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CRER Vol. 06 (2008)

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https://hdl.handle.net/1813/70542

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    25th Annual Cornell Real Estate Conference Highlights
    (2008-05-01)
    The 25th Annual Cornell Real Estate Conference was held October 3-4, 2007 at the JPMorganChase Conference Center in New York City featuring keynote speaker Sam Zell.
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    Miscellaneous Backmatter
    (2008-05-01)
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    A Challenging Process Outlined
    Semel, Brian (2008-07-01)
    The development process is defined by variables. A successful developer identifies, monitors, understands, and attempts to control these variables. Most development projects require the developer to be prepared to negotiate with any number of parties, and much of the time, the tie-up or acquisition of the property is only the first step in a long process. For many projects, the discretionary approval process at the local level, commonly called entitlement, is the major consumer of time and resources. It is through this very process, however, that value is created. Gaining an understanding of the legal aspects of land-use regulation in general— and entitlement in particular—can help developers effectively identify and manage risk. This paper provides an overview of the procedural and legal underpinnings of the entitlement process in order to illustrate the risks involved. Several techniques for creating value and mitigating risk, as applied through the approvals process, are also discussed.
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    Front Cover
    (2008-05-01)
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    Mixed-Use and Mini-Vans: When New Urbanism Meets Sunbelt Consumer Preference: A Case Study Analysis of Mixed-Use in Dallas, Texas
    Lentz, Daniel (2008-07-01)
    What happens when the ideology commonly referred to as “New Urbanism” meets the dreaded consumer preferences of automobile-addicted sunbelt cities such as Dallas, Texas? New Urbanist ideology permeates current planning policies and influences many discussions in the development community around sustainability and sprawl. Yet policies and hopes often take on a different identity entirely once molded by the preferences of the American consumer. New Urbanism offers potential solutions to many of the problems associated with suburban sprawl in the United States, but it is no panacea. Ideologues and opponents may debate its merits and shortcomings, but it is the consumers’ votes in dollars and cents that ultimately render the verdict in practice. The market dynamics of sunbelt cities present challenges and preferences different in many ways from higher density cities on either the west or east coasts. Recent developments show that New Urbanism, and mixed-use development in particular, offers competitive differentiation and may be extremely successful in the sunbelt. Yet the ideology does not meet all needs of this market, and the development community must carefully analyze what elements of New Urbanism will work in practice and which will not. This paper will provide the background of New Urbanism and explore the view points of its proponents and opponents. Finally, two developments in Dallas, Texas will be used as case studies to illustrate how the debate has manifested itself in the sunbelt and what each teaches about the viability of New Urbanism in this type of market.
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    Executive Profile: Sam Zell
    Editorial Board, Cornell Real Estate Review; Zell, Sam (2008-07-01)
    [Excerpt] In October 2007, Sam Zell was the keynote speaker at the Cornell Real Estate Conference, aptly titled “Real Estate Titans.” Zell, equally well-known for his ebullient personage and his contrarian investment philosophy, had recently completed the now legendary EOP sale to Blackstone, and was moving toward closing the deal for the Tribune Co.
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    Curbing the Loss of Affordable Rental Housing in Florida: A Risk Assessment Approach
    Roset-Zuppa, Patricia (2008-07-01)
    Thousands of Floridian families in need of affordable housing rely on privately-owned multifamily rental apartments that were constructed under federal government programs in the 1960s through 1980s. The terms of the subsidy programs and the age of the structures now cause many units to be faced with a high risk of loss to the affordable housing stock. Units are lost as a result of conversion to market-rate housing upon the prepayment or maturity of a subsidized mortgage, or the expiration of a rental assistance contract or use restriction. Units are also lost through physical deterioration and mortgage default. Preservation of affordable housing has been hampered by a lack of multifamily housing research and data. This paper describes the creation of an assisted housing inventory and the analysis of property characteristics as an approach to identify properties most at risk of loss and to steer preservation policy and funding. This risk assessment approach is applied to Florida’s assisted housing stock. For units at risk by 2015, it found that the majority receives project-based rental assistance, that all population groups are impacted by the potential loss, that almost half have non-profit ownership, and that only four counties house almost 50 percent of atrisk units. Rent restructuring, debt restructuring, additional funding programs and property tax relief are described as preservation strategies.
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    A Response to “A Critical Assessment of the Traditional Residential Real Estate Broker Commission Rate Structure” (abridged) by Mark S. Nadel
    Nichols, Barbara (2008-07-01)
    Editor’s Note: Last year’s edition of the Cornell Real Estate Review featured an article by Mark Nadel presenting a criticism of the traditional real estate broker fee structure, the perceived value of brokers’ services, and alternative compensation methods that, from the author’s point of view, would better serve the public (“A Critical Assessment of the Traditional Residential Real Estate Broker Commission Rate Structure” Cornell Real Estate Review, Vol. 5, pages 26-46). Following the article’s publication, Barbara Nichols, a seasoned residential broker in Los Angeles and Cornell alumna, submitted a rebuttal to Mr. Nadel’s stance. If a scholastic journal’s aim is to provide a platform for staging new ideas relevant to its trade, so should a journal encourage germane issues to be concurrently or sequentially debated. Thus, in the spirit of thought provoking debate accompanying an academic journal, the Cornell Real Estate Review presents Ms. Nichols’ defense of the residential brokerage industry.
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    Miscellaneous Frontmatter
    Editorial Board, Cornell Real Estate Review (2008-06-01)
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    Due Diligence on Due Diligence
    Woroniecki, Richard C.; Woroniecki, Jean L. (2008-07-01)
    Concerns regarding the vast differences in the quality, depth and reliability of Phase I Environmental Site Assessments performed by consultants have resulted in modifications to the American Society for Testing and Materials (ASTM) Standard Practice for Phase I Environmental Site Assessments (ESAs). The new “standard,” ASTM E1527-05, was finalized to dovetail with 2002 changes in the Comprehensive Environmental Response, Compensation and Liability Act (CERCLA) that took effect in 2006. Many do not understand that neither the new, nor the old “standards” were designed to address all environmental concerns. The 2005 upgrade has resulted in two basic options for Phase I ESAs: one to meet the “standard” and one with a broader scope that better addresses “environmental business risk.” Even with all the changes, industry frustration remains high since many clients don’t understand the needs and the differences. This article’s original intent was to explain the recent changes, but in development it quickly became obvious a review of the entire process was in order. Unfortunately, to most real estate professionals, the grasp of environmental issues still lands somewhere between a necessary evil and the dreaded environmental financial black hole. Industry frustration is split between understanding the “standard” and the varying level of consultants’ performance. Our goal in this article is to help the real estate professional do due diligence on his or her due diligence process to provide a better understanding of what you need for a specific transaction. This includes understanding the update and the various environmental screening tools available as well as understanding the differences in environmental consulting firms and consultants. This article will not make you an expert, but it will hopefully help you better evaluate screening options and select expertise when picking your due diligence team.