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Books ·
Market and Sector Reports ·
Monographs ·
Real Estate Issues Articles
The CRE Library features selected publications by members of The Counselors of Real Estate. We invite you to browse through the books, market or sector reports, monographs and selected articles from our professional journal, Real Estate Issues. (Full issues of Real Estate Issues can be read in the Publications section of this website.) Or, use the search feature in this section to find publications by topic or author.
Books
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Dictionary of Real Estate Terms – Eighth Edition
Category:
Books
CRE Member:
Jack Friedman, CRE
Purchase This Book
This is a newly (2013) updated quick reference guide of real estate terms. It contains approximately 3,000 clear definitions useful to investors, buyers, brokers and the general public plus more than 200 illustrations, charts and graphs ranging from architectural styles to zoning examples. It also contains an appendix with abbreviations, mortgage tables, measurements and more. Part of the Barron's Real Estate Guides Series. Author: Jack P. Friedman, Ph.D., CRE
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Real Estate Law and Financing in CEE/SEE
Category:
Books
CRE Member:
Peter Oberlechner, CRE
Purchase This Book
Developed with leading experts from the legal and banking practice, this book provides the practitioner with a unique overview of legal and financing aspects related to acquisition and development of real estate in Central and Southeastern Europe. Among the topics covered are acquisition, taxation, national registries, lease limitations, development and more. It is fully bilingual in English and German, and it provides internationally customary terminology. Countries covered are Albania, Austria, Bosnia and Hercegovina, Bulgaria, Croatia, Czechia, Hungary, Poland, Romania, Slovakia, Slovenia and Ukraine. Co-author: Peter Oberlechner, CRE, LL.M.
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Applications in Litigation Valuation: A Pragmatist’s Guide
Category:
Books
CRE Member:
John Ellis, CRE
Purchase This Book
Whether new to litigation valuation or experienced, practitioners will find this book a valuable reference. It includes practical information, tangible examples and case studies, with information that extends from fundamentals of litigation appraisal through assignment execution to expert witness testimony. Subjects covered include eminent domain and condemnation, title issues, taxation, easements and more. CRE members contributed sections or case studies on environmental contamination, matrimonial dissolution, bankruptcy and lease renewal. CRE member contributors: John G. Ellis, Anthony S. Graziano, Thomas O. Jackson and Michael Y. Cannon.
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Commercial Leasing: A Transactional Primer
Category:
Books
CRE Member:
Celeste Hammond, CRE
Purchase This Book
This book examines a crucial component of real property practice: commercial lease law. By the end of a course based on this book, students will have developed a genuine understanding of the major terms of the commercial office lease, the goals and objectives of parties to the transaction, and the skills crucial to effective representation. Each chapter focuses on a particular lease provision. And includes a chapter explicitly discussing professionalism, ethics and negotiations.. This second edition also includes new problems patterned on authentic leasing practice as well as recent important cases. Co-author: Celeste Hammond, CRE
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Dictionary of Business and Economic Terms
Category:
Books
CRE Member:
Jack Friedman, CRE
Purchase This Book
This is the newest edition of this standard favorite, updated to include current economic terms as well as revised business terms. It is the successor the Mr. Friedman’s popular Dictionary of Business Terms, including over 8,000 definitions. It is a reference guide for students, business owners and the general public. Topics include accounting, tax, business law, communications, transportation, the Internet, economics, insurance, real estate and more plus an appendix of abbreviations and acronyms. Also available in a Kindle version, this book is part of the Barron’s Business Book series. Author: Jack P. Friedman, Ph.D., CRE
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At the Cutting Edge 2010: Land Use Law from The Urban Lawyer
Category:
Books
CRE Member:
Dwight Merriam, CRE
Purchase This Book
Practitioners, planning professionals and students will value the information and insights in this newer edition in a popular series of books on land use law. It contains a compilation of ABA Section of State and Local Government Law committee reports from The Urban Lawyer, including a wide range of topics such as cellular telecom facilities, green buildings, the Religious Land Use and Institutionalized Persons Act, fair housing issues, eminent domain issues and ethical issues. Author: Dwight Merriam, CRE
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The Takings Issue
Category:
Books
CRE Member:
Dwight Merriam, CRE
Purchase This Book
This book is an essential resource on the complex subject of land use. It is an authoritative examination of the issue on the local, state and federal level. Written in a way that is readable for individual land owners, planners, local officials and attorneys, it provides a much-needed overview with balance and objectivity for anyone concerned about private property, land use and natural resource issues. Author: Dwight Merriam, CRE
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Planning and Control of Land Development: Cases and Materials, Eighth Edition, 2011
Category:
Books
CRE Member:
Dwight Merriam, CRE
Purchase This Book
Expanded and updated throughout, Planning and Control of Land Development provides a comprehensive view of land use law integrated with a full review of planning practice and techniques. This Eighth Edition retains the organization, features and approaches that have made prior editions well-received, but has been revised with several significant enhancements. Author: Dwight Merriam, CRE
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Eminent Domain Use and Abuse: Kelo in Context
Category:
Books
CRE Member:
Dwight Merriam, CRE
Purchase This Book
Offering a comprehensive analysis of the U.S. Supreme Court decision in Kelo v. City of New London, this book addresses the question of when eminent domain may constitutionally be used to take property for projects that are not publicly owned and operated facilities. It conveys the context of this debate and offers guidance concerning the Kelo decision itself and how it may be used. An accompanying CD-ROM provides over 1,500 pages of information, including the Connecticut Supreme Court Decision. Author: Dwight Merriam, CRE
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The Complete Guide to Zoning
Category:
Books
CRE Member:
Dwight Merriam, CRE
Purchase This Book
The Complete Guide to Zoning -- How to Navigate the Complex and Expensive Maze of Zoning, Planning, Environmental, and Land-Use Law gives planners, property owners and developers essential knowledge about land use and regulations affecting it, including zoning laws. Included are sections on obtaining permits and variances for projects, fighting developments that diminish others’ property values; laws that limit, and how to work around them and dealing with environmental protection restrictions. Author: Dwight Merriam, CRE
