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"Use" Valuation Under The 1976 Tax Reform Act: Problems And Implications, Michael D. Boehlje, Neil E. Harl 2016 Iowa State University

"Use" Valuation Under The 1976 Tax Reform Act: Problems And Implications, Michael D. Boehlje, Neil E. Harl

Neil Harl

With the rapid rise in farmland*values during recent years, farmers and farm organizations have argued that land values have little relationship to agricultural productivity. The fact that farmers have been the dominant purchasers in the farm real estate market during this period of time would seem to discredit this argument to some degree, but public officials have been sympathetic to the farmers' arguments. Some state legislatures, particularly in areas o f the country where urban expansion has placed upward pressures on land values, have adopted procedures to value farmland based on its agricultural productivity for purposes of assessing property ...


Second Quarter 2016: Slowdown For Large Hotels Continues; Small Hotels Have Now Slowed As Well, Crocker H. Liu, Adam D. Nowak, Robert M. White Jr. 2016 Cornell University School of Hotel Administration

Second Quarter 2016: Slowdown For Large Hotels Continues; Small Hotels Have Now Slowed As Well, Crocker H. Liu, Adam D. Nowak, Robert M. White Jr.

Crocker H. Liu

Our Standardized Unexpected Price (SUP) metric continues to show a decline in the price of large hotels, and now also the price of small hotels has eased—even though hotel transaction volume has increased. Although debt and equity financing for hotels remain relatively inexpensive, we are concerned that the total volatility of hotel returns is greater relative to the return volatility for other commercial real estate. If this trend continues, lenders will eventually start to tighten hotel lending standards. Our early warning indicators all continue to suggest that the downward trend in hotel prices should continue into the next quarter ...


Second Quarter 2016: Slowdown For Large Hotels Continues; Small Hotels Have Now Slowed As Well, Crocker H. Liu, Adam D. Nowak, Robert M. White Jr. 2016 Cornell University School of Hotel Administration

Second Quarter 2016: Slowdown For Large Hotels Continues; Small Hotels Have Now Slowed As Well, Crocker H. Liu, Adam D. Nowak, Robert M. White Jr.

Cornell Real Estate Market Indices

Our Standardized Unexpected Price (SUP) metric continues to show a decline in the price of large hotels, and now also the price of small hotels has eased—even though hotel transaction volume has increased. Although debt and equity financing for hotels remain relatively inexpensive, we are concerned that the total volatility of hotel returns is greater relative to the return volatility for other commercial real estate. If this trend continues, lenders will eventually start to tighten hotel lending standards. Our early warning indicators all continue to suggest that the downward trend in hotel prices should continue into the next quarter ...


Hotval Toolkit, Crocker H. Liu 2016 Cornell University School of Hotel Administration

Hotval Toolkit, Crocker H. Liu

Center for Real Estate and Finance Tools

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Scroll down to "Additional Files" to access the calculator.

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HOTVal is a hotel valuation spreadsheet based on a regression model discussed in the Center for Real Estate and Finance at Cornell called Cornell Hotel Indices: Second Quarter 2012: The Trend is Our Friend by Crocker H. Liu, Adam D. Nowak, and Robert M. White, Jr. The model which will be continually updated, provides a rough estimation of the value of a hotel property once the user inputs information on whether the hotel is a large or small hotel, the year and quarter of the valuation, the state where the property ...


Baker Program's Inaugural Domestic Trip To San Francisco And Silicon Valley, Matthew Farrell, Robert Lathan, Harrison Willis 2016 Cornell University

Baker Program's Inaugural Domestic Trip To San Francisco And Silicon Valley, Matthew Farrell, Robert Lathan, Harrison Willis

Cornell Real Estate Review

[Excerpt] In late January, first-year students in the Baker Program in Real Estate attended the first annual domestic real estate trek as part of the program’s newly revised curriculum. For this inaugural trip, students visited San Francisco and Silicon Valley, two of the nation’s most active real estate markets.


Lennar Technology: The Connected Consumer Has Arrived In Multifamily, Robert Lathan 2016 Cornell University

Lennar Technology: The Connected Consumer Has Arrived In Multifamily, Robert Lathan

Cornell Real Estate Review

As multifamily homebuilders progress into the 21st century, they have looked to integrate electronics and technology to simplify and enhance their businesses. The use of programs like Yardi and MRI for both property management and accounting have become the standard. Like Moore’s Law – the observation that the number of transistors in a dense integrated circuit will double approximately every two years – the use of technology in multifamily properties must equal both the pace and demand of present and future tenants.


