[Excerpt] In March 2016, second-year students in the Baker Program in Real Estate embarked on a trip to Vancouver, British Columbia to meet with the people and companies that have played a role in shaping Vancouver into the celebrated international city it is today. Starting with a bold plan begun in the 1980s to connect the city to its waterfront, Vancouver has spent the following decades on a transformation spree that is the envy of urbanists the world over. Throughout a five-day itinerary, students visited the projects and neighborhoods that epitomize this transformation.
The New York Metropolitan region is one of the most populous urban agglomerations in the world, and the single largest in North America. 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.
Farrell, Matthew; Lathan, Robert; Willis, Harrison (2016-06-01)
[Excerpt] In late January, first-year students in the Baker Program in Real Estate attended the first annual domestic real estate trek as part of the program’s newly revised curriculum. For this inaugural trip, students visited San Francisco and Silicon Valley, two of the nation’s most active real estate markets.
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.
[Excerpt] Cornell University and the Baker Program in Real Estate are pleased to announce the 2016 Real Estate Industry Leader Award recipient: MaryAnne Gilmartin, President & CEO of Forest City Ratner Companies. MaryAnne’s leadership in the real estate industry has made a powerful and positive impact on society as a driving force behind several of the highest-profile, largest-scale additions to the urban landscape of New York City.
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.
Henderson, Jason; Green, Matthew; Spencer, Jason (2016-06-01)
[Excerpt] The Editorial Team is proud to release this 2016 14th Annual Volume of the Cornell Real Estate Review. This year’s issue explores a wide range of topics, including the deployment of new technologies in multifamily properties, the effects of autonomous vehicles on real estate, and the continued ramifications of the housing crisis through the legal tactics of certain mortgage lenders. Also included, a recent repositioning project– the unique turnaround of a former casino hotel property in Reno, Nevada. Furthermore, this release includes a discussion of value-added multifamily investment strategy, an analysis of the impact of rapid transit on the residential market in Hudson County, New Jersey, and a summary of federal affordable housing incentive programs in the United States. This year’s Pathways features an interview with Toll Brothers Division President Karl Mistry (Baker ’04), and the Baker Viewpoint piece explores the concept of curtailment mortgages.
Like many Americans across the country, Michigan residents have faced a staggering number of foreclosures in the last few years.2 In 2009, Laura Buttazzoni was one of the many Michigan homeowners facing the dire reality that she was going to lose her home.3 After Buttazzoni’s failed attempt to sell her home, her bank initiated a sheriff’s sale in late 2009.4 After the statutory redemption period expired,5 Fannie Mae evicted Buttazzoni and relisted the home in 2011.6 Even though Buttazzoni’s home was foreclosed, sold at a sale, and relisted on the market—she was not done with the property. In June 2012, nearly three years after Buttazzoni’s eviction, Fannie Mae executed an “expungement affidavit,” which voided the 2009 sheriff’s sale and reverted the mortgage back to Buttazzoni’s name.
What happens if you prepay your standard residential mortgage? This question puzzles most people, and worse yet the answer can be even more confusing. However, a minor policy change that alters how prepayments are applied could benefit mortgage borrowers as well as the overall housing market.