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Appraising Conservation and Historic Preservation Easements
Category:
Books
CRE Member:
Richard Roddewig, CRE
Purchase This Book
Drawing on legal, regulatory and professional appraisal literature, Appraising Conservation and Historic Preservation Easements examines the valuation of conservation and historic preservation easements from the contradictory perspectives of the IRS, the courts, easement-holding organizations and appraisers. It includes the history of easements, general land use considerations, valuation methodologies to be applied to specific easement-related appraisal assignments, detailed examples and sample sections of appraisal reports relating to various easement properties and appraisal situations. Author: Richard J. Roddewig, CRE
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Real Estate Mathematics
Category:
Books
CRE Member:
David Lynn, CRE
Purchase This Book
A detailed and practical guide for private real estate fund managers and investors. Edited by David Lynn, CRE and Tim Wang, this guide features contributions from over 25 leading real estate professionals in the industry today – and will shed light on challenging quantitative problems such as assessing risk, forecasting, measuring and benchmarking real estate performance. The scope spans capital structure, risk and return of international investments, CMBS, financial analysis, portfolio management through the cycles and much more. Co-author: David Lynn, CRE
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Real Estate and the Financial Crisis: How Turmoil in the Capital Markets is Restructuring Real Estate Finance
Category:
Books
CRE Member:
Anthony Downs, CRE
purchase this book
Winner 2010 Bruss Book Award (1st Place) from the National Association of Real Estate Editors. The author explains the situation leading up to the current financial crisis in clear and concise language. He describes the impact of the downturn and provides an assessment of the future for real estate markets. Topics included in the book range from capital flow and credit crunch to an outlook for commercial property markets. He also addresses issues for investors about buying and selling real estate in a down market. Author: Anthony Downs, CRE
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Real Estate Valuation in Global Markets - 2nd Edition
Category:
Books
CRE Member:
Howard Gelbtuch, CRE
purchase this book
An invaluable resource for anyone providing international real estate valuations, this revised edition , edited by Howard Gelbtuch, CRE, provides a wealth of information about appraisal practice in 47 countries. Included is comprehensive, on-the-ground information from local experts, including CRE members Noelle Brisson (France); Nicholas Captain (Guam); Guniz Celen (Turkey); Raymond Lo (Hong Kong); Demetrios Louziotis (Japan); and Michael Tung-Mao Tseng (Taiwan). This one-of-a-kind text serves as your passport to understanding real estate valuation around the world! Note: Regional chapter bundles are also available to order for Western Europe, Central and Eastern Europe, Africa and Middle East, Asia and Oceana, The Americas. Editor: Howard Gelbtuch, CRE
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Cost of Capital: Applications and Examples, Fourth Edition
Category:
Books
CRE Member:
James MacCrate, CRE
purchase this book
This fourth edition of the book, and the companion workbook and technical supplement (including website), are an integrated reference on cost of capital, the theory and applications. James MacCrate, CRE wrote Chapter 9, concerning equity risk premium, including bias issues in compounding and discounting. He co-authored Chapter 10: Beta: differing definitions and estimates, including formulas and examples (the full table of contents including appendices may be viewed on Amazon.com). The book is a resource for business valuation, capital budgeting, feasibility studies and corporate finance decisions. Contributor: James MacCrate, CRE.
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Emerging Market Real Estate Investment: Investing in China, India and Brazil
Category:
Books
CRE Member:
David Lynn, CRE
Purchase This Book
Focusing on broad investment themes and strategies, as well as economic, legal and institutional factors, this book is a guide to commercial real estate investments in the emerging markets of China, India and Brazil. It outlines various real estate investment options, discusses the main feature of each market -- including real estate foreign direct investment, or FDI – and analyzes several primary sectors in each country: office, retail, residential, industrial and hotel, where applicable. Part of the Frank J. Fabozzi Series. Author: David Lynn, CRE
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Managing Government Property Assets: International Experiences
Category:
Books
CRE Member:
Olga Kaganova, CRE
Purchase This Book
Worldwide management of public property is often fragmented, with each asset falling within a different agency or bureaucracy. Over the last decade, a new discipline has emerged that applies standards of economic efficiency and effective organizational management to this important component of public wealth. Managing Government Property Assets draws upon a wide variety of national and local practice, in both countries that have been leaders in management reforms and countries just beginning to wrestle with the problem. The comparison reveals that the issues of public property management are surprisingly similar in different countries despite striking differences in policy solutions. The book can be used by both governmental officials and private sector advisors assisting governments of all levels to improve their asset management. Editor: Olga Kaganova, CRE. Contributors: John Hentschel, CRE; Marilee Utter, CRE
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Valuing Contaminated Properties
Category:
Books
CRE Member:
Richard Roddewig, CRE
Purchase This Book
Real estate appraisers, developers, investors and lenders have struggled with the challenges of contaminated properties for over two decades. Through research, discussion and debate, they have developed methods and professional standards to assess how environmental problems affect real estate and a wide variety of techniques to determine property value. This book chronicles 20 years of appraisal literature, providing a complete overview of the methods applied to remediate various forms of contamination, the stigma the market attaches to environmental risk, and the changing legal environment in which these issues are addressed. Editor: Richard Roddewig, CRE.
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Takings Law in Plain English
Category:
Books
CRE Member:
Richard Roddewig, CRE
Purchase This Book
This book is an essential reference for any preservation library. Takings Law in Plain English provides a clear explanation of essential land-use law for planners and preservation advocates. It is a practical guide for communities concerned about fairness and balance for all citizens in addressing the takings issue (eminent domain). It includes a historical perspective, information about reasonable use of or return on property and in the rare event a taking occurs, how should damages be measured. The summary section explains the Fifth Amendment rules that have been established to strike a fair balance between public need and private economic interests. Author: Richard Roddewig, CRE.
