University. Center For Real Estate

Center for Real Estate Quarterly

Table of Contents:
--Editor's Journal: "An Urban Development Journal" by Will Macht
--"Infrastructure: Toward Smarter Regional Solutions" by David Bragdon
--"Importance of Multi-Block Underground Parking" by Will Macht
--"Industrial Development Trends" by Roger Qualman
--"Outside Investor Trends" by Lisa LaManna
--"U.S. Economy & Housing Market Review" by Gerard Mildner
--"Downtown Condominium Analysis" by Greg LeBlanc
--"Housing, Office & Industrial Market Reviews" by Karen Thalhammer


Where Are The Shareholders’ Mansions? Ceos’ Home Purchases, Stock Sales, And Subsequent Company Performance, Crocker H. Liu, David Yermack Oct 2007

Where Are The Shareholders’ Mansions? Ceos’ Home Purchases, Stock Sales, And Subsequent Company Performance, Crocker H. Liu, David Yermack

Working Papers

We study real estate purchases by major company CEOs, compiling a database of the principal residences of nearly every top executive in the Standard & Poor’s 500 index. When a CEO buys real estate, future company performance is inversely related to the CEO’s liquidation of company shares and options for financing the transaction. We also find that, regardless of the source of finance, future company performance deteriorates when CEOs acquire extremely large or costly mansions and estates. We therefore interpret large home acquisitions as signals of CEO entrenchment. Our research also provides useful insights for calibrating utility based models ...


A Unified Framework For Measuring Preferences For Schools And Neighborhoods, Patrick Bayer, Fernando V. Ferreira, Robert Mcmillan Aug 2007

A Unified Framework For Measuring Preferences For Schools And Neighborhoods, Patrick Bayer, Fernando V. Ferreira, Robert Mcmillan

Real Estate Papers

This paper develops a framework for estimating household preferences for school and neighborhood attributes in the presence of sorting. It embeds a boundary discontinuity design in a heterogeneous residential choice model, addressing the endogeneity of school and neighborhood characteristics. The model is estimated using restricted‐access Census data from a large metropolitan area, yielding a number of new results. First, households are willing to pay less than 1 percent more in house prices—substantially lower than previous estimates—when the average performance of the local school increases by 5 percent. Second, much of the apparent willingness to pay for more ...


Center For Real Estate Quarterly, Volume 1, Number 3, Portland State University. Center For Real Estate Aug 2007

Center For Real Estate Quarterly, Volume 1, Number 3, Portland State University. Center For Real Estate

Center for Real Estate Quarterly

Table of Contents:
--Introduction by Gerard C.S. Mildner
--"The US Economy and Housing Market" by Gerard C.S. Mildner
--"How Will Measure 37 Affect Real Estate Markets in Oregon?" Sheila Martin
--"Economic Analysis of Oregon's Measure 37 and its Reform" by Gerard C.S. Mildner
--"Housing Price Appreciation in the Portland Region: A 25-Year Retrospective by PSU Center for Real Estate
--"Local Housing Market Update" by PSU Center for Real Estate
--"Portland Area Retail Market Overview" by W. Grant Norling
--"Portland Office and Industrial Real Estate Update" by PSU Center for Real Estate


Preventing A Real Estate Bubble In Asia: Can Loan Securitisation Help?, Knowledge@Smu Jul 2007

Preventing A Real Estate Bubble In Asia: Can Loan Securitisation Help?, Knowledge@Smu

Knowledge@SMU

Real estate is among the most highly leveraged sectors of an economy, which makes it more likely than others to precipitate a financial crisis, as happened in some Asian countries in 1997-1998. At the recent East Asian Seminar on Economics (EASE) of the National Bureau of Economic Research (NBER), held at Singapore Management University, Richard Green, Roberto S. Mariano, Andrey Pavlov and Susan Wachter presented a joint paper suggesting that asset securitisation could help reduce such risks. --------------------------------------------------------------------------------


A Critical Assessment Of The Traditional Residential Real Estate Broker Commission Rate Structure (Abridged), Mark S. Nadel Jul 2007

A Critical Assessment Of The Traditional Residential Real Estate Broker Commission Rate Structure (Abridged), Mark S. Nadel

Cornell Real Estate Review

Competitive pressures ordinarily force providers’ prices to reflect their cost structures. Standard, traditional real estate broker commissions, however, are strangely unrelated to either the quality of the service rendered or the value provided. This article analyzes five separate elements of the traditional residential real estate broker rate structure and reveals why the traditional percentage-of-sale-price fee formula does not serve the interests of home buyers and sellers. The article concludes by suggesting four short questions that home buyers and sellers should be encouraged to ask about broker fees and services. These should help brokers offering the flat or hourly fees and ...


