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Full-Text Articles in Real Estate

Letter From The Editors, Christopher Trahan, Ershad Chagani, Jennifer Spritzer, Joe Mcfalls, Wilson Blum Apr 2019

Letter From The Editors, Christopher Trahan, Ershad Chagani, Jennifer Spritzer, Joe Mcfalls, Wilson Blum

Cornell Real Estate Review

The Editorial Board of the Cornell Real Estate Review is pleased to present Volume 17 (2019). Under the direction of the Baker Program in Real Estate, the Review is a student run publication founded in 2002 as a forum for faculty, professionals, and real estate students to focus on the interdisciplinary nature of real estate. The Review covers a broad range of issues from various real estate fields including design, business economics, engineering, finance, law, planning, development, marketing, and property management. The publication blends informative articles on real estate practice with application-based academic research.


Letter From The Editors, Daniel Wright, Matthew Farrell, Lera Covington May 2018

Letter From The Editors, Daniel Wright, Matthew Farrell, Lera Covington

Cornell Real Estate Review

The Editorial Board of the Cornell Real Estate Review is pleased to present Volume 16 (2018). The Review is a student run publication under the direction of the Baker Program in Real Estate founded as a forum for faculty, professionals, and real estate students to focus attention on current issues in the real estate industry. The Review focuses on the interdisciplinary nature of real estate, blending informative articles on real estate practice with application-based academic research. The Review covers a broad range of issues from the various real estate disciplines including design, business economics, engineering, finance, law, planning, development, marketing ...


Financing Strategies For Real Estate Investments, Joshua Parr Jan 2017

Financing Strategies For Real Estate Investments, Joshua Parr

Williams Honors College, Honors Research Projects

Most people have a dream of being financially independent and in order to do so it is necessary to save and invest their money. The key is to invest wisely so that one can earn a solid return on their money. Real estate investments are a great way to build wealth because of the benefits they have over other investments. Many are under the misconception that they cannot invest in real estate because of a lack of capital. This belief is entirely untrue and there are dozens of different strategies for investing in real estate with little or no capital ...


Affordable Housing Policies: An Overview, Anastasia Kalugina Jun 2016

Affordable Housing Policies: An Overview, Anastasia Kalugina

Cornell Real Estate Review

As urban housing markets throughout the United States increasingly exhibit challenges of affordability, federal, state, and local governments have placed renewed emphasis on housing, specifically mixed-income housing, which integrates affordable housing incentives into multifamily development projects. With such incentives, one must wonder what comprises a successful affordable housing policy and how affordable housing can be successfully implemented into a community. This article attempts to answer these questions by detailing the history of affordable housing policies, exploring some of the current affordable housing policies and programs, comparing affordable housing programs from different regions, and discussing some successful affordable housing programs and ...


Insights On Hospitality, Retailing, And Commercial Real Estate: 2014 Cornell Retail Real Estate Roundtable Proceedings, Benjamin Lawrence Ph.D., Peng Liu Ph.D. Dec 2014

Insights On Hospitality, Retailing, And Commercial Real Estate: 2014 Cornell Retail Real Estate Roundtable Proceedings, Benjamin Lawrence Ph.D., Peng Liu Ph.D.

Center for Real Estate and Finance Reports

Undeniably, the retail industry spectrum is broad,” said roundtable chair Peng Liu, as he opened the inaugural retail roundtable, held in New York City in June 2014. An associate professor of real estate at the Cornell School of Hotel Administration, Liu added that real estate spans “from the overall economy and retail market trends to technology innovation and big data; and from retail leasing negotiations to shopping center investments and financing. The retail industry is an asset-intensive business with real estate playing a critical role.” Continued growth of internet-based commerce is one source of this phenomenon, and the rise of ...


The Value Of Flexibility: A Finance Application Of Options To Real Estate, Hamid Pezeshkian, Sina Lashgari, Duane Stiller Jul 2014

The Value Of Flexibility: A Finance Application Of Options To Real Estate, Hamid Pezeshkian, Sina Lashgari, Duane Stiller

Cornell Real Estate Review

Real estate is among the most strategic of businesses. Each property class has both independent and linked economic, demographic, and political constituents. Moreover, there are dozens of parties involved that influence the real estate project’s final outcome. At every stage of a given project, the participants learn new information that affects their plan. Developers learn about the market, local government actions, and tenant decisions, while tenants learn about consumers and competitors. The nature of the business requires and rewards flexibility.

This paper focuses on flexibility and its value in real estate dealings. Specifically, it applies the concept of optionality ...


A Comparison Of Hotel Indices With Hotel Properties And Portfolios, Walter I. Boudry Ph.D. Jun 2014

A Comparison Of Hotel Indices With Hotel Properties And Portfolios, Walter I. Boudry Ph.D.

Center for Real Estate and Finance Reports

Thanks to the availability of transaction data and the work of Real Capital Analytics (RCA), hotel operators and investors now have access to indices that track the price appreciation of hotels.1 RCA’s data is one basis of the recently developed Cornell Real Estate Market Indices, which track hotel transaction prices. While the technology used to create these indices has been around for decades,2 the major limitation was the availability of reliable transactions data. Now that we have such indices, the question this paper seeks to address is to determine the extent to which the indices track a ...


Guide To Using The Free Rent Calculator, Peng Liu Ph.D., Luoyi Su, Jan A. Deroos Ph.D. Feb 2014

Guide To Using The Free Rent Calculator, Peng Liu Ph.D., Luoyi Su, Jan A. Deroos Ph.D.