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Insider's Guide to Commercial Real Estate
Category:
Books
CRE Member:
Cindy Chandler, CRE
Purchase This Book
A resource for buyers, brokers, sellers and others interested in learning about the commercial real estate industry. The author addresses both fundamentals and more advanced topics with explanations and examples. Author: Cindy Chandler, CRE
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Value Beyond Cost Savings: How to Underwrite Sustainable Properties
Category:
Books
CRE Member:
Scott Muldavin, CRE
Purchase This Book
This book enables private investors to integrate the value of sustainable property investment into their decision-making process. While cost savings has been the primary criteria for investment in “green” property in the past, the author provides a roadmap for integrating “sustainable value” and risk into decision-making for specific properties and also addresses sustainable property failure and underperformance. Related topics include sustainable property development cost, green leases, energy investment, health and productivity benefits analysis, key trends in performance measurement, public benefits of sustainable properties, risk analysis and more. Also available as free downloads: the book and several expanded chapters for in-depth coverage of selected topics. Author: Scott Muldavin, CRE
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Real Estate Licensing Exams
Category:
Books
CRE Member:
Jack Friedman, CRE
Purchase This Book
Now in its eighth edition, this new book is a complete guide for salespersons, brokers and appraisers in preparing for real estate licensing exams. Includes 10 full length exams, answers and explanations for all questions, plus detailed subject reviews, study tips and more. It also contains special tests on contracts, closing statements and methods of land description. Part of the Barron’s Test Preparation series. Author: Jack P. Friedman, Ph.D., CRE
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Real Estate Investing for Dummies - 2nd Edition
Category:
Books
CRE Member:
Robert Griswold, CRE
Purchase This Book
The authors present strategies for investing, along with updated tips for riding out downturns in the real estate market. From homes and apartment buildings to duplexes, commercial properties, and real estate investment trusts (REITs), the book provides information about understanding risks, raising capital, financing, choosing locations and buildings, valuing property, foreclosures, leases, cash flow, negotiation and much more. Author: Robert Griswold, CRE
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Property Management Kit for Dummies (Book and CD) - 2nd Edition
Category:
Books
CRE Member:
Robert Griswold, CRE
Purchase This Book
This guide includes strategies for establishing and maintaining rental properties, whether single or multi-family. Covered topics include how to prepare and promote properties, setting rents, selecting tenants and ongoing tenant relations, handling repairs, and avoiding costly mistakes and legal snafus. Also included: pros and cons of managing property yourself, tips for handling vacancies and troubleshooting advice of all kinds. Author: Robert Griswold, CRE
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Japan Real Estate Appraisal in a Global Context
Category:
Books
CRE Member:
Takumi Watanabe, CRE
Purchase This Book
This book is printed in both Japanese and English language text side by side. As cross-border real estate investment increases, its important to have knowledge of how valuation standards are applied in key markets. It is a valuable resource for investors, financiers, and valuation practitioners because it provides a detailed comparison of valuation standards around the world An insightful resource for anyone interested in international real estate investment. Author: Takumi Watanabe, CRE
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The Escalation Handbook for Office Buildings
Category:
Books
CRE Member:
William Brownfield, CRE
Purchase This Book
This book is a comprehensive, easy-to-understand guide to escalation theory and practices for commercial real estate. First published in 1991, this edition has been updated to include evolving industry practices. Topics included: leases and escalation billings, capital amortizations, BOMA-approved gross-up theory and methodology, communication with tenants, expense pools, and a checklist for preparing the escalation package. It is a practical manual for accountants and managers at all levels. Author: William Brownfield, CRE
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Active Private Equity Real Estate Strategy
Category:
Books
CRE Member:
David Lynn, CRE
Purchase This Book
For individual and institutional real estate investors, this book is a collection of applied research articles spanning market analyses, trends, forecasts and strategies. The author has created a guide that presents an overview of the commercial real estate markets and private equity real estate investment strategy for the future market cycle in land, hotel, multifamily and industrial sectors and three specific niches: derivatives, senior housing and infrastructure. Author: David Lynn, CRE
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Mazirow on Valuation and Appraisal Issues in Arbitrating Real Estate Disputes
Category:
Books
CRE Member:
Arthur Mazirow, CRE
Purchase This Book
This book, part of the Continuing Education of the Bar (California) series, is a resource for those wishing to avoid litigation in settling real estate leasing and purchase disputes – or do a better job arbitrating a dispute. Included are sections on the issues that often cause disputes in leases and various types of purchase agreements, valuation issues, appraisal issues, and common mistakes made in real estate arbitration. While portions pertain specifically to California, it is a valuable reference to anyone who wishes to better understand the issues that can cause disputes and how to better resolve disputes through alternative dispute resolution (ADR). Author/Editor: Arthur Mazirow, Esq., CRE
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Mazirow on Negotiating Real Property Contracts and Avoiding the Most Common Errors in Arbitration
Category:
Books
CRE Member:
Arthur Mazirow, CRE
Purchase This Book
This book, part of the Continuing Education of the Bar (California) series, includes tactics, techniques and strategy in real estate negotiations. Included are exhibits such as ethics standards for neutral arbitrators in commercial disputes; forms including standard offer agreement and escrow instructions for commercial real estate purchase, industrial commercial single and multi-tenant leases (net and gross), standard estopped certificate by lessee, guaranty of lease, and more. Several examples of code sections and checklists are also included. Additional sections by various authors on ADR in real property disputes, revising arbitration clauses in contracts, dealing with mandatory mediation clauses, common pitfalls and more on real estate dispute resolution. Author/Editor: Arthur Mazirow, Esq., CRE
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Living Into Leadership: A Journey in Ethics
Category:
Books
CRE Member:
Bowen McCoy, CRE
Purchase This Book
Explanatory and effective, this book draws from the author’s career in investment banking to illustrate guidelines for ethics in the workplace, making tough ethical decisions and living a balanced lifestyle to achieve personal and professional fulfillment. Mr. McCoy is the former head of real estate at Morgan Stanley. Author: Bowen H. "Buzz" McCoy, CRE
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The Dynamics of Real Estate Capital Markets: A Practitioner's Perspective
Category:
Books
CRE Member:
Bowen McCoy, CRE
Purchase This Book
This book offers an explanation of market cycles based on a perspective that spans four decades, through 2006. Mr. McCoy, a former general partner at Morgan Stanley, and president of Morgan Stanley Realty, was a pioneer in linking real estate financing to capital markets. Through a collection of essays, he shows readers the changes that have taken place in the dynamic real estate arena throughout his career. Author: Bowen H. "Buzz" McCoy, CRE
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Still Stuck in Traffic: Coping with Peak Hour Traffic Congestion (revised)
Category:
Books
CRE Member:
Anthony Downs, CRE
Purchase This Book
In this book, the author addresses the problem that directly affects (and causes outrage and frustration for) millions of Americans every day – traffic congestion. Included are examinations of the benefits and costs of various anti-congestion strategies, environmental impacts, mass transit, government transportation spending and, unexpectedly, some benefits of congestion. This is a revised and expanded edition of his earlier landmark work Stuck in Traffic. Author: Anthony Downs, CRE
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Shopping Center Management and Leasing
Category:
Books
CRE Member:
Richard Muhlebach, CRE
Purchase This Book
This book is a comprehensive resource for those who own, manage, or lease any type of shopping center. The authors include valuable information for anyone who wants to learn to manage the challenges unique to shopping centers. Topics covered include working with developers and owners on new shopping center development or renovated properties, analyzing trade areas to create the best tenant mix, establishing effective shopping center management and operations, negotiating shopping center leases and methods to retain shopping center tenants. Author: Richard Muhlebach, CRE.
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Managing and Leasing Commercial Properties - Vols. 1&2
Category:
Books
CRE Member:
Richard Muhlebach, CRE
Purchase This Book
Covering the entire spectrum of the business of managing and leasing commercial properties, this two-volume set includes vital information pertinent to property types from office and industrial buildings to shopping centers and medical buildings. The authors share insights into the intricacies of commercial property management with take-aways for those new to commercial management as well as experienced professionals. Topics include operational issues, marketing and leasing commercial properties, lease negotiations, maintenance, financial concepts and tools unique to managing commercial properties and more. Available only as a two volume set. Author: Richard Muhlebach, CRE.
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The Leasing Process: Landlord and Tenant Perspectives
Category:
Books
CRE Member:
Richard Muhlebach, CRE
Purchase This Book
The authors provide a comprehensive review of the commercial lease negotiation process, from both the landlord and tenant perspective. A resource for property managers, leasing agents, developers, investors and tenants alike, in commercial buildings such as office (including medical), shopping centers and industrial properties. Topics include landlord and tenant issues such as negotiating the brokerage agreement, determining rent and pass-through charges, market conditions (and how they affect leasing), concessions and options that may be granted, communications strategies, dealing with legal and support staff and more. Author: Richard F. Muhlebach, CRE.
