Letter from the Executive Director
Mark J. Riedy, PhD
In informal discussions with friends during several holiday gatherings, a seemingly unanimous sentiment was: “Thank God that 2011 is over. It’s got to be better in 2012.” Mind you, none of these friends make their living in real estate, so their attitudes are independent of the challenges in our industry.
Real estate’s problems date back to well before 2011, of course, but last year was not great to begin with and then ended with a real thud when the California Supreme Court handed down its ruling affirming legislation that severely handicaps the redevelopment capabilities of cities throughout the state. That 2012 somehow has to be a better year than 2011 might be damning the new year with faint praise, but at least it is a hopeful starting point and feeds into the natural optimism of real estate professionals.
With those thoughts in mind I would like to make a few suggestions about some actions you might consider as productive ways to usher in 2012. First, because of ongoing uncertainty and challenges to real estate markets and the economy that continue unabated, real estate professionals have little choice but to become more entrepreneurial than ever before, to continue strong efforts to sustain revenues, and invest resources wisely. Take care of the home front first.
Second, everyone who reads their snail mail and emails is aware that there are elections on the horizon, which create strategic opportunities for those in real estate to get more involved in the political process. The outcomes of federal, state and local elections in 2012 can and will make real differences in our lives, so getting educated and involved beyond time spent in the voting booth can have positive consequences. One such opportunity will occur on Jan. 18, when the Burnham-Moores Center and ULI San Diego/Tijuana cohost a mayoral forum focusing exclusively on land use issues. The forum is not a political debate but rather a time for five organizations—the Burnham-Moores Center, the Urban Land Institute, NAIOP, the Building Industry Association and the American Institute for Architects—to ask land use questions and request thoughtful answers rather than sound bites from all four leading candidates. If you have not already registered for this event I urge you to do so soon.
Third, as you sort through candidates’ fund-raising solicitations, rather than hedging your bets and spreading out modest donations among several candidates, you might consider taking a stronger stand by consolidating your contributions into just one or two larger sums directed at those candidates whose vision and positions most inspire you and whose leadership, if successful, will make the most positive impact on your personal and professional life.
Fourth, it is a good idea to take advantage of opportunities outside the political arena to network with peers and to attend programs where you know you will learn more about issues critical to your job success. One such program with a well-established reputation for adding value is the Burnham-Moores Center’s annual real estate conference, which is one of the biggest and best real estate conferences in this region. Our 16th Annual Real Estate Conference, which is scheduled for March 2, 2012 and will be headlined by U.S. Bank CEO Richard K. Davis, promises once again to be a terrific investment of your time and registration fee. Register now to reserve your spot.
Each of us needs to figure out our own way to help assure that 2012 indeed turns out better than 2011. I look forward to seeing your success in the months ahead.
Dr. Mark J. Riedy
Doug Duncan, PhD, chief economist of Fannie Mae, gives the audience his 2012 economic forecast at the 12th Annual Residential Real Estate Conference: Outlook 2012.
Close to 300 people attended the Center’s 12th Annual Residential Real Estate Conference: Outlook 2012 on Dec. 13 in the University of San Diego’s Hahn University Center.
The conference featured keynote speaker Doug Duncan, PhD, chief economist of Fannie Mae and a member of the Center’s Policy Advisory Board Executive Committee. Duncan’s presentation was followed by USD Professor Ryan Ratcliff, PhD, who offered his outlook on the California economy, and USD Professor Alan Gin, PhD, who provided the San Diego forecast for the coming year.
Following the economists’ presentations, George Chamberlin, executive editor of The Daily Transcript, moderated an industry panel of Rick Hoffman, president and COO of Coldwell Banker Residential Brokerage, San Diego and Temecula Valley; John Olinski, executive vice president, OneWest Bank; and Lorne Polger, senior managing director and co-founder, Pathfinder Partners LLC.
The third volume of the Journal of Sustainable Real Estate is now available online at www.josre.org. The Journal of Sustainable Real Estate is produced by the Burnham-Moores Center for Real Estate and published under the auspices of the American Real Estate Society with funding by the CoStar Group. The journal was launched in November 2009 to encourage research in the burgeoning area of sustainable real estate.
Burnham-Moores Center Professor Norm Miller, PhD, is editor of the journal. Miller is assisted by three associate editors: Nico B. Rottke, PhD, European Business School; Robert Simons, PhD, Cleveland State University; Kwame Addae-Dapaah, PhD, National University of Singapore. The journal has an advisory board of roughly 30 leaders from academia, the private sector and the nonprofit sector. An editorial board of approximately 20 university academics and private-sector experts also guides the publication.
Journal editors are now seeking papers for the fourth volume; the submission deadline is March 31, 2012. Authors are encouraged to submit original research that can help investors, developers, appraisers, lenders, asset managers, elected government officials and land use regulators improve their strategies, decision-making and understanding of the impact of sustainable real estate practices. The best research paper published will receive a $5,000 honorarium.
Christopher E. Lisle
Undergraduate student Chris Lisle has been selected as the Fall 2011 recipient of the Daniel B. Woodruff Memorial Scholarship.
The Burnham-Moores Center for Real Estate established the prestigious award in 2000 in permanent tribute to USD graduate Daniel Woodruff. Woodruff died of cancer at the age of 27, less than two years after graduating from USD. The scholarship is awarded to a student who best epitomizes Woodruff’s positive qualities of “academic excellence, warmth, determination, intellectual curiosity and unabashed love for humankind.” It is the only scholarship that students cannot apply for.
