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Letter from the Executive Director

Mark J. RiedyMark J. Riedy, PhD

As we settle into the New Year, I am reminded of one of my favorite quotes: “You only improve your game by competing against those better than you.” USD’s Burnham-Moores Center for Real Estate has operated under that guiding principle since its inception and will continue to do so in the years ahead. Today, we are competing for students and recognition with the finest university-based real estate programs in America.

15th Annual Real Estate ConferenceThe same philosophy applies in both residential and commercial real estate markets, and I believe it will be truer than ever over the next several years, for one reason: Many competitors exited the industry under the multiple pressures caused by the severe real estate recession. Those still in the business, whether having restructured their operations, redefined themselves, raised new capital to stay the course, or simply reduced staff to “gut it out,” exemplify this survival-of-the-fittest mentality.

It seems to me, therefore, that the level of competition will intensify as real estate markets continue to face financial problems, reduced rents and prices, and under-demand for commercial and residential properties. While there are fewer competitors today than there were two or three years ago, they and you are stronger and more determined than ever before. My point is to encourage you, as you wrestle with internal issues and the external economic pressures of the markets you serve, also to assess carefully your remaining—and new—competitors as well as the ways they are revamping their strategies.

From 2011-13, you might well be competing with firms and individuals better than you. They represent competitive threats to be sure, but also create valuable opportunities for you and your colleagues to become even better than you are now.

Dr. Mark J. Riedy
Executive Director

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Outlook Attendees Hear Slightly Optimistic Forecast for 2011

Outlook 2011
Leslie Appleton-Young gives her forecast to the audience at the 11th Annual Residential Real Estate Conference Dec. 14.

Attendees at the Center’s 11th Annual Residential Real Estate Conference: Outlook 2011 heard a bit of newfound optimism from the speakers who presented to the sold-out room Dec. 14.

The conference featured: Leslie Appleton-Young, vice president and chief economist for the California Association of Realtors; Alan Gin, PhD, associate professor at the University of San Diego; and Ryan Ratcliff, PhD, assistant professor at the University of San Diego. All three speakers agreed that the worst is behind us, but that we are in for a very slow recovery.

House Ad 2Gin kicked off his presentation by showing the audience photos of ice cream cones to introduce the topic of whether we are in danger of a double-dip recession. Gin said that since we have not yet emerged from the first recession, it’s impossible to experience a double-dip.

“We reached the bottom in 2009,” he said. “Since then, we have been relatively flat.”

Gin expects San Diego County to experience some positive job growth in 2011, although the growth will be weak since companies are making due with fewer employees.

“The worst is over,” Gin said. “If you can hang on another couple of years, businesses will get going.”

Appleton-Young agreed that, while a double-dip recession will not be an issue, the focus needs to be on jobs for things to really start picking up. She mentioned the upside of the market continues to be low mortgage rates.

“Affordability is fabulous right now,” she said.

In his presentation, Ratcliff offered his analysis on whether the federal stimulus package was a failure and why the recovery has been so weak.

As for the coming year? “Deflation is the word for 2011,” he said.

The conference also featured a residential real estate industry panel of: Joseph Anfuso ’84 (BBA), ’89 (MBA), president of Florsheim Homes; Greg Garrabrants, president and CEO of the Bank of the Internet; Rick Hoffman, president and COO of Coldwell Banker’s San Diego and Inland Empire operations; and Alan Nevin, director of economic research at MarketPointe Realty Advisors. The panel, which addressed the housing market prospects for 2011, was moderated by George Chamberlin, executive editor of The Daily Transcript.

To view the PowerPoint presentations from the conference, go here.

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Fall 2010 Scholarship Recipients Announced

Scholarship winners
Walter Chui (l) and Alison Mandelbaum (r) are the recipients of both the Society of Industrial and Office Realtors Scholarship and the Mickey Carhart Memorial Endowed Scholarship/NAIOP, San Diego Chapter.