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Lease Administration Simplified
Category:
Books
CRE Member:
Richard Muhlebach, CRE
Purchase This Book
A guide to accurate and efficient lease administration, emphasizing the importance of understanding commercial property leases and how lease provisions can affect the property and a landlord’s investment. Included are topics such as positive relationships with tenants, how to abstract a lease, how to calculate pass-through charges for retail, office buildings and industrial properties and more. Author: Richard Muhlebach, CRE
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Business Strategies for Real Estate Management Companies
Category:
Books
CRE Member:
Richard Muhlebach, CRE
Purchase This Book
This revised edition provides strategies for attracting and retaining clients, expanding business services, marketing and more. It’s a reference and guide for both established business owners and start-ups alike. Topics include creating proposals, managing operations, accounting, staffing, legal issues, ethics, business valuation and more. Author: Richard Muhlebach, CRE
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Insider's Tips to Operating a Successful Property Management Company
Category:
Books
CRE Member:
Richard Muhlebach, CRE
Purchase This Book
Operating a property management company requires more than good communication and management skills. To be competitive, companies must have a sound infrastructure, strategic direction, and sufficient resources to achieve success. This book offers comprehensive guidance on developing a successful property management business, and includes detailed coverage of topics including strategies for successful staffing and company organization, creating management proposals, ethical practices and professional standards, leasing commissions and financial incentives, managing new accounts, expanding property management business profitability and more. Author: Richard Muhlebach, CRE.
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The Smart Consumer's Guide to Home Buying
Category:
Books
CRE Member:
Jack Friedman, CRE
Purchase This Book
This book guides prospective home buyers through the process of evaluating and choosing what is likely the largest single investment they will ever make – buying a new home. It includes facts and advice to help anyone through this sometimes confusing journey. From the Barron's Smart Consumer Guides series. Author: Jack P. Friedman, Ph.D., CRE
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Keys to Buying Foreclosed and Bargain Homes
Category:
Books
CRE Member:
Jack Friedman, CRE
Purchase This Book
This book is a resource that explains advantages and potential pitfalls of buying foreclosed properties. Includes information about the FHA, HUD, VA, FNMA, FHLMC, MGIC and lending institutions as well as tips on buying at auction. Part of the Barron’s Business Keys series. Author: Jack P. Friedman, Ph.D., CRE
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Keys to Investing in Real Estate - Fifth Edition
Category:
Books
CRE Member:
Jack Friedman, CRE
Purchase This Book
This revised edition has been updated to reflect dramatic changes in the now-current real estate market. The authors cover investment decision making, analysis, financing, operating investment real estate and more. Part of the Barron’s Business Keys series. Author: Jack P. Friedman, Ph.D., CRE
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How to Prepare for the California Real Estate Exams
Category:
Books
CRE Member:
Jack Friedman, CRE
Purchase This Book
A guide for salespersons, brokers and appraisers, this book covers all major test topics, including contracts, closing statements, California real estate law, real estate terms and definitions and more. Includes test-taking advice, an overview of exams, how to qualify for a license, six full-length model exams with all questions answered and explained plus additional practice questions with answers. Tables include broker commissions, costs and fees, present and future value of the dollar, various analyses, amortization schedules, etc. Part of the Barron's Test Preparation series. Author: Jack P. Friedman, Ph.D., CRE.
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Florida Real Estate Exams - Second Edition
Category:
Books
CRE Member:
Jack Friedman, CRE
Purchase This Book
In this second edition, the authors provide seven practice exams for real estate sales and broker licensing in Florida plus three exams for appraisers at all appraisal certification levels. Also included are more than 1,000 clearly answered questions, math examples and a general review of Florida real estate law and marketing practices. From the Barron's Test Preparation Series. Author: Jack P. Friedman, Ph.D., CRE
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Adjustable Rate Mortgages
Category:
Books
CRE Member:
Jack Friedman, CRE
Purchase This Book
Part of Barron’s Financial Tables for Better Money Management series, this book answers many questions borrowers need to know about adjustable rate mortgages, as a help to buyers in selecting the most suitable type of loan for their circumstances. Includes sections on types of loans available, how an ARM loan works, loan comparisons, understanding index values and more. Tables include monthly payments under a variety of interest rate scenarios and payment adjustments. A glossary is included along with practical information for better decision making. Author: Jack P. Friedman, Ph.D., CRE.
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Real Estate Handbook - Seventh Edition
Category:
Books
CRE Member:
Jack Friedman, CRE
Purchase This Book
Updated to reflect real estate market condition in today’s post subprime mortgage crisis era, this book covers virtually every aspect of buying and selling, understanding mortgages, analyzing real estate investment opportunities, obtaining and understanding appraisal reports and includes real estate tables, forms and more. Part of the Barron's book series. Author: Jack P. Friedman, Ph.D., CRE
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Keys to Mortgage Financing and Refinancing - Fourth Edition
Category:
Books
CRE Member:
Jack Friedman, CRE
Purchase This Book
A guide for home buyers including information about obtaining a mortgage to purchase a home, a second mortgage or home improvement loan. Includes sections on a variety of additional topics including appraisals, tax considerations, whether or not to pre-pay or pay down a mortgage, evaluating an adjustable rate mortgage and more. Part of the Barron’s Business Keys series. Author: Jack P. Friedman, Ph.D., CRE
Market and Sector Reports
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RERC Real Estate Report—A New Archetype
Category:
Market and Sector Reports
CRE Member:
Kenneth Riggs, CRE
Purchase This Report
As investors look for opportunities in a chronically slow-growth and fragile economy, commercial real estate looks more and more to fit the mold for investment success. According to Ken Riggs, chairman and president of RERC, real estate doesn’t have the excitement of the stock market, but this asset class offers stability and transparency, and while total returns are likely to be down slightly in 2013, risk-adjusted returns are very attractive and still relatively high in this very risky investment environment. Includes cap and yield rates for 10 property types on institutional, regional, and metro-level in the winter 2013 issue of the RERC Real Estate, A New Archetype. Author: Kenneth P. Riggs, Jr. CRE
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Expectations & Market Realities in Real Estate 2013—Turn the Page
Category:
Market and Sector Reports
CRE Member:
Kenneth Riggs, CRE
Report Free to CRE Members
Frustrated by continued uncertainty, a sluggish recovery, and a challenging investment environment, investors generally appear eager to put the past behind them and adjust to the new normal, as outlined in Expectations & Market Realities in Real Estate 2013—Turn the Page, a new annual report published jointly by Real Estate Research Corporation (RERC), Deloitte, and the National Association of REALTORS® (NAR). According to the report, investors realize that this uncertain environment will likely be with us for the foreseeable future, and that adjustments may need to be made to maximize commercial real estate investment performance and yield in our continuing slow-growth economy. Co-publishers Matthew G. Kimmel, CRE, of Deloitte Financial Advisory Services LLP, and Lawrence Yun, PhD, Chief Economist, National Association of Realtors. Author: Kenneth P. Riggs, Jr., CRE.
