CRER Vol. 13 (2015)

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    Constitutional Constraints on Using Eminent Domain to Write-Down Underwater Mortgages
    Shelton, Jacob R. (2015-06-01)
    Beginning in 2007, the U.S. economy was hit with a series of damaging financial blows, the negative repercussions of which still affect Americans today. In years prior thereto, various economic and political factors worked in unison to artificially inflate the selling price of residential homes within many U.S. markets.1 When the market could stand no more inflation, the metaphorical bubble burst, sending the banking, investment, and mortgage industries into a downward tailspin.
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    The Interconnectedness Between Home Builders and the Asian American Community
    Krueger, Gerd-Ulf; Laurie, Scott (2015-06-01)
    California’s ethnic and cultural diversity has always influenced its housing market, lifestyle, and business investments. A great example of this is the increasing Asian-American demand for new housing in the Los Angeles Basin. Using The Olson Company as an example, this article investigates the interconnectedness and mutual influence between home builders and the Asian-American community. We will present demographic trends showing how the tenfold increase of Asian-Americans in California since 1960 has dynamically influenced Southern California’s inner and outer suburbs. Combined with an analysis of the Asian-American buyer profile from The Olson Company‘s home sales in Southern California, we find that demand for “smart growth” urban product is strong within this population segment. A psychographic analysis of these buyers draws conclusions for basic site and product design and marketing approaches. Several recent examples of projects in the West San Gabriel Valley highlight how the challenges of limited supply conditions in an essentially built-out urban landscape can be overcome via the interconnectedness of builders and homebuyers.
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    Asian Capital Investing in US Real Estate
    Zhou, Junwei (Eddie) (2015-06-01)
    Asian capital investment in the United States real estate market is becoming increasingly popular. This article analyzes the patterns and preferences of Asian investors in the US real estate market by examining transaction history and aggregating consensus data to provide the reader an overview of the growing trend.
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    Society of Industrial and Office Realtors; International Council of Shopping Centers Most Outstanding Retail Real Estate Award; Institute of Real Estate Management Most Outstanding Real Estate Award; Westport Capital Partners Student Collaboration Award; Capstone Advisors Most Outstanding Articles Award
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    When Private Property Rights Collide With Growth Management Legislation
    Calandrillo, Steve P.; Deliganis, Chryssa V.; Woods, Andrea (2015-06-01)
    Over the past century, ever-expanding urban and suburban growth in the United States has offered a clear sign of America’s economic vitality, but it has not come without unique challenges of its own. Indeed, efforts to promulgate “smart growth” legislation as an antidote to suburban “sprawl” have proliferated in the past three decades, but it is time we ask ourselves whether their benefits outweigh their unintended consequences. States and local governments that once enthusiastically touted such legislation are beginning to confront unforeseen obstacles – and litigation – that raise the need for immediate reform. This Article explores the impact of growth management acts on preexisting property rights, noting the inevitable and growing conflicts between the two sides that legislatures (and courts) are increasingly being forced to confront. We assess the problems with creating truly intelligent urban and suburban growth, from political pressures to inconsistent judicial determinations to NIMBYs to constitutional takings jurisprudence.
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    Letter from the Editors
    Gualtieri, Dan; Martinez, Nicholas; Roach, Clayton (2015-06-01)
    [Excerpt] We are excited and honored to present the 13th Volume of the Cornell Real Estate Review, a student edited and managed publication with oversight from faculty in the Baker Program in Real Estate at Cornell University. A continuation of the tradition of thought leadership in real estate, the Review strives to promote practical learning and introduce readers to new concepts and practices. As editors, it is our duty to join scholarly discourse with professional applicability and to create a publication that reflects the values of the Baker Program in Real Estate.
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    Can Short-Term Rental Arrangements Increase Home Values? A Case for AirBNB and Other Home Sharing Arrangements
    Jefferson-Jones, Jamila (2015-06-01)
    The sharing economy or “new economy”1 has redefined consumption in the housing context in a manner that impacts traditional notions regarding home values and neighborhood integrity. Housing sharing allows owners to share some of the benefits of property ownership – namely use and enjoyment2 – while shifting some of the burdens of ownership – particularly, the economic burdens. With the advent of the sharing economy, there is a brewing conflict between this new economy and the realities of economic regulation. Thus, in the housing context, we see this conflict playing out in the tension between growing patterns of home sharing and existing regulations that prohibit such sharing. Many state and local governments, relying on their inherent police powers, regulate short-term housing. In particular, certain land use legislation overtly prohibits occupation by short-term renters. One prominent justification for such prohibitions is the maintenance of property values and neighborhood character.
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    Funk, David (2015-06-01)
    [Excerpt] Welcome to the 2015 edition of the Cornell Real Estate Review (CRER), a publication that features practical, applied research interspersed with commercial real estate cases and industry awards relied upon by our readers. The Cornell Real Estate Review, similar to the Law Review structure found in most US Law Schools, is edited and managed by graduate students in the two-year Cornell University Baker Program in Real Estate who serve as the managerial and editorial staff with Cornell faculty oversight. Selection as editor of the Cornell Real Estate Review is the most prestigious honor available in the Baker Program in Real Estate at Cornell University, and 2014-15 Co-Editors Dan Gualtieri (Baker '15), Nicholas Martinez (Baker '15) and Clayton Roach (Baker ’15) continued the tradition of dedication and professionalism that have come to symbolize Cornell Real Estate Review Editors as well as implemented practices that will serve the Review for years to come.
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    Table of Contents
    Editorial Board, Cornell Real Estate Review (2015-06-01)
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    Case Competition Highlights