Center for Real Estate and Finance Reports

In this step-by-step guide, we show you how to use the Free Rent Calculator, which provides an accurate, visual means to quantify the impact of concessions in commercial leases based on the market conditions and landlord’s risk profile. The calculator allows both landlords and tenants to benchmark the impact of free rent, tenant improvements, and moving allowance on a given set of the asking and offering rents. The calculator determines the resulting effective rent, which is equivalent to the tenant paying a constant base rent over the entire lease term.1 The effective rent serves as a comparison benchmark ...


The Commercial Lease Free Rent Calculator, Peng Liu, Luoyi Su, Jan A. Deroos Jan 2014

The Commercial Lease Free Rent Calculator, Peng Liu, Luoyi Su, Jan A. Deroos

Center for Real Estate and Finance Tools

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Scroll down to "Additional Files" to access the calculator.

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The Free Rent Calculator is a tool to help both tenants and landlords when negotiating concessions in a commercial lease. Using market rents as benchmark for negotiation, the actual lease contract information about the tenant’s desired free rent period (in months), tenant improvements, and moving costs; the tool calculates the effective rent that results. Information is presented both in tabular and graphical formats.

Download the corresponding report: Guide to Using the Free Rent Calculator.


Hotel Surfing In California: Which Brand Rides The Best Waves?, Gregory J. Miller, Blake Evans Jul 2013

Hotel Surfing In California: Which Brand Rides The Best Waves?, Gregory J. Miller, Blake Evans

Cornell Real Estate Review

This case features R.D. Olson Development (RDOD), a prominent hotel developer that has been presented with an RFP opportunity to develop a hotel in a prime master planned development in Southern California. As RDOD works towards submitting its RFP bid, it has many things to consider, including most notably the brand that it will select for its proposal. With a quality franchisor in place, it must decide whether to pursue a high-quality select-service hotel, or a full-service hotel instead. RDOD’s decision must take into account a number of variables, including and especially the interests of the other project ...


Attribution Analysis Tool, Walter I. Boudry, Matthew C. Green, Crocker H. Liu, Andrey D. Ukhov Jan 2013

Attribution Analysis Tool, Walter I. Boudry, Matthew C. Green, Crocker H. Liu, Andrey D. Ukhov

Center for Real Estate and Finance Tools

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Scroll down to "Additional Files" to access the calculator.

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The attribution analysis spreadsheet is developed based on the model discussed in the Center for Real Estate and Finance at Cornell report called "Measuring the Value Added of Hotel REIT Managers Using MSA Benchmarks: A Return-Based Attribution Analysis Approach" by Walter I. Boudry, Crocker H. Liu, and Andrey D. Ukhov.

Attribution analysis also known as style analysis allows investors and managers to assess the extent to which managers add value to their firm’s common stock returns. Given a set of passive indices, the excel worksheet constructs a benchmark portfolio that ...


Demystifying Debt Yields, Jack Corgel Ph.D. Jun 2012

Demystifying Debt Yields, Jack Corgel Ph.D.

Center for Real Estate and Finance Reports

Like a thief in the night, debt yield ratios (DY) snuck into the offices of commercial mortgage lenders in the U.S. and took over loan sizing methodology. According to C-Loans.com, It is the money center banks and investment banks originating fixed-rate, conduit-style commercial loans that are using the new Debt Yield Ratio. Commercial banks, lending for their own portfolio, and most other commercial lenders have not yet adopted the Debt Yield Ratio.”1


The Other Side Of The White Picket Fence, Robert Bridges, Michael Kianmahd Jul 2011

The Other Side Of The White Picket Fence, Robert Bridges, Michael Kianmahd

Cornell Real Estate Review

[Excerpt] At the risk of heaping more misery on the struggling residential property market, an analysis of home price and ownership data for period of the last 30 years in California - the golden state with notoriously golden property prices – shows that the average single family house has not been a particularly stellar investment. Over that period, a typical homebuyer would have been wise to learn a thing or two about disciplined investing, and would have been better advised to consider putting his or her money elsewhere if the goals were to build net worth and financial security. The popular misconception ...


Mass Business Report, College Of Management, University Of Massachusetts Boston Apr 2010

Mass Business Report, College Of Management, University Of Massachusetts Boston

Financial Services Forum Publications

Welcome to the College of Management, UMass Boston, Financial Services Forum’s Spring 2010 report on the Massachusetts economy. The spotlight of this report is the Finance, Insurance and Real Estate (FIRE) sector in Massachusetts.


Financing The Postwar Housing Boom In Phoenix And Los Angeles, 1945-1960, Lynne Doti, Larry Schweikart May 1989

Financing The Postwar Housing Boom In Phoenix And Los Angeles, 1945-1960, Lynne Doti, Larry Schweikart

Economics Faculty Articles and Research

This article compares the real estate markets in Los Angeles, CA to Phoenix, AZ.


Financing The Postwar Housing Boom In Phoenix And Los Angeles, 1945-1960, Lynne Doti, Larry Schweikart Jan 1989

Financing The Postwar Housing Boom In Phoenix And Los Angeles, 1945-1960, Lynne Doti, Larry Schweikart

Economics Faculty Articles and Research

This article compares the real estate markets in Los Angeles, CA to Phoenix, AZ.