Monographs
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Structuring Real Estate Arbitration Clauses: A Neutral's Perspective
Category:
Monographs
CRE Member:
Gerald Levy, CRE
Download This Monograph
This monograph provides a comprehensive treatment of real estate arbitration clauses. It is a useful reference work, covering real estate and valuation concepts for use in arbitration clauses, choices for such clauses, including designing the sequence of activities culminating in an arbitration decision, detailing and refining the arbitral process, the range of remedies and alternative award forms and a checklist structuring real estate arbitration clauses. Author: Gerald Levy, CRE
Real Estate Issues Articles
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Advertising and Promotion of Expert Services
Category:
Real Estate Issues Articles
CRE Member:
Jack Friedman, CRE
Download This Article
The purpose of this article is to offer suggestions on how to advertise and promote oneself as an expert witness. It is based on anecdotal experience gained by the authors, not any scientific method. It is hoped that this article will assist professionals who seek to begin serving as expert witnesses and confirm or expand the practices of those who currently off er such services. The authors cover issues ranging from what to expect from the initial call from a prospective client to promotional materials to free publicity. From Volume 38, No. 1. Authors: Jack P. Friedman, PH.D., CRE, Barry A. Diskin, PH.D., CRE, AND Nick Ordway, PH.D., J.D.
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Determining Real Estate Damages from Natural Disasters: Real Estate Counseling in Class Action Litigation—Lessons from Hurricane Katrina
Category:
Real Estate Issues Articles
CRE Member:
Richard Roddewig, CRE
Download This Article
In the wake of Hurricane Katrina, hundreds of lawsuits,
including two major class actions in Federal District Court,
were filed against the U.S. Army Corps of Engineers, local levee
districts and others alleging negligence in the design and
construction of the dike system protecting New Orleans. This
case study discusses the role that real estate counselors working
for the defendants played in addressing how the variations in
property types, physical construction characteristics, uses,
neighborhoods, flooding levels, and other factors caused
property-by-property analysis (rather than class certification) to
be a more fair and accurate way to determine damages. Authors: Richard J. Roddewig, CRE, MAI, FRICS; Charles T. Brigden, CRE, ASA, FRICS; and Gary R. Papke, CRE, MAI, FRICS, AICP. From Volume 37, Nos. 2&3.
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The Failed Experiment of Vancouver’s 2010 Olympic Village
Category:
Real Estate Issues Articles
CRE Member:
William McCarthy, CRE
Download This Article
This article is a cautionary tale for cities that dream of hosting
the Olympics, and explores the fallout, financial and otherwise,
for the City of Vancouver. In 2003, the city won the international
bid to host the 2010 Winter Olympics. Included in the bid
was a commitment to expend $30 million on athlete accommodations,
known as Vancouver’s Olympic Village, for the twoweek
event. The author, himself a resident of Vancouver,
describes the continuing financial risk the city faces as the result
of the decisions made in building this development. Author: William P.J. McCarthy, CRE. From Volume 37, Nos. 2&3.
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The Case for the Return of CMBS
Category:
Real Estate Issues Articles
CRE Member:
Thomas Fink, CRE
Download This Article
Commercial mortgage-backed securities (CMBS) was a significant
source of long-term capital for commercial real estate from
the mid-1990s until the time of the financial crisis in
2007–2008. CMBS issuance went to near zero at that point, and
has been on the road to recovery since 2009. In this article, the
author presents a case for the return of the CMBS market as a
viable source of capital in the future. The case is based on
strengthening real estate fundamentals, renewed interest in
CMBS by investors and the competitive environment among
commercial real estate capital sources. Author: Thomas A. Fink, CRE. From Volume 37, Nos. 2&3.
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Selection of the Winning Office Investment Market: Case of Tokyo
Category:
Real Estate Issues Articles
CRE Member:
Chihiro Shimizu, CRE
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Following the collapse of Japan’s economic bubble in 1991, the
country’s economic growth slowed. Since then, the office market
has suffered high vacancy rates, and there have been many cases
where office buildings have had to be rebuilt. This trend is
expected to increase in the midst of a precipitous decline in the
size of the working-age population. When undertaking an office
investment under such circumstances, it will be essential to
select an investment property and the area in which such
property is located with great care. In this article, the author
identifies the signals used to determine market selection with
respect to an office investment, and distinguishes areas that will
continue to maintain strong fundamentals and potential value
in the office investment market going forward. While there are
limitations to applying these analyses to other cities with strict
land use regulations, this analysis of the Tokyo office market,
where population decline and aging are progressing at the
fastest rate, can serve as an important guide. Author: Chihiro Shimizu Ph.D., CRE. From Volume 37, Nos. 2&3.
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Social Media: Identifying the Business Opportunities The Personal Experiences of a Social Media User
Category:
Real Estate Issues Articles
CRE Member:
Robert Pliska, CRE
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“If Google can’t find you, you don’t exist” goes the saying, and
in this article the author, although initially hesitant, eventually
couldn’t agree more. Through his own experience using some of
the basic social media tools—Twitter, LinkedIn, Facebook,
YouTube, blogs—in his commercial real estate business, the
author found that the benefits most definitely outweighed the
risks when using these new tools wisely. This article discusses
why one cannot ignore the growing phenomenon of social
media and suggests how to use it to expand your network and
generate business. Author: Robert J. Pliska, CRE, CPA. From Volume 37, No. 1.
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North American Port Analysis: Beyond Post-Panamax Basics to Logistics
Category:
Real Estate Issues Articles
CRE Member:
K.C. Conway, CRE
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In this article, the author presents a detailed look at North
American ports, the impact of the expansion of the Panama
Canal locks, and the new hot topic known as Intermodalism
and its future impact on ports and commercial real estate.
Intermodalism “…is quite simply “a system whereby standardsized
cargo containers are moved seamlessly between different
'modes of transport.'” It has come of age, says the author, and no
longer can a shipping company, manufacturer or retailer think
of the ports and other modes of transportation in isolation. Author: K.C. Conway, CRE, MAI. From Volume 37, No. 1.
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Timely Recognition of Development Profit: A Fair Value Perspective
Category:
Real Estate Issues Articles
CRE Member:
Brent Palmer, CRE
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In the current private and institutional real estate equity fund
environment, periodic reporting of investment returns is both
prudent and mandatory. This performance data is particularly
important to pension and retirement plan investors in various
open-end funds, say the authors. Since participants (investors)
are permitted to enter or exit open-end funds on a periodic
basis, the interest(s) purchased or sold must be based on appropriate
asset values effective at the transaction date. To increase
accuracy, the valuation approach must facilitate the timely
recognition of development/entrepreneurial profit achieved on a
proportionate basis as the project progresses through the
construction and occupancy stabilization process. This article
explores some of the technical approaches to address this issue. Authors: Brent A. Palmer, CRE, MAI, FRICS; and D. Richard Wincott, CRE, MAI, FRICS. From Volume 37, No. 1.