Each year, the Burnham-Moores Center for Real Estate provides scholarships to reward academic achievement and encourage undergraduate and graduate students to pursue careers in the real estate profession. The Fall 2010 recipients and their generous benefactors are:

MSRE Program DeadlinesHarry L. Summers Scholarship/California Homebuilding Foundation
Sean Giffin
Matthew Gevergiz

Ernest W. Hahn Scholarship/California Homebuilding Foundation
Molly Jones

Marasco Family Scholarship Fund
Ashley Lencek

Fieldstone Foundation Scholarship
James Bedotto

Society of Industrial and Office Realtors Scholarship
Alison Mandelbaum
Walter Chui

Mickey Carhart Memorial Endowed Scholarship/NAIOP, San Diego Chapter
Alison Mandelbaum
Walter Chui

Commercial Real Estate Women-San Diego
Joanne Yaghdjian
Cristina Hermosillo

Later this spring semester, the Burnham-Moores Center will award the following additional scholarships: Burnham Foundation Scholarship, Harry L. Summers/California Homebuilding Foundation Scholarship and the USD Real Estate Alumni Association Scholarship.

For more information on real estate scholarships, contact Annie Grand at (619) 260-7619.

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Second Volume of Sustainable Real Estate Journal Available Online

The newest volume of the Journal of Sustainable Real Estate (JOSRE) is now available by going here. The Journal is produced by the Burnham-Moores Center for Real Estate and published under the auspices of the American Real Estate Society (ARES) with funding by the CoStar Group.

This is the second volume and full issue of the Journal. Beginning with this edition, articles will be published electronically, in keeping with the sustainable nature of the subject matter. While the delivery vehicle has changed, the academic review, editing and copy-editing processes are identical to that of traditional ARES print journals.

The deadline for the Call for Papers for the third volume of JOSRE is March 31, 2011. To submit an article, e-mail

To subscribe to the Journal, contact Myla Wilson of the Burnham-Moores Center for Real Estate.

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MSRE Students Tour Meissner-Jacquét Offices

(Left to right) Jerry Jacquét, Kelly Purcell and Dena Boylan speak to MSRE students and Center staff at the Meissner-Jacquét offices Dec. 10.

Meissner-Jacquét hosted MSRE students at its Sorrento Valley offices Dec. 10. Principal Jerry Jacquét, along with Kelly Purcell, senior real estate manager, and Dena Boylan, assistant real estate manager, spoke with the students about the company’s history, its growth through the years and the future of the industry. Students asked questions of Jacquét, who is a member of the Burnham-Moores Center’s Commercial Real Estate Committee, and his team before touring the company, which offers property, construction and asset management services.

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Chelsea Investment CEO Speaks to Real Estate Society

Jim Schmid
Jim Schmid speaks to the Real Estate Society Dec. 2.

Over 30 students attended the final Real Estate Society meeting of the semester Dec. 2, which featured Jim Schmid, president and CEO of Chelsea Investment Corp. Schmid provided the students a thorough understanding of his development company, which is focused on affordable housing in California. Schmid also advised the students to focus on developing one specific skill that will make them indispensible to future employers.

The Real Estate Society is a 200-plus member student organization that provides resources and information to graduate and undergraduate students who are interested in studying and pursuing careers in real estate. Meetings are held once a month and feature real estate professionals who share their industry experience and insight with students.

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YEC Hosts Networking Event for MSRE Students

YEC Networking Event
On Dec. 8‚ members of the Burnham-Moores Center’s Young Entrepreneurs Council, as well as current MSRE students and Center faculty and staff, attended a networking session at O’Toole’s on the USD campus. (Clockwise from left) YEC chair Ann Bruce ’02 (BBA), student and alumni services manager Annie Grand ’06 (BBA), YEC member and current MSRE student Brian Gates, YEC vice-chair Emma Ricci, and MSRE students Matt Gevergiz, Alison Mandelbaum and Jon Kensch listen as Bruce shares her insights.
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Center Offers LEED Training at Discount

The Burnham-Moores Center is offering a three-day course at a discount to help members of the San Diego real estate community better understand green building and LEED core concepts and to help them prepare for the LEED Green Associate exam. At the end of the course, participants will receive a certificate of completion, which will make them eligible to sit for the exam. The course is scheduled for Feb. 25-26 and March 4, 2011. The cost is $250 per person, $200 for USD alumni or $1,000 for a company sponsoring five people. For more information, contact Ines Kraft at (619) 260-4150.

