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Fourth Quarter 2015: Large Hotels Have Lost Momentum— Small Hotels Still Going Strong, Crocker H. Liu Ph.D., Adam D. Nowak Ph.D., Robert M. White Jr. 2016 Cornell University School of Hotel Administration

Fourth Quarter 2015: Large Hotels Have Lost Momentum— Small Hotels Still Going Strong, Crocker H. Liu Ph.D., Adam D. Nowak Ph.D., Robert M. White Jr.

Cornell Real Estate Market Indices

Although the price of large hotels has declined, small hotels continue to experience positive momentum, based on our Standardized Unexpected Price (SUP) metric. Hotel investment based on operating performance is back in the red, with signals that investors are experiencing negative leverage, since the borrowing cost of debt now exceeds the return on invested capital. Our financing, risk, and early warning indicators all continue to suggest that hotel prices should start to level off or decline. This is report number 17 of the index series.


Brand: Real Property Transfers' Iconic Dimension, Michael N Widener 2015

Brand: Real Property Transfers' Iconic Dimension, Michael N Widener

Michael N Widener

Branding today is increasingly important in commercial real estate development and leasing.  This paper informs the reader how to assess the brand in property transactions due diligence phase, as well as how brand-related rights should be conveyed at the time property is leased or purchased, considering federal and state statutes and regulations on the transfer of intangible property rights.


Dealing With Dirty Deeds: Matching Nemo Dat Preferences With Property Law Pragmatism, Donald J. Kochan 2015

Dealing With Dirty Deeds: Matching Nemo Dat Preferences With Property Law Pragmatism, Donald J. Kochan

Donald J. Kochan

An organizing principle of the rule of law based on individualism and order is expressed by the Latin maxim nemo dat quod non habet – roughly translated to mean that one can only give what they have or one can only transfer what they own.  Yet when title disputes arise between two or more purchasers, we have accepted pragmatically that exceptions must be made to nemo dat and that, at times, we may have to, in essence, validate fraud and other dirty deeds.  The Article outlines the basic place of the nemo dat principle in our system of law, introduces the ...


Assessment Limits And Timing Of Real Estate Transactions, Sebastien J. Bradley 2015 Drexel University

Assessment Limits And Timing Of Real Estate Transactions, Sebastien J. Bradley

Sebastien J Bradley

Michigan homebuyers face large potential discontinuities in tax obligations for purchases made around January 1 and May 1 under the state's application of acquisition-value based assessment limits and principal residence (homestead) exemptions, respectively. Consistent with incentives, roughly 3.7 percent of sales concluded in the first 10 business days of January are thus attributable to timing responses among the subset of properties listed by the largest 25 percent of firms by sales volume. Underlying this effect is a willingness to stretch the number of days between contract and closing dates by an average of 2 to 4 business days ...


Third Quarter 2015: Have Hotel Prices Peaked?, Crocker H. Liu, Adam D. Nowak, Robert M. White 2015 Cornell University School of Hotel Administration

Third Quarter 2015: Have Hotel Prices Peaked?, Crocker H. Liu, Adam D. Nowak, Robert M. White

Cornell Real Estate Market Indices

The price of large and small hotels appears to have peaked, based on our Standardized Unexpected Price (SUP) metric. Hotel investment based on operating performance is in the black (breakeven). Indicators that hotel prices should start to level off or decline include the historical cycle analysis, a continued rise in cost of debt financing, a widening of the relative risk premium for hotels, higher total risk for hotels relative to other commercial real estate, and continued declines in the hotel REIT index, business confidence index, and the architecture billings index. This is report number 16 of the index series.


Rent Certainty Is Not Rent Control, Tom Dunne 2015 Dublin Institute of Technology

Rent Certainty Is Not Rent Control, Tom Dunne

Reports

The housing crisis and the debate about rent control should result in a beneficial change to the regulation of the sector but the opportunity could be lost for want of clarity of thinking about the nature of rent certainty and the distinction between it and rent control. At present rent is regulated by the Residential Tenancies Act 2004 (RTA 2004) which provides that rent can only change once a year and cannot be more than the market rent. Many argue a greater degree of rent certainty is required and that rent should not be allowed to increase by more than ...