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Retail Sales Set Rent Levels
Category:
Real Estate Issues Articles
CRE Member:
Raymond Cirz, CRE
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What makes retail properties unique from other asset classes is
the expectation of achievable retail sales at a given location and
the impact expected sales have on market rent and, therefore,
value. This article explores the relationship of retail sales and
rent levels and illustrates how, through research and analysis,
market rent levels can be established based on retail sales. Author: Raymond T. Cirz, CRE. From Volume 37, No. 1.
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Valuation and Pricing of Government Land and Property: A Tip of a Growing Iceberg
Category:
Real Estate Issues Articles
CRE Member:
Olga Kaganova, CRE
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This article reviews international differences in accounting
treatments of government assets and discusses conceptual
differences between the value of property within the contexts of
private ownership and government ownership. The article
suggests that in the context of the continuing fiscal crisis and
increasingly diversified and evolving public expectations related
to government property, introduction of good policies on
government property valuation becomes an urgent necessity in
countries, such as the U.S. and Canada, where market-based
valuation is not conducted for accounting purposes. Such
policies need to require recognition of the economic value of
government land and property, along with liabilities, as part of
decision-making on any transaction. In the U.S., suggests the
author, such policies need to be administratively binding for all
government agencies and activities, including those of a
business nature. Author: Olga Kaganova, Ph.D., CRE, FRICS. From Volume 37, No. 1.
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Is Commercial Real Estate an Inflation Hedge?
Category:
Real Estate Issues Articles
CRE Member:
Martha Peyton, CRE
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Inflation is among the worst of nightmares depriving investors of peaceful sleep. It erodes the value of corporate earnings and roils stock investors; inflation favors borrowers as debt repayments are made in lower value dollars, and it pummels consumers— especially those on fixed incomes—by depressing the purchasing power of their incomes. With the trough of the last recession now almost three years past and with the recovery characterized by a peculiar set of circumstances, inflation nightmares appear to be on the rise. In an effort to quiet their uneasiness, investors are re-examining the capacity of various asset types to offer inflation protection, should inflation become problematic. Conventional wisdom and some solid historical research show that commercial real estate does indeed offer inflation protection, albeit imperfect. This article examines both inflation potential for the U.S. economy over the next few years and the capacity of commercial real estate to provide inflation protection. Author: Martha Peyton, CRE. From Volume 36, No. 3.
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Renewable Energy: Headwinds Ahead?
Category:
Real Estate Issues Articles
CRE Member:
P. Barton DeLacy, CRE
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Renewable energy has emerged as the panacea for policymakers and environmentalists alike, as they seek to counter threats to a stable climate posed by most types of economic growth. This article discusses the economic and locational context of “renewable energy,” reviewing how such power is generated, and then explores the unique real estate implications posed by the proliferation of “renewables.” Author: P. Barton DeLacy, CRE. From Volume 36, No. 3.
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Investing in Emerging Markets: China, India and Brazil
Category:
Real Estate Issues Articles
CRE Member:
David Lynn, CRE
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Real estate in emerging markets, in general, can be characterized as “embryonic and growth oriented.” China, India and Brazil exhibit such characteristics as accelerating market growth, industry potential that substantially exceeds its current volume and a rapidly growing number of relatively unsophisticated real estate players. Entry into these markets tends to be easy but exiting the market can be more difficult with a weaker legal structure and fewer market players than developed countries. The article addresses both the opportunities and risks of investing in these markets, all of which have seen significant property appreciation, and benefit from large national economies and demand based on solid growth fundamentals. From Volume 36, No. 2. Authors: David J. Lynn, Ph.D., CRE; Tim Wang, Ph.D.; and Cassondra Mehlum
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Go South, Young Men (and Women...) Key Investment Considerations in Latin America
Category:
Real Estate Issues Articles
CRE Member:
James Whittington, CRE
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As the demand for international real estate development and investment continues to accelerate, Latin America is rapidly becoming an attractive alternative to more traditionally popular international markets such as China, India and Eastern Europe. Strong economic fundamentals and a rapidly growing middle class are driving demand for all types of real estate. In this article, the author takes a look not only at why Latin America is more than Brazil and Mexico, and countries such as Colombia, Chile and Peru are markets worthy of strong consideration, but which countries should be avoided and which are too small to matter. From Volume 36, No. 2. Author: James M. Whittington, CRE, FRICS
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Seller Beware: The Impact and Consequences to Date of Asian Investment in Metro Vancouver’s Real Estate Market
Category:
Real Estate Issues Articles
CRE Member:
William McCarthy, CRE
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No city on Earth’s residential real estate market has been more affected by a targeted and concentrated Asian investment, particularly that from China, than Vancouver, British Columbia.While only the perspective of time will define the consequences of this growing control over large segments of the region’s housing markets, its impact on affordability and the region’s overall economy is not positive. In this article, the author offers lessons learned for other regions seeking the quick fix of offshore investment, in particular those learned from the Vancouver experience. The circumstances that have made Vancouver the epicenter for Asian investment cannot be readily duplicated, and evidence increasingly signifies that they should not be. From Volume 36, No. 2. Author: William P.J. McCarthy, CRE
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Turkey: Modernizing through Mall Development
Category:
Real Estate Issues Articles
CRE Member:
Marc Louargand, CRE
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Turkey is a nation that has—both literally and figuratively—one foot in Europe and the other in Asia. More specifically, Turkey straddles the boundary between Europe and the Middle East. The contrasts between Turkey and Europe in terms of lifestyle, education and affluence are growing dimmer while their respective economies converge. Turkey is an emerging economy that has arrived. A key element in the transition is the shopping mall and modern retail systems. This article describes the current state of retailing in Turkey, the forces at work transforming Turkish society and their integral relationship. From Volume 36, No. 2. Author: Marc Louargand, Ph.D., CRE, FRICS
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Asian Tigers and Lion Kings
Category:
Real Estate Issues Articles
CRE Member:
Howard Gelbtuch, CRE
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Would you like to value property in China or Africa? If you answer “no,” you’ll miss the fastest-growing areas of the globe. Although the growth of China has been widely reported, less recognized is the rapid development of Africa. Both the Chinese and African economies are closely intertwined, and many African nations are expected to dominate the list of fastestgrowing countries over the next half decade. This article addresses the economic emergence of both China and Africa, and describes differences in valuation techniques around the world. From Volume 36, No. 2. Author: Howard C. Gelbtuch, CRE, FRICS
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Public-Private Partnerships: Lessons From Military Housing
Category:
Real Estate Issues Articles
CRE Member:
Mahlon Apgar, CRE
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This column, by author Sandy Apgar, IV, CRE, was originally published in the Baltimore Sun in August 2011 under the title ‘How the Army Saved Big Bucks.’ In it he praises a U.S. Army program called Residential Communities Initiative (RCI), an initiative that develops military “cities” that combine housing, jobs, shops and recreation at a 20 percent lower cost than previous government projects and at higher maintenance levels. In this op-ed column, Apgar takes the reader through the various lessons developers can learn from the success of RCI projects. From Volume 36, No. 2. Author Mahlon (Sandy) Apgar, IV, CRE, FRICS
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Creative Counseling: Preserving the Hawaii Opera Theatre
Category:
Real Estate Issues Articles
CRE Member:
Karen Char, CRE
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In May 2010, Karen Char, CRE, president, John Child & Company, Inc. and Christine Camp, CRE, president and CEO of Avalon Group, LLC, both of Honolulu, were honored by The Counselors of Real Estate® with the 2010 James Felt Creative Counseling Award for their work developing and implementing a long-term real estate strategy for the Hawaii Opera Theatre (HOT) in Honolulu. This case study shows how their work enabled HOT, which was faced with making crippling cost cuts, to continue to produce outstanding opera performances and nationally recognized educational programs in Hawaii. The following article describes the process through which HOT was able to turn a liability into an asset. From Volume 36, Number 1. Author: Karen Char, CRE.