Foreword, David L. Funk Jul 2007

Foreword, David L. Funk

Cornell Real Estate Review

[Excerpt] A NEW LOOK, exciting new content categories, and even a new name debut in this the most recent issue of the Cornell Real Estate Journal, now renamed the Cornell Real Estate Review (CRER). Volume 5 of the CRER represents the efforts of the CRER graduate student editorial staff, faculty, alumni, and advisory board members to introduce a new style format and mixture of content to appeal to a broad, practice-oriented audience. You will find the inaugural Executive Profile, which focuses on Bill Sanders ’64, a feature that is expected to become a mainstay of the CRER in bringing key ...


Letter From The Editor, Chris De Mestre Jul 2007

Letter From The Editor, Chris De Mestre

Cornell Real Estate Review

[Excerpt] Dear Readers,

The students of the Masters of Professional Studies in Real Estate (MPS/RE) at Cornell University are pleased to introduce a revamped Cornell Real Estate Review. The first edition of the Review represents an evolution of the ‘Cornell Real Estate Journal’ format and continues the high precedent set forth in previous editions of the Journal.


Miscellaneous Frontmatter, Cornell Real Estate Review Editorial Board Jul 2007

Miscellaneous Frontmatter, Cornell Real Estate Review Editorial Board

Cornell Real Estate Review

No abstract provided.


What Is Public Use? Eminent Domain And The Kelo Decision, John F. Mcdonald Jul 2007

What Is Public Use? Eminent Domain And The Kelo Decision, John F. Mcdonald

Cornell Real Estate Review

This paper discusses the concept of public use following the Supreme Court decision in the eminent domain case of Kelo v. City of New London. The majority of the Court now equates public use to public purpose and approves of the Connecticut local economic development statute. The Kelo decision has generated considerable controversy. It is suggested that one approach to the resolution of the issue is the application of the economist’s dual tests for the efficacy of public intervention in the private economy—existence of market failure and benefits that exceed costs.


Executive Profile: Bill Sanders, Cornell Real Estate Review Editorial Board, Bill Sanders Jul 2007

Executive Profile: Bill Sanders, Cornell Real Estate Review Editorial Board, Bill Sanders

Cornell Real Estate Review

[Excerpt] William “Bill” Sanders is renowned as one of the greatest innovators in the world of real estate finance. Over the last 40 years, Mr. Sanders has been instrumental in the creation and operation of some of the largest and most successful real estate ventures ever undertaken. He has been described as the ‘Warren Buffett of real estate’ and is considered to be one of the most influential real estate strategists in the country. Mr. Sanders is both a member of the Cornell University Board of Trustees and the Cornell Real Estate Advisory Board.


The Tectonic Forces Of Global Real Estate, David J. Lynn Jul 2007

The Tectonic Forces Of Global Real Estate, David J. Lynn

Cornell Real Estate Review

[Excerpt] There are major shifts underway in the fundamental structure, or the underlying tectonic plates, of the global commercial real estate industry. These massive plate movements are creating an entirely new landscape within real estate and challenging long-held assumptions about commercial real estate investment, development, and ownership. The industry is transforming from a highly localized, deal-driven business to an international market characterized by lower transactions costs, abundant information, lower risk premiums, and increasing sophistication. Even the perception of real estate as an investment class is changing—investors increasingly see real estate as a stable, secure investment, producing solid returns with ...


Workforce Housing In New York City: A Case Study Of Urban American, Llc, Rachel Wilson Jul 2007

Workforce Housing In New York City: A Case Study Of Urban American, Llc, Rachel Wilson

Cornell Real Estate Review

The challenging task of providing high-quality workforce housing is further complicated in a rent-stabilized housing market such as New York City. Socially conscious, fiscally responsible landlords must conduct major capital improvements and apartment maintenance with an eye toward creating a safe and attractive living environment while also meeting investors’ return expectations. How does a for-profit company add value to its portfolio while managing to keep rents affordable? This case study of Urban American, LLC, examines how one company’s operational model works within rent stabilization laws to create healthy returns and reinvigorate the workforce housing stock in and around New ...