Lisle, who graduated with honors in December 2011, majored in economics with minors in real estate and business administration. While at USD, Lisle was the president of the Student Alumni Association in 2010, a member of the Real Estate Society and represented USD in last spring’s USC International Case Competition and NAIOP Case Competition. He has committed to help coach USD’s USC case competition team this spring.
In October 2011, Lisle accepted an analyst position with the London Group Realty Advisors, where he conducts market research and feasibility studies for various product types and provides strategic recommendations for the company’s clients. Lisle previously interned at Pacifica Companies and Highland Partnership Inc.
|(Left to right) Emmanuel Arellano, Michael Pavco, Teri Ferguson and Robert Mercado display their graduation certificates.
On Dec. 7, 14 students who completed the requirements from the University of San Diego’s real estate continuing education program attended a graduation ceremony along with their family and friends on USD’s campus. Roger Simsiman, principal of Rho Advisory, delivered the keynote address in which he discussed the importance of work-life balance. Of the current graduating class, all 14 completed the Certificate in Finance, Investments and Development, and eight also completed the Certificate in Real Estate Entitlement, Development and Design. Since the Real Estate certificate’s program’s inception in 2006, over 390 companies have sent students to the program.
The next real estate continuing education course—“Urban Development Strategies” taught by Jeff Graham, vice president of Centre City Development Corp.—begins Jan. 10, 2012. Go here for more information or to register.
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 2011 recipients and their generous benefactors are:
Daniel B. Woodruff Memorial Scholarship
Harry L. Summers Scholarship/California Homebuilding Foundation
Ernest W. Hahn Scholarship/California Homebuilding Foundation
Keith Johnson Scholarship/California Homebuilding Foundation
Marasco Family Scholarship Fund
Fieldstone Foundation Scholarship
Society of Industrial and Office Realtors Scholarship
Mickey Carhart Memorial Endowed Scholarship/NAIOP-San Diego Chapter
ICSC Foundation Scholarship
Real Estate Alumni Association Scholarship
For more information on real estate scholarships, contact Annie Grand at (619) 260-7619.
| On Dec. 8‚ past and present Master of Science in Real Estate students, their families and Burnham-Moores Center faculty and staff celebrated the holiday season at the MSRE annual holiday party, held at Cushman & Wakefield’s offices in UTC. (Left to right) Current MSRE student Alex Leonard, Amy Grissinger and MSRE students Bryan Grissinger, Steve Jensen and Jana Dix catch up at the party.
MSRE student Matt Bean during his Dec. 6 presentation at CCDC
On Dec. 6, Master of Science in Real Estate students made joint presentations at the Center City Development Corporation Board Room. The team presentations were part of both Professor Norm Miller’s “Real Estate Market Analysis” class and Professor Ian Gill’s “Design and Construction Management” class.
The presentations focused on downtown San Diego’s I.D.E.A. District, which is a 93-acre sustainable, mixed-use development in the East Village neighborhood that is driven by a design-services job cluster. The concept for the District is spearheaded by local real estate entrepreneurs David Malmuth and Pete Garcia, who attended the presentations, along with Steve Altman, dean of the New School of Architecture + Design, CCDC vice president Jeff Graham, and Sherm Harmer, president of Urban Housing Partners Inc.
Nine Master of Science in Real Estate students have passed the ARGUS certification exam, which they took on Dec. 3. Congratulations to the following students who are now certified for ARGUS Valuation-DCF, which is the industry standard for commercial real estate cash flow projections, transaction analysis and asset valuation: Carey Algaze, Matt Bean, Dan Buoye, Yungchul Huh, Akhil Israni, Mike Kelly, Alex Leonard, Danny Reeves and Bobby Whitney.
|Alvin Mansour ’03 (BBA)
Alvin Mansour ’03 (BBA) has been named one of Forbes Magazine’s “30 under 30” individuals in the real estate industry. Mansour, 29, is the senior vice president of investments at Marcus & Millichap. He has closed on over $1 billion in transactions during the past eight years.
As noted in a previous Pipeline profile of him, Mansour got his start at Marcus & Millichap after attending the Burnham-Moores Center’s Annual Real Estate Career Expo while he was an undergraduate business student. At the Expo, he met Kent Williams and was hired by the firm after completing two interviews. His group—The Mansour Group—is now the No. 1 Listing Agent for Marcus & Millichap nationwide.
Mansour is a prior member of the Center’s Policy Advisory Board Young Entrepreneurs Council.
|Vivek Sah, PhD
A paper authored by Professor Vivek Sah, PhD, has been accepted for publication by the Journal of Property Investment and Finance. The paper, “Elective Stock Dividend in REITs: Market Reaction and Determinants” looks at the stock dividend policies of REITs during the financial crisis and how investors reacted to them. The paper also analyzes the characteristics of REITs that chose to award elective stock dividends.
In the News
Professor Norm Miller, PhD, and Associate Professor Alan Gin, PhD, were included in the Dec. 4, Dec. 10, Dec. 17, Dec. 24, and Dec. 31 editions of the San Diego Union-Tribune’s weekly “EconoMeter.”
The Burnham-Moores Center for Real Estate’s 12th Annual Residential Real Estate Conference was covered in the San Diego Union-Tribune Dec. 12 and Dec. 13 (Article 1, Article 2), The Daily Transcript Dec. 13 (Article, Video interview), the North County Times Dec. 13 and Bubbleinfo.com Dec. 15.
Assistant Professor Vivek Sah, PhD, and residential real estate director, Louis Galuppo, Esq., were mentioned in an indiaprwire.com article Dec. 13 on their co-authored research paper, “The Real Estate Development Process: An Empirical Analysis and Construction of Descriptive Models for the U.S. and India.”