Affordable Housing Policies: An Overview, Anastasia Kalugina 2016 Cornell University

Affordable Housing Policies: An Overview, Anastasia Kalugina

Cornell Real Estate Review

As urban housing markets throughout the United States increasingly exhibit challenges of affordability, federal, state, and local governments have placed renewed emphasis on housing, specifically mixed-income housing, which integrates affordable housing incentives into multifamily development projects. With such incentives, one must wonder what comprises a successful affordable housing policy and how affordable housing can be successfully implemented into a community. This article attempts to answer these questions by detailing the history of affordable housing policies, exploring some of the current affordable housing policies and programs, comparing affordable housing programs from different regions, and discussing some successful affordable housing programs and ...


Table Of Contents, Cornell Real Estate Review Editorial Board 2016 Cornell University

Table Of Contents, Cornell Real Estate Review Editorial Board

Cornell Real Estate Review

No abstract provided.


Letter From The Editors, Jason Henderson, Matthew Green, Jason Spencer 2016 Cornell University

Letter From The Editors, Jason Henderson, Matthew Green, Jason Spencer

Cornell Real Estate Review

[Excerpt] The Editorial Team is proud to release this 2016 14th Annual Volume of the Cornell Real Estate Review. This year’s issue explores a wide range of topics, including the deployment of new technologies in multifamily properties, the effects of autonomous vehicles on real estate, and the continued ramifications of the housing crisis through the legal tactics of certain mortgage lenders. Also included, a recent repositioning project– the unique turnaround of a former casino hotel property in Reno, Nevada. Furthermore, this release includes a discussion of value-added multifamily investment strategy, an analysis of the impact of rapid transit on ...


2016 Real Estate Industry Leader Profile: Maryanne Gilmartin, Jason Henderson 2016 Cornell University

2016 Real Estate Industry Leader Profile: Maryanne Gilmartin, Jason Henderson

Cornell Real Estate Review

[Excerpt] Cornell University and the Baker Program in Real Estate are pleased to announce the 2016 Real Estate Industry Leader Award recipient: MaryAnne Gilmartin, President & CEO of Forest City Ratner Companies. MaryAnne’s leadership in the real estate industry has made a powerful and positive impact on society as a driving force behind several of the highest-profile, largest-scale additions to the urban landscape of New York City.


Baker Program's Inaugural International Trip To Vancouver, Jason Henderson, Jason Spencer 2016 Cornell University

Baker Program's Inaugural International Trip To Vancouver, Jason Henderson, Jason Spencer

Cornell Real Estate Review

[Excerpt] In March 2016, second-year students in the Baker Program in Real Estate embarked on a trip to Vancouver, British Columbia to meet with the people and companies that have played a role in shaping Vancouver into the celebrated international city it is today. Starting with a bold plan begun in the 1980s to connect the city to its waterfront, Vancouver has spent the following decades on a transformation spree that is the envy of urbanists the world over. Throughout a five-day itinerary, students visited the projects and neighborhoods that epitomize this transformation.


Pathways: A Conversation With Karl Mistry '04, Matthew Farrell 2016 Cornell University

Pathways: A Conversation With Karl Mistry '04, Matthew Farrell

Cornell Real Estate Review

Karl Mistry’s responsibilities include oversight of all Toll Brothers communities throughout Houston, Texas, and he is actively involved in the acquisition and approval process for new residential development. Mistry joined Toll Brothers in 2004 as an Assistant Project Manager, and most recently was promoted to Division President in 2012. He has served as a Board Member of the Greater Houston Builders Association since 2013.


Real Estate Case Competitions, Matthew Green 2016 Cornell University

Real Estate Case Competitions, Matthew Green

Cornell Real Estate Review

Real Estate is by nature a hands-on business in which real-world experience and new challenges are the best teacher. With this in mind, graduate real estate education has embraced case competitions as a way to apply education-based learning to real world project simulation. In recent years, teams from Cornell have consistently stood out in these competitions, making impressions and forming relationships that they will carry with them over their careers. In this issue of the Review, we recognize a composite of previous winners of the four major real estate-focused case competitions, and look back on what was a very successful ...