Existing Buildings: It’S Easier Than You Think To Green The Triple Bottom Line, Jessica Pitts, Mychele R. Lord Jul 2007

Existing Buildings: It’S Easier Than You Think To Green The Triple Bottom Line, Jessica Pitts, Mychele R. Lord

Cornell Real Estate Review

This paper addresses the application of green practices in existing buildings from a triple bottom line perspective. It describes the most widely used benchmark for assessing green practices, the U.S. Green Building Council’s LEED Rating System, and provides a “road map” for pursuing LEED certification. It concludes with a consideration of the triple bottom line, highlighting the economic, environmental, and social benefits of implementing green practices in existing buildings.

The broad umbrella of green practices includes a wide range of applications. It encompasses developing high-performance buildings utilizing cutting edge technology to implementing management strategies in existing buildings that ...


Private Equity Goes Retail, Richard Kennedy, Richard Baker Jul 2007

Private Equity Goes Retail, Richard Kennedy, Richard Baker

Cornell Real Estate Review

[Excerpt] The past few years have brought record-setting merger and acquisition activity in just about every industry across the board. Private equity firms, known for their pioneering efforts in creating exceptional returns, have been the most active investors in this frenzy. Due to increased competition with hedge funds and institutional investors, private equity shops have been pushed to search high and low in order to meet investor expectations. So while creativity with respect to deal structuring and sourcing has become essential for survival in the private equity business, there has also been a natural progression towards more complicated and risky ...


A Critical Assessment Of The Traditional Residential Real Estate Broker Commission Rate Structure (Unabridged), Mark S. Nadel May 2007

A Critical Assessment Of The Traditional Residential Real Estate Broker Commission Rate Structure (Unabridged), Mark S. Nadel

Cornell Real Estate Review

While real estate brokers have long set their fee as a straight percentage of a home’s sale price, this formula is an anomaly and a primary reason why such fees may be inflated by more than $30 billion annually. Although competitive pressures ordinarily force an industry’s fee structure to reflect its costs, real estate broker commissions are strangely unrelated to either the quantity or quality of the service rendered or even to the value provided. Rather, this fee has been based solely on the price of the home. (It is as if tax preparers set their fee as ...


2007 Uli Hines Student Urban Design Competition., Ronald Chua, Stacy Day, Matthew Macleod, Andrea Nelson, Laryssa Stecyk May 2007

2007 Uli Hines Student Urban Design Competition., Ronald Chua, Stacy Day, Matthew Macleod, Andrea Nelson, Laryssa Stecyk

Cornell Real Estate Review

Cornell fielded five entries in 2007 Urban Land Institute Gerald D. Hines Student Urban Design Competition, which takes place each year over 10 days in January, just as students are returning from winter break. Now in its fifth year, the competition aims to strengthen the interdisciplinary ties between business, architecture, planning, and landscape architecture. Each team consists of five graduate students from at least three distinct disciplines, and draws upon their combined talents to produce schematic designs, redevelopment strategies, and financial analyses to solve a real-life urban design problem.


More Miscellaneous Frontmatter May 2007

More Miscellaneous Frontmatter

Cornell Real Estate Review

  • Advisory Board
  • Student Collaboration Initiative
  • The ING CLARION Most Outstanding Article Award Cornell Real Estate Review
  • AREC
  • Cornell Real Estate Council


Cover May 2007

Cover

Cornell Real Estate Review

No abstract provided.


Center For Real Estate Quarterly, Volume 1, Number 2, Portland State University. Center For Real Estate Apr 2007

Center For Real Estate Quarterly, Volume 1, Number 2, Portland State University. Center For Real Estate

Center for Real Estate Quarterly

Table of Contents:
--Introduction by Gerard C.S. Mildner
--National and Local Economic and Housing Update by Gerard C.S. Mildner
--"Apartment Capitalization Rates, Cash Flow and Value: A New Dynamic?" by Brian Bjornson
--"Downtown Portland Condominium Market" by Nelda Scott Newton
--"Local Housing Market Update" by PSU Center for Real Estate
--"Downtown Office Market Cycle – a Case for the Next Office Tower" by Michael Williams
--"Commercial Real Estate Update" by PSU Center for Real Estate


University Place: Boma Real Estate Development Workshop, Todd Bouchard, Matthew Collier, David Fenwick, Justin Isle, Dan Johnson, Jeremy Mcveety, Chris Peterson, Amy Shum Apr 2007

University Place: Boma Real Estate Development Workshop, Todd Bouchard, Matthew Collier, David Fenwick, Justin Isle, Dan Johnson, Jeremy Mcveety, Chris Peterson, Amy Shum

Real Estate Development Workshop Projects

Students from Portland State University's Center for Real Estate produce a development plan for a recently acquired 4.03 acre property site called University Place. 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.


