CRE: CRE Library

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

Real Estate and the Financial Crisis: How Turmoil in the Capital Markets is Restructuring Real Estate Finance

Category:
Books

CRE Member:
Anthony Downs, CRE

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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
Real Estate Valuation in Global Markets - 2nd Edition

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Books

CRE Member:
Howard Gelbtuch, CRE

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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
Cost of Capital: Applications and Examples, Fourth Edition

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Books

CRE Member:
James MacCrate, CRE

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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.
Emerging Market Real Estate Investment: Investing in China, India and Brazil

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Books

CRE Member:
David Lynn, CRE

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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
Managing Government Property Assets: International Experiences

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Books

CRE Member:
Olga Kaganova, CRE

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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; Karl-Werner Schulte, CRE; Marilee Utter, CRE
Valuing Contaminated Properties

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Books

CRE Member:
Richard Roddewig, CRE

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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.
Takings Law in Plain English

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Books

CRE Member:
Richard Roddewig, CRE

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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.
Insider's Guide to Commercial Real Estate

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Books

CRE Member:
Cindy Chandler, CRE

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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
Value Beyond Cost Savings: How to Underwrite Sustainable Properties

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Books

CRE Member:
Scott Muldavin, CRE

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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
Real Estate Investing for Dummies - 2nd Edition

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Books

CRE Member:
Robert Griswold, CRE

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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
Property Management Kit for Dummies (Book and CD) - 2nd Edition

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Books

CRE Member:
Robert Griswold, CRE

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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
Japan Real Estate Appraisal in a Global Context

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Books

CRE Member:
Takumi Watanabe, CRE

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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
Still Stuck in Traffic: Coping with Peak Hour Traffic Congestion (revised)

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Books

CRE Member:
Anthony Downs, CRE

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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
Real Estate Handbook - Seventh Edition

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Books

CRE Member:
Jack Friedman, CRE

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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
Florida Real Estate Exams - Second Edition

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Books

CRE Member:
Jack Friedman, CRE

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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
Dictionary of Real Estate Terms

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Books

CRE Member:
Jack Friedman, CRE

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The quick reference guide of real estate terms, contains clear definitions useful to investors, buyers, brokers and the general public. An up-to-date reference book that provides explanations for approximately 3,000 real estate terms commonly in use in today’s dynamic real estate environment. Part of the Barron's Real Estate Guides Series. Author: Jack P. Friedman, Ph.D., CRE
Adjustable Rate Mortgages

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Books

CRE Member:
Jack Friedman, CRE

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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.
Keys to Mortgage Financing and Refinancing - Fourth Edition

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Books

CRE Member:
Jack Friedman, CRE

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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
Real Estate Licensing Exams

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Books

CRE Member:
Jack Friedman, CRE

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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
Keys to Buying Foreclosed and Bargain Homes

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Books

CRE Member:
Jack Friedman, CRE

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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
Dictionary of Business Terms - Fourth Edition

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Books

CRE Member:
Jack Friedman, CRE

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Now in its fourth edition, this book provides definitions of more than 7,500 key terms used in business and finance. It is a reference guide for students, business owners and managers and the general public. Topics include accounting, tax, business law, communications, transportation, the Internet, economics, insurance, real estate and much more. From the Barron's Business Guides series. Author: Jack P. Friedman, Ph.D., CRE
Keys to Investing in Real Estate - Fifth Edition

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Books

CRE Member:
Jack Friedman, CRE

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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
The Smart Consumer's Guide to Home Buying

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Books

CRE Member:
Jack Friedman, CRE

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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
How to Prepare for the California Real Estate Exams

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Books

CRE Member:
Jack Friedman, CRE

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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.
The Escalation Handbook for Office Buildings

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Books

CRE Member:
William Brownfield, CRE

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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
Mazirow on Valuation and Appraisal Issues in Arbitrating Real Estate Disputes

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Books

CRE Member:
Arthur Mazirow, CRE

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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
Mazirow on Negotiating Real Property Contracts and Avoiding the Most Common Errors in Arbitration

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Books

CRE Member:
Arthur Mazirow, CRE

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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
The Dynamics of Real Estate Capital Markets: A Practitioner's Perspective

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Books

CRE Member:
Bowen McCoy, CRE

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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
Living Into Leadership: A Journey in Ethics

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Books

CRE Member:
Bowen McCoy, CRE

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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
Business Strategies for Real Estate Management Companies

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Books

CRE Member:
Richard Muhlebach, CRE

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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
Shopping Center Management and Leasing

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Books

CRE Member:
Richard Muhlebach, CRE

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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.
Managing and Leasing Commercial Properties - Vols. 1&2

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Books

CRE Member:
Richard Muhlebach, CRE

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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.
Insider's Tips to Operating a Successful Property Management Company