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Alumni UPDATE:

MSRE Alum Featured on Canadian Online Interview Program

Carla Wood and Shanon Skinner
(Left to right) Shannon Skinner and Carla Wood ’08 (MSRE), ’01 (MBA), on the the set of "Extraordinary Women with Shannon Skinner."

Carla Wood, who graduated from USD’s Master of Science in Real Estate program in 2008 and also holds a Master of Business Administration in marketing with a management emphasis from USD, was recently a featured guest on a live, Canadian online television talk show, “Extraordinary Women with Shannon Skinner.” On the show, Skinner interviews women who have had extraordinary career paths and success with the hope of inspiring others to continue their journey of success.

Wood is currently the managing director of EDI Achievement Coaching Inc., a coaching and consulting organization based in Ontario, Canada. Before working at EDI, Wood sold more that $100 million in residential real estate, worked in the advertising industry and founded an international marketing consulting firm. In her spare time, Wood also is the editor and general manager of, a news and information portal for Canadian real estate and mortgage professionals.

On the program, Wood spoke about her professional and educational background in real estate, her current career as a strategist, and the challenges women face in their careers. She also gave viewers advice on growing their businesses.

“I was humbled and excited to be a contributor to her program,” said Wood. “This program is a great opportunity for professional voices to be heard to inspire leadership.”

To watch the interview, go here. Wood’s portion appears at 27:04.

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Alums, Students Attend Annual MSRE Holiday Party

MSRE Holiday Party
On Dec. 2‚ past and present MSRE students, their families and Burnham-Moores Center faculty and staff celebrated the holiday season at the MSRE annual holiday potluck, held at the Regents La Jolla Clubhouse in UTC and hosted by resident Walter Chui ’10 (MSRE). (Left to right) MSRE program alums Mary Ann Yaghdjian Yaldezian ’07 (MSRE), Will Strong ’09 (MSRE)‚ Sean Mayer ’10 (MSRE)‚ Melissa Sharick ’10 (MSRE)‚ Sean Jones ’10 (MSRE)‚ RJ Scott ’10 (MSRE)‚ Melissa Duflock ’07 (MSRE), Scott Darnell ’05 (MSRE) and Joe Phair ’09 (MSRE) catch up at the party.
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Louis Galuppo Serves as REIWISE Guest Speaker

Louis Galuppo
Louis Galuppo, Esq.

Louis Galuppo, the Center’s director of residential real estate, served as the guest speaker at a Dec. 7 REIWISE class on Broker Price Opinions and Broker Opinions of Value held at the Doubletree Hotel at Los Angeles International Airport. Galuppo provided education and professional insight on BPOs and BOVs to the audience, which included CCIM designees.

Back to TopIn the News

Alan Gin was mentioned in several articles following his November release of the USD Index of Leading Economic Indicators for San Diego County, which he compiles monthly for the Burnham-Moores Center. Articles appeared in the San Diego Union-Tribune, The Daily Transcript, the North County Times Nov. 30 and Dec. 1, the La Jolla Light, the San Diego Reader and two independent blogs: and

Louis Galuppo was quoted in a Nov. 30 The Daily Transcript article on why he believes rising home values are inevitable. Galuppo participated in a residential real estate roundtable hosted by The Transcript, which focused on reform of home-building permitting processes.

The Burnham-Moores Center for Real Estate’s Nov. 30 Breakfast at the BMC event featuring AMB Property Corp. CEO Hamid Moghadam was further reported on in a Dec. 2 San Diego Union-Tribune article, in which Commercial Real Estate Director John Ferber was quoted.