Creative Capital: Financing Hotels Via Eb-5, Arian Mahmoodi, Jan A. deRoos 2015 Cornell University

Creative Capital: Financing Hotels Via Eb-5, Arian Mahmoodi, Jan A. Deroos

Center for Hospitality Research Publications

Administered by the United States Citizenship and Immigration Service (USCIS), the EB-5 program (Employment-Based Immigration, Fifth Preference) allows foreign nationals to invest as little as $500,000 or as much as $1 million in a U.S. enterprise, in consideration of potentially receiving permanent residency in the United States. In recent years, EB-5 financing has grown exponentially and has become a highly utilized funding source for hotel development projects.1 Congress created the program in 1990 to stimulate the U.S. economy through foreign direct investment to create jobs. Despite the growth of the program, the EB-5 market is opaque ...


Center For Real Estate Quarterly, Volume 9, Number 3, Portland State University. Center for Real Estate 2015 Portland State University

Center For Real Estate Quarterly, Volume 9, Number 3, Portland State University. Center For Real Estate

Center for Real Estate Quarterly

Table of Contents:
-- The State of the Economy by Adam Seidman (p. 5-12)
-- Residential Market Analysis by Clancy Terry (p. 13-38)
-- Multifamily Market Analysis by Clancy Terry (p. 39-38)
-- Office Market Analysis by Alec Lawrence (p. 49-59)
-- Industrial Market Analysis by Adam Seidman (p. 60-65)
-- Retail Market Analysis by Alec Lawrence (p. 66-71)


Of Property And Information, Abraham Bell, Gideon Parchomovsky 2015 University of San Diego

Of Property And Information, Abraham Bell, Gideon Parchomovsky

Faculty Scholarship

The property-information interface is perhaps the most crucial and under-theorized dimension of property law. Information about property can make or break property rights. Information about assets and property rights can dramatically enhance the value of ownership. Conversely, dearth of information can significantly reduce the benefit associated with ownership. It is surprising, therefore, that contemporary property theorists do not engage in sustained analysis of the property-information interface and in particular of registries — the repositories of information about property.

Once, things were different. In the past, discussions of registries used to be a core topic in property classes and a focal point ...


Mountain Monitor - 1st Quarter 2015, Kenan Fikri, Siddharth Kulkarni 2015 Brookings Institution

Mountain Monitor - 1st Quarter 2015, Kenan Fikri, Siddharth Kulkarni

Mountain Monitor

This analysis of employment, output, unemployment, and house prices finds that the 10 major metropolitan areas of the Mountain West, despite significant economic headwinds, weathered the first quarter of 2015 with robust economic growth. Eight of the region’s 10 major metro areas advanced on all four metrics of economic performance, and the remaining two metro areas slipped only on a single front.

The national economic slowdown that arrived in early 2015 did not entirely bypass the Mountain West, but the region resisted the drag better than any other. As U.S. economic output contracted by 0.3 percent in ...


Second Quarter 2015: Hotel Deals Are Getting Harder To Pencil Out, Crocker H. Liu, Adam D. Nowak, Robert M. White Jr 2015 Cornell University School of Hotel Administration

Second Quarter 2015: Hotel Deals Are Getting Harder To Pencil Out, Crocker H. Liu, Adam D. Nowak, Robert M. White Jr

Cornell Real Estate Market Indices

Hotel Investment based on operating performance has turned red. Our Economic Value Added (EVA) indicator shown in Exhibit 1 has turned negative, declining from -.6% (near zero; breakeven) to -1.8% in 2014Q1. What is more alarming is that the hotel cap rate (5.7%) is approximately equal to the cost of debt financing (5.6%) for hotels financed by large life insurance companies, as shown in Exhibit 2. Intuitively, the cap rate represents the return on hotel properties assuming all-equity financing. The use of debt financing is used to magnify the return to hotel properties. For positive leverage (return ...


