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Full-Text Articles in Real Estate

Essays In Real Estate Economics, Jordan Michael Martel Jan 2018

Essays In Real Estate Economics, Jordan Michael Martel

Business Administration Graduate Theses & Dissertations

My dissertation studies the role of informational and institutional determinants of house prices and liquidity.

In the first chapter, I quantify the effect of buyers' uncertainty about a home's quality on its pricing and liquidity. I first develop a parsimonious model of home sale in which buyers learn about the home's quality from a walkthrough and from the home's days-on-market. Quality uncertainty distorts prices and delays trade. As time passes, buyers become pessimistic and sale prices fall. Using transaction-level data from Denver, Charlotte, and Detroit, I structurally estimate counterfactual days-on-market and sale prices for six hundred thousand ...


Pathways: A Conversation With Karl Mistry '04, Matthew Farrell Jun 2016

Pathways: A Conversation With Karl Mistry '04, Matthew Farrell

Cornell Real Estate Review

Karl Mistry’s responsibilities include oversight of all Toll Brothers communities throughout Houston, Texas, and he is actively involved in the acquisition and approval process for new residential development. Mistry joined Toll Brothers in 2004 as an Assistant Project Manager, and most recently was promoted to Division President in 2012. He has served as a Board Member of the Greater Houston Builders Association since 2013.


Findings From The 2015 Institutional Real Estate Capital Allocations Monitor, Matthew Green Jun 2016

Findings From The 2015 Institutional Real Estate Capital Allocations Monitor, Matthew Green

Cornell Real Estate Review

Since 2013, the Baker Program in Real Estate and Hodes Weill & Associates have co-sponsored the Institutional Real Estate Capital Allocations Monitor (the “Allocations Monitor”). The Allocations Monitor was created to conduct a comprehensive annual assessment of institutional allocations to real estate investments through analyzing trends and collecting survey responses of institutional portfolios and allocations by region, type, and size of institution. The Allocations Monitor reports on the role of real estate investments in institutional portfolios, and the impact of institutional allocation trends on the investment management industry.


Impact Of Rapid Transit On The Residential Market In Hudson County, New Jersey, Ravikanth Pamidimukkala Jun 2016

Impact Of Rapid Transit On The Residential Market In Hudson County, New Jersey, Ravikanth Pamidimukkala

Cornell Real Estate Review

The New York Metropolitan region is one of the most populous urban agglomerations in the world, and the single largest in North America.[1] It is also one of the most prominent economic centers, with New York City at the epicenter of its growth. With the entire region growing rapidly over the last decade, it is essential to analyze the socio-economic changes in order to understand the impact it has on commercial real estate. With its focus on housing rentals, this study aims to highlight housing costs as a function of rapid transit over time.


Repositioning A Multifamily Asset, Harrison Willis Jun 2016

Repositioning A Multifamily Asset, Harrison Willis

Cornell Real Estate Review

Multifamily investments, particularly value-added strategies, have been of keen interest to real estate investors for years now. Successful execution of a multifamily investment offers excellent risk-adjusted returns when compared to other classes of real estate such as industrial, retail, and office. From a volatility standpoint, multifamily enjoys relatively stable long-term cash flows with less downside risk during periods of recession due to stable tenancy in most major markets. The stability during downturns is also supported by the fact that recessions tend to make renters out of owners, increasing demand for apartments.


Betting Against The House: Redeveloping A Former Casino In Reno, Nevada, Mathew Jalazo Jun 2016

Betting Against The House: Redeveloping A Former Casino In Reno, Nevada, Mathew Jalazo

Cornell Real Estate Review

Reno, Nevada, one of the nation’s original gaming meccas, is in the midst of reinventing itself and dramatically broadening its economic base. The timing is portentous, as a soft market for casino gaming prevails, largely due to nationwide expansion. Several Reno casinos have recently folded, and several more are facing difficulties.


Using Reits To Invest In Utility Scale Solar Projects, Brian Mckinley Jul 2014

Using Reits To Invest In Utility Scale Solar Projects, Brian Mckinley

Cornell Real Estate Review

[Excerpt] Public policy in the form of Renewable Portfolio Standards, rising electricity costs, and a sharp decline in upfront costs for commercial and utility scale solar power projects in recent years have allowed for the rapid growth of new solar power installations, and with them, a new opportunity for real estate investors. In this article we discuss solutions to one challenge in the growth of this asset class, securing a viable public financing structure through the utilization of Real Estate Investment Trusts (REITs) that will allow large scale investment to take place and the cost of capital to fall.