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The Value Proposition of Sustainability: It’s in the Eye of the Beholder
Category:
Real Estate Issues Articles
CRE Member:
Linda Tresslar, CRE
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With the continued advancement of sustainability initiatives, both mandated and voluntary, has come the rise of differing sustainability priorities and measures of success attributed to the same asset by various stakeholders. The quandary for an asset owner then becomes how best to address these varying value propositions for maximized long-term asset value. In this article, the author discusses the necessity of understanding the sustainability value propositions of others, including the broader community, represented by government agencies and users of an asset. Without that, says the author, asset owners can wind up spending on measures that carry less weight or even worse, falling behind other assets by not spending in essential areas, resulting in an asset’s economic obsolescence over time. From Volume 36, Number 1. Author: Linda Tresslar, CRE
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Dispute Resolution for All Counselors? A New Way of Looking at Our Business
Category:
Real Estate Issues Articles
CRE Member:
John Duncum, CRE
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As American business is faced with a more litigious environment and the cost of litigation has soared, more interest is being shown in Alternative Dispute Resolution and mediation. In this article, the authors discuss how the counselor may add this component to the practice of real estate consulting or may find the skills learned in mediation training to be of great value in many real estate consultations. From Volume 36, Number 1. Authors: John Duncum, CRE and Joe L. (Joey) Cope, JD.
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LEADERSHIP ROUNDTABLE: Stepping Up the Game to Bring More Sophistication to Counseling in an Expanding, Shifting Market
Category:
Real Estate Issues Articles
CRE Member:
Peter Burley, CRE
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Having survived the meltdown, and having started on a path to recovery, we at Real Estate Issues were curious as to how various members of the Leadership team of The Counselors of Real Estate® view the world; how they approach the issues of the day; what they hear and think about with respect to the state of the real estate markets and the industry in general. During the months of March and April this year, we invited CRE leaders to answer a few very broad questions online. This Q&A is the resulting conversation with Real Estate Issues CRE Editor in Chief Peter Burley.
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CRE Global Outreach: The Kenyan Student Exchange Program
Category:
Real Estate Issues Articles
CRE Member:
Maura Cochran, CRE
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The Counselors of Real Estate (CRE) recently established a small-scale student exchange program in one of the last emerging global markets: Africa. Funded by The CRE Foundation, the program brought three Kenyan students from the Kenya School of Monetary Studies (KSMS) to New York City in May 2010 to learn about U.S. real estate practices. In this commentary, the author talks about the program’s completion, with a trip by several Counselors to KSMS this past June, and shares thoughts from one of the Kenyan students. From Volume 35, No. 2. Author: Maura Cochran, CRE, SIOR
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Ethics Versus Compliance
Category:
Real Estate Issues Articles
CRE Member:
Bowen McCoy, CRE
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In this perspective, the author addresses the conflicts that professionals may encounter during a career in business, and the importance of building trust relationships with clients, fellow employees, the government, shareholders, and the general public, and sustaining them through personal performance over many years. From Volume 35, No. 2. Author: Bowen H. ‘Buzz’ McCoy, CRE
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Valuing Tax-Exempt Real Estate Bonds
Category:
Real Estate Issues Articles
CRE Member:
Devon Olson, CRE
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In today’s constrained lending environment, tax-exempt real estate bonds are a viable apartment financing option because of their low “all-in” costs (interest rates), extended maturity terms and potential assumption features. In this article, the author gives an overview of estimating the value of these bonds for acquisition, appraisal or accounting purposes, and the need for an in-depth understanding of their characteristics. From Volume 35, No. 2. Author: Devon W. Olson, CRE, MAI
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A Corporate Guide to Implementing a Sustainable Real Estate Program
Category:
Real Estate Issues Articles
CRE Member:
Colette Temmink, CRE
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As a result of changing energy prices, anticipated carbon regulation, stricter future building codes, cost containment, limited natural resources, or increasing pressure from stakeholders, the question has clearly changed from whether sustainable design should be considered to why one would choose not to consider it. This article looks at a seven-step program that can help in implementing a sustainable real estate program. From Volume 35, No. 2. Author: Colette M. Temmink, CRE
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The Valuation of Mortgage Security by Italian Banks
Category:
Real Estate Issues Articles
CRE Member:
Halbert Smith, CRE EMERITUS
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This case study takes a looks at four Italian banks and the methods and procedures implemented by them in valuing real estate used as collateral for loans both in the loan origination and credit monitoring process. Impetus for the study was generated by the “disastrous results” of the holdings of mortgages and mortgage derivatives in United States. From Volume 35, No. 2. Authors: Massimo Biasin; and Halbert C. Smith, CRE Emeritus
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Supply Constrained Markets
Category:
Real Estate Issues Articles
CRE Member:
David Lynn, CRE
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Supply constraints can stem from several sources and vary across both markets and time. This article discusses several aspects of supply constraints, including their origin and economics, and introduces a way of measuring this feature across property sectors and metropolitan areas. From Volume 35, No. 2. Authors: David Lynn, Ph.D., CRE; Bohdy Hedgcock; and Jeff Organisciak
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After the Recession: Florida, Nevada, Arizona, and the Next 5,000 Days
Category:
Real Estate Issues Articles
CRE Member:
Owen Beitsch, CRE
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In this article, the author discusses emerging trends in three states (Florida, Nevada and Arizona) that may point to future changes in the needs of the housing market moving forward following the extraordinary disruptions to the housing market caused by the recent recession. From Volume 35, No. 2. Author: Owen Beitsch, Ph.D., CRE, FAICP
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Tax Credit for Principal Residence: Clearing the Housing Glut
Category:
Real Estate Issues Articles
CRE Member:
Mark Levine, CRE
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This article takes a look at the recent history of U.S. tax credits for homebuyers, and discusses qualifications for the credit and details of claiming the credit on tax filings. From Volume 35, No. 1. Authors: Mark Lee Levine, J.D., Ph.D., CRE; and Libbi Levine Segev, J.D., LL.M.