The Morrison Mercantile: Boma Real Estate Development Workshop, Khalid Alballaa, Kevin Clark, Barbara Fryer, Carly Harrison, A. Synkai Harrison, Liz Hutchinson, Scott Kueny, Erik Pattison, Nate Raynor, Clancy Terry, Joel Thomas 2015 Portland State University

The Morrison Mercantile: Boma Real Estate Development Workshop, Khalid Alballaa, Kevin Clark, Barbara Fryer, Carly Harrison, A. Synkai Harrison, Liz Hutchinson, Scott Kueny, Erik Pattison, Nate Raynor, Clancy Terry, Joel Thomas

Real Estate Development Workshop Projects

Students in the PSU Real Estate Development Workshop produce a development plan for 12 properties located on the Central Eastside Industrial District (CEID). These properties are owned by the Pelett Family. Their task was to produce an original development plan, including the development concept, the market analysis, the conceptual design, economic analysis, capital and operations budget, and management plan.


Corruption: Case Studies Of Vietnam And Italy, Thuy-Tien T. Vo 2015 University of Washington - Tacoma Campus

Corruption: Case Studies Of Vietnam And Italy, Thuy-Tien T. Vo

Global Honors Theses

Corruption is morally and legally wrong. Despite many governmental policies and strategies designed to combat corruption, it still persists in most parts of the world. To understand why corruption is so persistent and pervasive, it is necessary to recognize the perceptions of the beneficiaries and victims of the issue and to comprehend the extent to which cultural biases influence individuals’ decisions to give in to corruption. Acquiescence to dishonest and fraudulent behavior can foster political corruption in many countries. Vietnam and Italy were selected as case studies for this paper. Using the case studies of these two different countries will ...


A Royal Problem: Planning Induced Supply Constraints In London, Elizabeth P. Armstrong 2015 Lawrence University

A Royal Problem: Planning Induced Supply Constraints In London, Elizabeth P. Armstrong

Lawrence University Honors Projects

We explore the impact of regulatory supply constraints on house price levels following boom and bust periods in London. We hypothesize that when regulatory restrictiveness increases during a boom period, house prices will be higher in the following year compared to house prices in less restricted areas. We also hypothesize that when regulatory restrictiveness increases during a bust period, house prices will be lower in the following year compared to house prices in less restricted areas. We empirically test our hypothesis using a multilevel mixed-effects model with a panel data set of 32 boroughs of London, ranging from 2001 to ...


Cover, Cornell Real Estate Review Editorial Board 2015 Cornell University

Cover, Cornell Real Estate Review Editorial Board

Cornell Real Estate Review

No abstract provided.


Table Of Contents, Cornell Real Estate Review Editorial Board 2015 Cornell University

Table Of Contents, Cornell Real Estate Review Editorial Board

Cornell Real Estate Review

No abstract provided.


Foreword, David Funk 2015 Cornell University

Foreword, David Funk

Cornell Real Estate Review

[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 ...


Letter From The Editors, Dan Gualtieri, Nicholas Martinez, Clayton Roach 2015 Cornell University

Letter From The Editors, Dan Gualtieri, Nicholas Martinez, Clayton Roach

Cornell Real Estate Review

[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.


The Interconnectedness Between Home Builders And The Asian American Community, Gerd-Ulf Krueger, Scott Laurie 2015 Cornell University School of Hotel Administration

The Interconnectedness Between Home Builders And The Asian American Community, Gerd-Ulf Krueger, Scott Laurie

Cornell Real Estate Review

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 ...


Can Short-Term Rental Arrangements Increase Home Values? A Case For Airbnb And Other Home Sharing Arrangements, Jamila Jefferson-Jones 2015 Cornell University

Can Short-Term Rental Arrangements Increase Home Values? A Case For Airbnb And Other Home Sharing Arrangements, Jamila Jefferson-Jones

Cornell Real Estate Review

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 ...


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