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 ...


Collaborate Or Compete: How Do Landlords Respond To The Rise In Coworking?, Rebecca Green Jul 2014

Collaborate Or Compete: How Do Landlords Respond To The Rise In Coworking?, Rebecca Green

Cornell Real Estate Review

Changes in technology, attitudes toward work, and the new ‘shared economy’ have created an environment in which people have more options for how, when and where to work. Working from home, telecommuting, hoteling, and collaborative workspaces are on the rise nationally. According to 2010 Census data, 4.3% of the 137 million workers in the United States telecommuted compared to 3.7% in 2005.1 Technology has been a major catalyst, helping to disseminate knowledge, increase communication, and allow people more independence and control over their work and life. The ubiquitous ‘coffee shop entrepreneur’ that migrates from their home-based office ...


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 ...


Orange Vista: A Development Manager Plays Quarterback, Daniel Kuhlman, Pike Oliver Jul 2013

Orange Vista: A Development Manager Plays Quarterback, Daniel Kuhlman, Pike Oliver

Cornell Real Estate Review

This case tells the story of a newly founded development management company, Palisades Real Estate (PRE), which takes over a challenging residential development project on behalf of its owner. The project is plagued by several onerous developer obligations and outstanding entitlements that have complicated the owner’s exit ambitions, which has led the owner to seek the expertise of a highly talented development management firm that can guide the project to a successful conclusion. After agreeing to a risky compensation structure that defers much of its compensation to the sale of the project, PRE undertakes a complex assortment of restructuring ...


Rolling Valley: Discovering Highest And Best Use, Matthew Michetti, Pike Oliver Jul 2013

Rolling Valley: Discovering Highest And Best Use, Matthew Michetti, Pike Oliver

Cornell Real Estate Review

This case introduces students to many of the real estate issues faced when evaluating a real estate development opportunity with an emphasis on market assessment and financial feasibility. Over a two-week period, Brian Langston, a Development Associate and new hire at California-based land developer CALD, is tasked with making a recommendation regarding a 150-acre suburban parcel in Rolling Valley, California, called Village Green. The decision boils down to whether an entirely single-family community or a mixeduse community provides a greater residual land value for the project. Brian must make a recommendation to CALD’s partners in a way that recognizes ...


To What Extent Does The European Debt Crisis Affect Both The European And The Global Economies, Amy Yi Huang Jan 2013

To What Extent Does The European Debt Crisis Affect Both The European And The Global Economies, Amy Yi Huang

Lewis Honors College Capstone Collection

The goal of my research is to analyze the relationship between the 2007-2009 United States financial crisis and the ongoing European Sovereign Debt Crisis and the Debt Crisis’ possible effects on the global economy and to examine the different approaches to reduce the devastating effects of the European Debt Crisis.

First, I am going to analyze the relationship between the bursting of the US Housing Bubble and the European Debt Crisis. According to Robert Kolb (2011), a Finance professor at the University of Chicago, the bursting of the US Housing Bubble in 2007 that resulted in the 2007-2009 economic recession ...


How Dismantling Fannie Mae And Freddie Mac Will Affect The Future Of The Multifamily Market, David Shlom, Andrew Benioff Jul 2011

How Dismantling Fannie Mae And Freddie Mac Will Affect The Future Of The Multifamily Market, David Shlom, Andrew Benioff

Cornell Real Estate Review

On February 11, 2011 the US Treasury published a white paper announcing the future dismantling of the government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac.1 This white paper, “Reforming America’s Housing Finance Market,” was a result of the government bailout and conservatorship of the GSEs. While both GSEs are well known for their role in residential real estate, their recent involvement in multifamily real estate is less apparent. The purpose of this report is twofold: First to explain the role GSEs have played in the multifamily mortgage market; and second to postulate the effect their non-participation will have ...


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 ...


Effective Hedging Of Mortgage Interest Rate Risk, Robert W. Kolb, John B. Corgel, Raymond Chiang Jan 1982

Effective Hedging Of Mortgage Interest Rate Risk, Robert W. Kolb, John B. Corgel, Raymond Chiang

Articles and Chapters

Unfortunately, the hedging effectiveness of the GNMA futures market has been diminished by a lack of understanding of the selection of proper hedge ratios. This paper presents a derivation of the optimal hedge ratio for hedging interest rate risk with a GNMA futures contract. The hedge ratio is then applied to different hedging situations and the results of the traditional and newly derived hedging strategies are examined.