Tax Increment Financing: A Look At Milwaukee, Wisconsin, Mark Eppli, Anthony Pennington-Cross Mar 2007

Tax Increment Financing: A Look At Milwaukee, Wisconsin, Mark Eppli, Anthony Pennington-Cross

Mark J. Eppli

No abstract provided.


"What Is A Tree Worth? Green-City Strategies And Housing Prices." (With Susan Wachter), Grace W. Bucchianeri, Susan M. Wachter Mar 2007

"What Is A Tree Worth? Green-City Strategies And Housing Prices." (With Susan Wachter), Grace W. Bucchianeri, Susan M. Wachter

Grace Wong Bucchianeri

We investigate the correlation between curb-side tree plantings and housing price movements in Philadelphia from 1998 to 2003, comparing two programs, one by the Philadelphia Horticultural Society that requires block-group effort that focuses on low-income neighbourhoods and the other by the Fairmount Park Commission that is individual-based without specific target areas. A 7 to 11 percent price differential is identified within 4000ft of the Fairmount tree plantings. We argue that this is largely driven by either social capital creation or a signaling mechanism, on the top of an intrinsic tree value (around 2 percent). Findings using the PHS tree program ...


Urban Evolutions: The Fast, The Slow, And The Still, Gilles Duranton Mar 2007

Urban Evolutions: The Fast, The Slow, And The Still, Gilles Duranton

Real Estate Papers

With the use of French and US data, new and systematic evidence is provided about the rapid location changes of industries across cities (the fast). Cities are also slowly moving up and down the urban hierarchy (the slow), while the size distribution of cities is skewed to the right and very stable (the still). The model proposed here reproduces these three features. Small, innovation-driven shocks lead to the churning of industries across cities. Then, cities slowly grow or decline following net gains or losses of industries. These changes occur within a stable distribution. The quantitative implications of the model are ...


Immigration And Housing Rents In American Cities, Albert Saiz Mar 2007

Immigration And Housing Rents In American Cities, Albert Saiz

Real Estate Papers

Is there a local economic impact of immigration? Immigration pushes up rents and housing values in US destination cities. The positive association of rent growth and immigrant inflows is pervasive in time series for all metropolitan areas. I use instrumental variables based on a “shift-share” of national levels of immigration into metropolitan areas. An immigration inflow equal to 1% of a city's population is associated with increases in average rents and housing values of about 1%. The results suggest an economic impact that is an order of magnitude bigger than that found in labor markets.


An Investigation Of Promotional Outlet Effectiveness For Ohio Real Estate Brokers, James E. Larsen, Joseph Coleman, Charles S. Gulas Feb 2007

An Investigation Of Promotional Outlet Effectiveness For Ohio Real Estate Brokers, James E. Larsen, Joseph Coleman, Charles S. Gulas

Finance and Financial Services Faculty Publication

This monograph presents survey data gathered from both Ohio residents and members of the Ohio Association of REALTORS®. The results of the public survey provide interesting information that may enable real estate licensees to effectively target their promotional efforts. The results suggest that if the objective is self promotion, any advertising medium is likely to have limited effectiveness. A large percentage of respondents indicated that they located the agent who assisted them in their housing transaction via reference from a friend or relative. Referrals are so important that a licensee should make every effort to cultivate this activity. Perhaps periodic ...


"Be It Ever So Humble: Understanding Housing Using Subjective Well-Being Data", Grace Wong Bucchianeri Jan 2007

"Be It Ever So Humble: Understanding Housing Using Subjective Well-Being Data", Grace Wong Bucchianeri

Grace Wong Bucchianeri

This paper presents new evidence on the utility – or well-being – derived from housing. There are three areas of focus: 1) how people feel at home versus outside home and if there is a positive athome differential, especially with respect to housing as a complementary good to family life; 2) whether well-being related to housing consumption varies by home values and homeownership status; and 3) if and how neighborhood home prices relate to home related well-being measures.


Some Observations On Real Estate Entrepreneurship, Peter D. Linneman Jan 2007

Some Observations On Real Estate Entrepreneurship, Peter D. Linneman

Real Estate Papers

What makes a successful entrepreneur? Just as with great quarterbacks, entrepreneurs come in many different packages, with certain personality traits correlating with success. To start, entrepreneurs have a total passion for what they are doing. This article discusses additional traits and abilities that do not guarantee success, but which appear to be common to many successful entrepreneurs. Being an entrepreneur is not about a bank account, nor is it about prestige or headlines. It is about a life journey of enjoying what one is doing. It is about the opportunity to help people, whether they are customers, employees, partners, or ...