Louis Galuppo was quoted in a Dec. 3 Daily Transcript article and a Dec. 20 San Diego Union-Tribune article on why foreclosures are at their lowest point in three years. An independent blog picked up the story.

Norm Miller and Alan Gin were included in the Dec. 4 edition of the San Diego Union-Tribune’s “EconoMeter.” The professors addressed whether Congress should extend all Bush-era tax cuts.

The Burnham-Moores Center for Real Estate’s 11th Annual Residential Real Estate Conference: Outlook 2011 was reported on in a Dec. 14 San Diego Union-Tribune article, The Daily Transcript’s Dec. 14 “Money in the Morning” segment and an independent blog.

Louis Galuppo was quoted in a Dec. 16 Daily Transcript article on how an improvement in San Diego employment levels will help the residential real estate market.

Norm Miller and Alan Gin were included in the Dec. 17 edition of the San Diego Union-Tribune’s “EconoMeter.” The professors addressed whether an increase in holiday shopping will lead to a general improvement in retail sales in 2011.

Norm Miller and Alan Gin were included in the Dec. 25 edition of the San Diego Union-Tribune’s “EconoMeter.” The professors addressed whether the economy had hit bottom in 2010.

A multi-year study on the economics of sustainable buildings co-authored by the Burnham-Moores Center for Real Estate and CB Richard Ellis was reported on in and

Alan Gin was included in the Jan. 1 edition of the San Diego Union-Tribune’s “EconoMeter.” Gin addressed the outlook for the economy in 2011.

Louis Galuppo and Sherm Harmer, chair of the Center's Policy Advisory Board Executive Committee, were interviewed in a Jan. 7 Fox 5 News story on the housing market in downtown San Diego.

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FRIDay, JaN. 28, 2011

27th Annual San Diego County Economic Roundtable

  • 8:30 a.m. - 12 p.m.
  • Joan B. Kroc Institute for Peace & Justice, University of San Diego Campus
  • Panelists include: Mark Cafferty, president and CEO, San Diego Workforce Partnership; Marney Cox, chief economist at SANDAG; Alan Gin, PhD, USD associate professor of economics; Mark Marquez, vice president, Weichert Realtors; Lynn Reaser, chief economist at Point Loma Nazarene University; and Camille Sobrian-Saltman, president and COO, CONNECT San Diego. Moderated by Ryan Ratcliff, PhD, USD assistant professor of economics.
  • Attendance is free, but seating is limited, and registration is required. Go here to register.

THURsDay, FEB. 24, 2011

Annual Real Estate Career Expo with Speed Networking Format

  • 11 a.m. - 2 p.m.
  • Hahn University Center, Forum C, University of San Diego Campus
  • For questions or to register, contact Annie Grand at (619) 260-7619 or

THURSDay, MARCH 3, 2011

15th Annual Real Estate Conference featuring Fannie Mae CEO Michael J. Williams

  • 7:30 a.m. - 12 p.m.
  • Hilton San Diego Bayfront, One Park Blvd., San Diego, Calif. 92101
  • For questions or sponsorship opportunities, contact Diane Gustafson at (619) 260-2379 or

Deadlines for Fall 2011 MSRE Program

  • Standard admission deadline is March 15, with decision notification by April 15.
  • Late admission deadline is June 1, with decision notification by July 1.
  • For more information, go here.

Back to TopContinuing Education - Upcoming Courses and Seminars

WednesDay, Jan. 19, 2011

The Real Estate Process


  • Seminar taught by Gary London, president of The London Group Realty Advisors Inc.
  • To register, contact Monica Phelps-Zambrano, or register online.
  • For more information on this seminar, go here. For more information on Real Estate Continuing Education, go here.


Managing the Entitlement Process


  • Course taught by Lou Lightfoot, A.I.C.P., founding partner and president of The Lightfoot Planning Group.
  • To register, contact Monica Phelps-Zambrano, or register online.
  • For more information on this seminar, go here. For more information on Real Estate Continuing Education, go here.