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Five Levels of Synergy Potential to Create Real Estate Value
Category:
Real Estate Issues Articles
CRE Member:
Jack Friedman, CRE
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The concept of synergy is commonly used by industry groups such as property developers and shopping center operators. There is, however, the authors say, little explicit discussion on how synergy creates new value within the industry This article proposes a definition for real estate synergy, and identifies how it can be applied to real estate assets on five separate levels. From Volume 35, No. 1. Authors: Jack P. Friedman, Ph.D., CRE; and Nicholas Ordway, J.D., Ph.D.
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Emerging from the Rubble
Category:
Real Estate Issues Articles
CRE Member:
Kenneth Riggs, CRE
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This article takes a close look at investment returns for commercial real estate for 2010 and 2011, and addresses the fact that economists are only beginning to unravel the devastation and debris left in the wake of the most severe financial crisis and economic recession in more than 70 years. Still, the author believes most signs indicate that we have entered the recovery phase of this cycle, and while there will be more struggles ahead, economic activity continues to strengthen. From Volume 35, No. 1. Author: Kenneth P. Riggs, Jr., CRE, FRICS
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A Missed Assessment of Real Estate Debt Risk: How the Credit Rating Agencies and Commercial Bank Regulators Missed the Assessment of Real Estate Risk, Creating the Largest Real Estate Bubble in U.S. History
Category:
Real Estate Issues Articles
CRE Member:
Marc Thompson, CRE
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A missed assessment of real estate debt risk is the root cause of both the savings and loan crisis in the early 1990s and the mortgage-backed securities crisis currently observed in the marketplace. This article discusses how the probable risk of default increases each year when the loan aggregate growth rate is higher than the average rate of GDP and CPI, and explains why certain issuance years have a high risk of probable default years in all real estate secured debt in U.S. markets. From Volume 34, Issue 3, 2009. Author: Marc R. Thompson, CRE
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Managing Risk in Income Property Loan Portfolios
Category:
Real Estate Issues Articles
CRE Member:
Marc Thompson, CRE
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This article suggests a methodology to: identify and quantify the amount of speculation risk that exists in the mortgage markets; and, serve as a basis to amend Basel II regulations to build financial stability over a three-year period. From Volume 34, Issue 1, 2009. Author: Marc R. Thompson, CRE
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Real Estate Issues: Questions and Answers with Mark Zandi
Category:
Real Estate Issues Articles
CRE Member:
Peter Burley, CRE
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Peter C. Burley, CRE, editor in chief of Real Estate Issues conducts an interview with Mark Zandi, chief economist of Moody’s Economy.com, to gain insight into recent developments in the U.S. economy and expectations for the coming months. From Volume 34, Issue 3, 2009. Author: Peter Burley, CRE
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Commentary: When Will the Miami Condominium Market Recover? Follow the Land, Man.
Category:
Real Estate Issues Articles
CRE Member:
Richard Langhorne, CRE
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A look at the overbuilt condo market in Miami, its drop in value, how long recovery will take, and who will benefit. From Volume 34, Issue 1, 2009. Author: Richard Langhorne, CRE
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Commentary: Not in Our Backyard: Plans, Planners, Regulators and the New Redlining
Category:
Real Estate Issues Articles
CRE Member:
Owen Beitsch, CRE
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The conviction that personal accomplishment and economic value are deeply embedded in homeownership is reinforced and codified—in many cases disadvantageously—in U.S. lending and regulatory practices and tax structure, which altogether favor homeownership generally, and single-family predominantly. This commentary explores the competing interests and viewpoints, and offers some ideas to redirect society’s thinking and financial resources. From Volume 34, Issue 2, 2009. Author: Owen Beitsch, CRE
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Appraisal Requirements for Charitable Contribution Deductions
Category:
Real Estate Issues Articles
CRE Member:
Mark Levine, CRE
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This article addresses the regulations under Treasury Reg. §1.170A-13, and generally under Code §170, which attempt to place more controls on the valuation issue and the concern as to what constitutes fair value. From Volume 34, Issue 2, 2009. Author: Mark Lee Levine, CRE
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The Morphology of the Credit Crisis
Category:
Real Estate Issues Articles
CRE Member:
Hugh Kelly, CRE
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The viral spread of risk from the rather limited segment of the economy holding subprime residential mortgages to the approximately $60 trillion Credit Default Swaps market will go down in history as one of the most deadly of financial epidemics. The author proposes that the imperative of growth that drives U.S. business played a crucial role in the metastasis of credit problems, and that the sustainable limits of growth will need to be studied if a repeat of the crisis is to be avoided. From Volume 34, Issue 3, 2009. Author: Hugh Kelly, CRE
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Counseling the Banks: What is the Market for Branches?
Category:
Real Estate Issues Articles
CRE Member:
Bradley Carter, CRE
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Data compiled by the authors provide guidance for counselors advising bank clients who are rewriting acquisition/disposition strategies for branches. The article examines the impact of the decline of the commercial credit markets, increasing foreclosure rates and the downturn in residential mortgage origination. From Volume 34, Issue 1, 2009. Author: Bradley Carter, CRE
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View from the Middle
Category:
Real Estate Issues Articles
CRE Member:
Robert Bach, CRE
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This article reviews commercial real estate market conditions in the Chicago area and provides a forecast of conditions for 2010. The authors take a look at the office, industrial, retail and investment markets, with insight into vacancy rates, rental rates, lease rates, and local tax hikes and incentives. From Volume 34, Issue 3, 2009. Author: Robert Bach, CRE
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Use of the Income Approach in Valuing a Sand and Gravel Property in a Condemnation Proceeding
Category:
Real Estate Issues Articles
CRE Member:
Tom Hamilton, CRE
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This article proposes that valuing sand and gravel property using the income approach is the most appropriate method of valuation, and that the court’s process of determining just compensation should employ the same valuation process used in the open marketplace by owner/operators when buying or leasing land. From Volume 34, Issue 2, 2009. Author: Tom Hamilton, Ph.D., CRE
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Going from Mark-to-Market to Mark-to-Make-Believe
Category:
Real Estate Issues Articles
CRE Member:
Robert Pliska, CRE
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The Federal guideline, “Policy Statement on Prudent Commercial Real Estate Loan Workouts,” was intended to provide transparency and consistency to commercial real estate workout transactions and the availability of credit to sound borrowers. The article looks at how the policy could create the opposite effect. From Volume 34, Issue 3, 2009. Author: Robert Pliska, CRE
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Public Homebuilders Look to Build in 2010
Category:
Real Estate Issues Articles
CRE Member:
Brian Curry, CRE
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Despite the decline of the U.S. housing market beginning in 2006, public
homebuilders are now buying lots and building homes in targeted submarkets. This article summarizes the basic elements of housing supply and demand and the perception on part of the builders actively pursuing lots to increase new for-sale housing inventories. From Volume 34, Issue 3, 2009. Author: Brian Curry, CRE
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