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CRER Vol. 04 (2006)

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    More Miscellaneous Frontmatter
    (2004-01-01)
    Master of Professional Studies in Real Estate; Advisory Board; Student Collaboration Initiative; Call For Papers - Cornell Real Estate Review; The ING CLARION Most Outstanding Article Award Cornell Real Estate Review; AREC: Alumni and Students; The Cornell Real Estate Council
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    Miscellaneous Frontmatter
    Editorial Board, Cornell Real Estate Review (2006-01-01)
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    Is Real Estate a Fad?
    Orscheln, Michael (2006-01-01)
    [Excerpt] According to the American Heritage Dictionary of the English Language, (Fourth Edition Copyright 2000 by Houghton Mifflin Company), a fad is defined as: “A fashion that is taken up with great enthusiasm for a brief period of time; a craze.” Could real estate investors be subject to “a craze”? It sure feels that way. The scene is a crowded market and all around me people feel desperate to purchase at least one of what is being sold. Am I describing my experience of buying a pet rock as a child or today’s world of investing in real estate. The answer is, in fact, both. Don’t misunderstand me, I am not really into fads: No fad diets for me or break dancing in my past. Mohawks were not for me. I don’t get up in the morning on the lookout for the latest craze, but nonetheless, the real estate fad seems to have found me.
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    The Double-Edged Sword of Borrowing: Increasing Costs of Homeownership and the Roles of Property and Loan Flipping in New York City
    Ababon, Anthony (2006-01-01)
    [Excerpt] Introduction For many low- and moderate-income homeowners, home equity represents their single largest asset. 1 Unfortunately, unscrupulous lenders and real estate sales people are targeting low-income residents in fi nancial distress to profi t from rising house values. They are offering equity-stripping refi nancing, selling over-appraised homes to fi rsttime buyers, and offering fi nancial assistance that can place unaware homeowners in serious jeopardy of default, foreclosure, or eviction.
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    Letter from the Editors
    Lark, Michael; Trudel, Steven (2006-01-01)
    [Excerpt] Dear Readers,Welcome to the 2006 edition of the Cornell Real Estate Journal. This year’s issue of the Journal continues the precedent set forth in previous editions, covering a wide range of topics including real estate taxes, fi nance, and investment strategy.
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    Foreword
    Funk, David (2006-01-01)
    [Excerpt] The Cornell University Graduate Program in Real Estate in conjunction with the Cornell Real Estate Council is pleased to present Volume 4 of the Cornell Real Estate Journal (CREJ). Founded in 2002 as a forum for advancing practical issues confronting the real estate industry, the Journal provides a conduit for faculty, real estate industry practitioners, and graduate students to share ideas, concepts and research fi ndings from all fi elds related to the profession. The CREJ remains an entirely student edited and managed periodical, and Executive Editors Michael Lark and Steven Trudel (both MPS/RE ‘06 candidates) have done a masterful job of selecting timely, practiceoriented articles. From David Rupert’s insights into the evolving use of Tenant-in- Common structures in like-kind exchange markets to Anthony Ababon’s linkage of property and loan fl ipping to costs of property ownership, Editors Lark and Trudel have compiled an exciting array of industry perspectives.
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    Business Enterprise Value in Hotels – The Reality vs. the Shell Game
    deRoos, Jan A. (2006-01-01)
    [Excerpt] The Appraisal of Real Estate states: The existence of a residual intangible personal property component in certain properties has been widely recognized for years. Among the many terms used to describe this phenomenon, business enterprise value (BEV) is the most widely used. The issue has attracted attention primarily through assessment, condemnation, and damage claim assignments, which require that an estimate of the value of the real estate component be separated from the market value of the total assets of the business.2
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    The Role of Tax Credits and Subsidies in Downtown Revitalization: Case Study Binghamton, New York
    Abrams, Joshua; Alvarado, Oscar; Barton, Carolyn; Bosshart, Samantha; Johnson, Elizabeth; Matteson, Matt; Sargent, Elizabeth (2006-07-01)
    [Excerpt] Introduction The O'Neil-Ross Building, located in the central business district of Binghamton, New York is looking at another lease on life. Known simply as the O'Neil Building, it was built in 1889-1890 for mixed-use office and retail purposes and has been a landmark since it opened. In recent times the O'Neil Building sat vacant for nearly ten years, suffering extensive roof and water damage from neglect. It was sold at auction in 2004. The O'Neil's current owner is now deciding on an appropriate use for the building. Of the possible redevelopment scenarios, a mix of off-campus market rate student housing for the State University of New York at Binghamton (SUNY Binghamton) and ground floor retail appears to be the most feasible option.
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    Land Rush in Las Vegas
    Snyder, Jason (2006-01-01)
    [Excerpt] Introduction For decades, Las Vegas has been a favorite destination for fun-seekers who yearn for the glitz and glamour that personifies ‘The Strip’. While visitors came by the millions, few took the step of making Sin City their permanent residence. Oh, how times have changed! Best known as the gambling center of the world, Las Vegas has grown from a desert way-station situated in one of the harshest climates in the United States to a desert oasis that draws over 70,000 immigrants a year. The rapid expansion of the population in Las Vegas has created one of the hottest real estate markets in the country. Between the second quarter of 2003 and 2004, the price of single-family residences in Las Vegas increased by more than 52%, the greatest 12-month increase ever for any metropolitan area2.
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    Evolution and Revolution of the Like-Kind Exchange Market
    Rupert, David C. (2006-01-01)
    [Excerpt] Executive Summary Section 1031 has been part of the Internal Revenue Service tax code since 1921, but recent changes to Section 1031 and recent guidance provided by the IRS have significantly broadened the appeal and use of this provision within the U.S. commercial real estate industry. The exponential increase in Section 1031 transaction volume experienced over the past several years has generated recognition, both good and bad, for the many companies and investors who participate in this sector of the market.2 In this article I hope to shed some light upon these new like-kind transactions, explain why certain investors have embraced them, and discuss recent trends and observations which may influence how this industry will evolve over the next several years.