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Books

CRE Member:
Richard Muhlebach, CRE

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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.
Lease Administration Simplified

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Books

CRE Member:
Richard Muhlebach, CRE

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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
The Leasing Process: Landlord and Tenant Perspectives

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Books

CRE Member:
Richard Muhlebach, CRE

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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.
Active Private Equity Real Estate Strategy

Category:
Books

CRE Member:
David Lynn, CRE

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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

Market and Sector Reports

Expectations & Market Realities in Real Estate 2011—Balancing Risk and Return in an Era of Uncertainty

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Market and Sector Reports

CRE Member:
Kenneth Riggs, CRE

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A series of major world crises in early 2011—the earthquake and nuclear power disaster in Japan, unrest spreading through the Middle East, the sovereign debt crisis in Europe, higher food and gasoline prices, to name a few—remind us how quickly real events can temper our optimism. Published jointly by Deloitte, Real Capital Analytics (RCA), and Real Estate Research Corporation (RERC), this annual forecast report offers an unbiased look at what investors can expect in a struggling economy, uncertain capital markets, and uneven recovery in the property markets throughout 2011 and beyond. Co-publishers Matthew G. Kimmel, CRE, of Deloitte Financial Advisory Services LLP, and Robert M. White, Jr., CRE, of Real Capital Analytics, are also CRE members. Author: Kenneth P. Riggs, Jr., CRE. CRE Members: to receive a free copy of this report, click here.
RERC Real Estate Report - Spring 2011

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Market and Sector Reports

CRE Member:
Kenneth Riggs, CRE

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Spring 2011 RERC Real Estate Report, Getting Down to Brass Tacks. With a variety of headwinds facing the economy (lack of job growth foremost among them), the investment environment remains very uncertain. Risk is ever present and returns seem to be tenuous for most asset classes, as investors try to balance these opposing forces. But through it all, commercial real estate—at least on an institutional level—continues to hold its own, as investors look to the basics, focus on the fundamentals of their property investments, and get down to brass tacks. Author: Kenneth P. Riggs, Jr., CRE.
RERC Real Estate Report - Winter 2011

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Market and Sector Reports

CRE Member:
Kenneth Riggs, CRE

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Winter 2011 RERC Real Estate Report, Defying Expectations. Despite the sluggish economy, it is astounding how well the institutional commercial real estate market is performing. Required capitalization rates continue to compress, expected rental growth is increasing, and returns for top-tier properties are defying expectations. Although there are still serious difficulties for some property types in many of the secondary and tertiary markets, the recovery continues with institutional properties meeting the challenges head-on and coming out on top, Author: Kenneth P. Riggs, Jr., CRE.

Monographs

Structuring Real Estate Arbitration Clauses: A Neutral's Perspective

Category:
Monographs

CRE Member:
Gerald Levy, CRE

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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

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.
The Value Proposition of Sustainability: It’s in the Eye of the Beholder

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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
Dispute Resolution for All Counselors? A New Way of Looking at Our Business

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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.
LEADERSHIP ROUNDTABLE: Stepping Up the Game to Bring More Sophistication to Counseling in an Expanding, Shifting Market

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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.
CRE Global Outreach: The Kenyan Student Exchange Program

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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
Ethics Versus Compliance

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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
Valuing Tax-Exempt Real Estate Bonds

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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
A Corporate Guide to Implementing a Sustainable Real Estate Program

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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
The Valuation of Mortgage Security by Italian Banks

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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
Supply Constrained Markets

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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
After the Recession: Florida, Nevada, Arizona, and the Next 5,000 Days

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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
Tax Credit for Principal Residence: Clearing the Housing Glut

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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.
Five Levels of Synergy Potential to Create Real Estate Value

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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.
Demystifying the Corporate Real Estate Process: The Retailer’s Perspective

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Real Estate Issues Articles

CRE Member:
Anthony Colavolpe, CRE

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Though in many circles, retail real estate has lost its luster, opportunities for knowledgeable practitioners still exist. This article addresses how to review real estate opportunities from the retailer’s perspective and use the insight to become a more effective practitioner. From Volume 35, No. 1. Author: Anthony A. Colavolpe, CRE, FRICS
Emerging from the Rubble

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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
Commentary: When Will the Miami Condominium Market Recover? Follow the Land, Man.

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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
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
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
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
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
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
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
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
Leadership Roundtable - Corporate Real Estate: An Interview With Experts

Category:
Real Estate Issues Articles

CRE Member:
Peter Holland, CRE

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A discussion among experts about the corporate real estate function within an enterprise, including why it must first be seen as a place for the conduct of work, and why it begins with the tenant’s demand for space to house its products, production or employees. From Volume 34, Issue 1, 2009. Author: Peter Holland, CRE
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
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
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
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