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CRER Vol. 09 (2011)

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    Bay Point II: Residential Development
    Hagedorn, Randy W. (2011-07-01)
    The Sun Arrow Apartments Case Study focuses on the evaluation of an investment opportunity for a 275-unit apartment complex in the El Paso, Texas market. After taking Sun Arrow out of bankruptcy, Frank Markowitz of Fannie Mae informs the case study’s protagonist, Geoff Grayson, that he has thirty days to complete the acquisition of Sun Arrow. Grayson’s task is twofold. First, Grayson must determine how to get the funds necessary to quickly close Sun Arrow. Second, Grayson must assess his risk tolerance because various market and property risks exist in connection with any Sun Arrow acquisition. The Sun Arrow case study assists students with critical thinking skills vital to the real estate acquisitions decision-making process and provides opportunities to consider quantitative and qualitative issues in real estate acquisitions.
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    Front Cover
    (2011-07-01)
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    Miscellaneous Backmatter
    (2011-07-01)
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    How Dismantling Fannie Mae and Freddie Mac Will Affect the Future of the Multifamily Market
    Shlom, David; Benioff, Andrew (2011-07-01)
    On February 11, 2011 the US Treasury published a white paper announcing the future dismantling of the government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac.1 This white paper, “Reforming America’s Housing Finance Market,” was a result of the government bailout and conservatorship of the GSEs. While both GSEs are well known for their role in residential real estate, their recent involvement in multifamily real estate is less apparent. The purpose of this report is twofold: First to explain the role GSEs have played in the multifamily mortgage market; and second to postulate the effect their non-participation will have on the future of multifamily properties and financing.
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    Miscellaneous Frontmatter
    (2011-07-01)
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    More Affordable Housing, But Where, and for Whom? A New Jersey Study revealing the Low Income Housing Tax Credit’s Impact, and the Ongoing Concentration of the Poor
    Biglin, Brian N. (2011-07-01)
    Since its inception as part of the Tax Reform Act of 1986, the Tax Credit for Low-Income Rental Housing (Low Income Housing Tax Credit, “LIHTC”) has been the most significant government subsidy for the provision of affordable rental housing.1 The program has grown significantly in size, especially in recent years. In 2001, states received $1.50 per capita to dedicate to tax credits for qualifying projects; by 2010, this federal expenditure rose to $2.10 per capita.2 Even in its early days, LIHTC was called the most generous tax credit in history.3 By 2000, one million units of affordable housing- compliant with metro-specific rent caps and tenant income restrictions described in this paper- had been created nationwide by use of the LIHTC.4 By 2008, that total reached over 1.76 million.5
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    Industry Leader Profile: Robert Duncan
    Editorial Board, Cornell Real Estate Review; Duncan, Robert (2011-07-01)
    After earning BBA, MBA, and LLB degrees from the University of Texas at Austin, Mr. Duncan began his career with Trammell Crow in Dallas, Texas. He was responsible for commercial operations in San Antonio in 1978, when he left to form Transwestern. Since then, he has directed Transwestern’s expansion from a small Texas development company into a highly diversified national real estate investment and operating organization. Throughout his career he has been known for timely and effective responses to challenging markets and crises dating back to the oil and energy shocks of the 1970s. During a distinguished career in the real estate industry, Mr. Duncan has built a strong reputation for integrity, service to clients, and putting his people and organization first. Today Transwestern is one of the largest privately held commercial real estate firms in the United States. A diversified company, Transwestern is active in the real estate services, development, and investment management businesses. Transwestern was awarded the Energy Star Partner of the Year award in 2004 and 2005. In addition, the firm has received Energy Star’s Sustained Excellence Award six years in a row. Vigilant in preserving its culture of empowerment, Transwestern has been consistently recognized by numerous periodicals as one of the “Top Places to Work” in cities and states across the country.
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    Letter from the Editors
    Weidel, Richard A. III; Solinsky, Douglas C. (2011-07-01)
    [Excerpt] Dear Readers,We are excited to present Volume 9 of the Cornell Real Estate Review, the leading publication of Cornell’s Program in Real Estate. As this issue goes to press, much uncertainty remains regarding the nature and strength of the current economic recovery. Now more than ever, we see the importance of joining scholarly discourse and professional expertise to gain a thorough understanding of real estate issues and opportunities. Our intention is to promote the practical, efficient application of real estate theory and we hope that you find the articles engaging and useful.
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    Foreword
    Funk, David L. (2011-07-01)
    [Excerpt] Welcome to the 2011 edition of the Cornell Real Estate Review (CRER), a publication managed and edited by graduate students in the Cornell Program in Real Estate featuring the latest practical and applied research in the real estate industry. Selection as editor of the Cornell Real Estate Review is the most prestigious honor available in the Program, and 2010-11 co-editors, Richard Weidel (MPS/RE ’11) and Doug Solinsky (MPS/RE ‘11) not only continued the tradition of dedication and professionalism that have come to symbolize Cornell Real Estate Review editors but also engaged industry associations and expanded the CRER’s overall reach to the industry.
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    Strategic Default: The Popularization of a Debate Among Contract Scholars
    Miller, Meredith R. (2011-07-01)
    [Excerpt] Given the recent, sharp decline in housing prices,1 an estimated 20% of homeowners with a mortgage are “underwater,”2 meaning that these homeowners have borrowed more than their homes are currently worth. Of those underwater homeowners, many can still afford to make their monthly mortgage payments. Given the negative equity in their homes, however, they are faced with the decision whether to carry out a “strategic default.”3