Impact Of Rapid Transit On The Residential Market In Hudson County, New Jersey, Ravikanth Pamidimukkala 2016 Cornell University

Impact Of Rapid Transit On The Residential Market In Hudson County, New Jersey, Ravikanth Pamidimukkala

Cornell Real Estate Review

The New York Metropolitan region is one of the most populous urban agglomerations in the world, and the single largest in North America.[1] It is also one of the most prominent economic centers, with New York City at the epicenter of its growth. With the entire region growing rapidly over the last decade, it is essential to analyze the socio-economic changes in order to understand the impact it has on commercial real estate. With its focus on housing rentals, this study aims to highlight housing costs as a function of rapid transit over time.


Betting Against The House: Redeveloping A Former Casino In Reno, Nevada, Mathew Jalazo 2016 Urgo Hotels

Betting Against The House: Redeveloping A Former Casino In Reno, Nevada, Mathew Jalazo

Cornell Real Estate Review

Reno, Nevada, one of the nation’s original gaming meccas, is in the midst of reinventing itself and dramatically broadening its economic base. The timing is portentous, as a soft market for casino gaming prevails, largely due to nationwide expansion. Several Reno casinos have recently folded, and several more are facing difficulties.


Cover, Cornell Real Estate Review Editorial Board 2016 Cornell Univesity

Cover, Cornell Real Estate Review Editorial Board

Cornell Real Estate Review

No abstract provided.


Findings From The 2015 Institutional Real Estate Capital Allocations Monitor, Matthew Green 2016 Cornell University

Findings From The 2015 Institutional Real Estate Capital Allocations Monitor, Matthew Green

Cornell Real Estate Review

Since 2013, the Baker Program in Real Estate and Hodes Weill & Associates have co-sponsored the Institutional Real Estate Capital Allocations Monitor (the “Allocations Monitor”). The Allocations Monitor was created to conduct a comprehensive annual assessment of institutional allocations to real estate investments through analyzing trends and collecting survey responses of institutional portfolios and allocations by region, type, and size of institution. The Allocations Monitor reports on the role of real estate investments in institutional portfolios, and the impact of institutional allocation trends on the investment management industry.


A Lender's Vorpal Sword: Expungement Affidavits & Their Power To Void Sheriff's Sales & Revert Mortgages Back To The Homeowner, Joshua LaBar 2016 Michigan State University College of Law

A Lender's Vorpal Sword: Expungement Affidavits & Their Power To Void Sheriff's Sales & Revert Mortgages Back To The Homeowner, Joshua Labar

Cornell Real Estate Review

Like many Americans across the country, Michigan residents have faced a staggering number of foreclosures in the last few years.2 In 2009, Laura Buttazzoni was one of the many Michigan homeowners facing the dire reality that she was going to lose her home.3 After Buttazzoni’s failed attempt to sell her home, her bank initiated a sheriff’s sale in late 2009.4 After the statutory redemption period expired,5 Fannie Mae evicted Buttazzoni and relisted the home in 2011.6 Even though Buttazzoni’s home was foreclosed, sold at a sale, and relisted on the market—she ...


Autonomous Vehicles And Commercial Real Estate, Jason Henderson, Jason Spencer 2016 Cornell University

Autonomous Vehicles And Commercial Real Estate, Jason Henderson, Jason Spencer

Cornell Real Estate Review

Hardly a day goes by without the release of a handful of news stories about autonomous vehicles (or AVs for short). The proverbial “tipping point” of awareness has been reached in the public consciousness as AV technology is quickly becoming the new focus of firms from Silicon Valley to Detroit and beyond. Automation has, and will continue to have far-reaching implications for many human activities, but for driving, the technology is here. Google has been in talks with automaker Ford (1), Elon Musk has declared that Tesla will have the appropriate technology in two years (2), GM is paired-up with ...


Repositioning A Multifamily Asset, Harrison Willis 2016 Cornell University

Repositioning A Multifamily Asset, Harrison Willis

Cornell Real Estate Review

Multifamily investments, particularly value-added strategies, have been of keen interest to real estate investors for years now. Successful execution of a multifamily investment offers excellent risk-adjusted returns when compared to other classes of real estate such as industrial, retail, and office. From a volatility standpoint, multifamily enjoys relatively stable long-term cash flows with less downside risk during periods of recession due to stable tenancy in most major markets. The stability during downturns is also supported by the fact that recessions tend to make renters out of owners, increasing demand for apartments.


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