Letter from the Executive Director
Mark J. Riedy, PhD
The recent graduation of our eighth cohort of Master of Science in Real Estate students prompted me to reflect on its growing value to students and the community. Not long ago, I conducted a series of interviews with the parents of MSRE students, asking why they and/or their child invested time, effort and dollars into the program and what the parents perceived as the major benefits of the program.
I interviewed four senior entrepreneurial executives, none of whom had received a formal education in real estate, yet all of whom believed firmly that for their children to succeed, academic training in real estate is exactly what this generation must have. Here is a sample of their views:
“It took me 15 years to get to the point where they (MSRE students) are, coming out of school. While they may not have the maturity that only time can provide, even for entrepreneurs, their education speeds up the learning process dramatically.”
“Early in my career the learning curve was tough enough, but now it is shorter and flatter and requires not just the willingness to take risks but the analytical and technological skills to excel in a high-risk environment.”
“My son wanted to work on the sources of capital side of the business, unlike me as a user of capital, which required training and expertise well beyond his time in the industry. He and I concluded that the Burnham-Moores Center’s MSRE program would be the best way to accelerate his education and improve his skill set. It proved to be true as expected.”
“I continue to believe that the best education is a good nasty recession. Beyond that, however, the transformation of our business is total and dramatic. Investors’ and lenders’ demands for technically trained individuals have skyrocketed. The science and math components of real estate are much greater than ever before in my long career. Getting entitlements now is a very sophisticated, very technical and very legalistic business that virtually demands a graduate degree. You (the Burnham-Moores Center) attract and turn out what I need: savvy, fast learners.”
The MSRE degree at USD is the only graduate-level real estate program in this region, and its students enjoy inside access to senior real estate entrepreneurs throughout their tenure at USD. The strongest testament to the exceptional value of USD’s MSRE degree comes from the graduates of this program since its inception in the fall of 2004. Without exception, they take great pride in the program, remain close friends with their classmates and stay in frequent contact with us in the Center to ensure that each year we continue to raise the bar and enhance the reputation of our MSRE degree as one of the premier graduate real estate programs in America.
If you or someone you know would be interested in enrolling in the 10-month full-time or 22-month part-time program, contact Ines Kraft. While time is running short, we are still accepting applications for the Fall 2012 class.
Dr. Mark J. Riedy
|(Left to right) Moderator Mike Robb listens to featured speaker Peter Ueberroth at the Breakfast at the BMC event on campus May 31.
More than 200 people attended the Center’s Breakfast at the BMC event May 31 featuring Peter Ueberroth, managing director of Contrarian Group, an investment and management company in Newport Beach. The event, which was moderated by Policy Advisory Board Executive Committee member Mike Robb, highlighted Ueberroth’s thoughts on amateur and professional athletics, leadership, business and big-thinking.
Ueberroth, who also is co-owner of Pebble Beach golf course, along with actor/director Clint Eastwood, golfer Arnold Palmer and former United Airlines chief executive Richard Ferris, criticized the short-term thinking that many abide by in the modern business world.
“Nowadays, people plan their exit strategy before they buy the business—that’s nonsense,” he said. “If you don’t care about the business and you don’t want to keep it, why would you buy it?”
Ueberroth said that the willingness to make a long-term commitment to the Pebble Beach property is what enabled his partnership group to be successful in their bid to purchase the golf course, even though they did not come in with the highest price.
Ueberroth said his investors look for four factors when purchasing a company:
• A diverse management team;
• A team that keeps the promise to make the country a better place;
• A bifurcated management structure; and
• An environment in which employees can keep score, so that they can easily determine whether they’ve had good days or not.
|The Master of Science in Real Estate Class of 2012
On May 26, the eighth Master of Science in Real Estate (MSRE) cohort marked the completion of their real estate studies at the University of San Diego graduation ceremony for masters and doctoral students held on campus in the Jenny Craig Pavilion. The commencement speaker was Catholic Relief Services President/CEO Carolyn Woo. After the ceremony, graduates and their families and friends attended a reception hosted by the School of Business Administration at the Joan B. Kroc Institute for Peace & Justice.
The day before commencement, the students attended their final Capstone Course class prior to attending a private luncheon celebration with their classmates and Burnham-Moores Center faculty and staff on the Olin Hall Patio. Students and faculty shared their sentiments about the program and received a congratulatory gift from the Center.
|Realcomm Conference Group’s CEO Jim Young speaks to MSRE students May 18.
Jim Young, co-founder and CEO of Realcomm Conference Group, which provides technology education and networking opportunities for the real estate industry, spoke to Professor Norm Miller’s Master of Science in Real Estate class May 18. Young shared with the class his insights into how technology is shaping the world of real estate and what it will mean for those entering the industry.
(Left to right) Policy Adivsory Board Commercial Real Estate Committee member David Bark, Bob Brittingham ’10 (MSRE) ’02 (BBA), Policy Adivsory Board Residential Real Estate Committee member Alan Nevin, Nick Walsh ’10 (MSRE), Wren Arnett ’10 (MSRE) and Will Strong ’09 (MSRE) ’10 (MBA), caught up with each other while cheering on the San Diego Padres as they took on the Colorado Rockies at the sold-out BMC Day at Petco Park event May 7. About 80 students, alumni, Policy Advisory Board committee members, faculty, staff and guests attended the game and the tailgate party on the Western Metal Rooftop, which was hosted by the Burnham-Moores Center.
|(Left to right) Alum Alison Mandelbaum ’12 (MSRE), incoming MSRE students Ari Weinstein and Evan Lippow, and alums Sean Giffin ’11 (MSRE) and Trevor Jensen ’08 (MSRE) discuss the program at a welcome reception on campus May 10.
On May 10, incoming students for the Fall 2012 cohort of USD’s Master of Science in Real Estate degree program attended a welcome reception at the Joan B. Kroc Institute for Peace & Justice on campus. During the reception, the group met Center faculty and staff as well as alums Sean Giffin ’11 (MSRE), Trevor Jensen ’08 (MSRE), Alison Mandelbaum ’12 (MSRE) and Michael McAllister ’10 (MSRE), who answered questions about the program and offered insights.
A few openings remain in the Fall 2012 cohort, which begins Aug. 27. The program takes 10 months to complete on a full-time basis or 22 months on a part-time basis. To be eligible, students must have a GMAT score of at least 550, an undergraduate GPA of 3.0 or higher, and a minimum of two years of real estate experience. For more information on entrance requirements and scholarship opportunities, contact Ines Kraft at 619-260-4150. For more information on the program, go here.
In the News
Professor Norm Miller, PhD, and Associate Professor Alan Gin, PhD, were included in the May 4, May 11, May 18, May 25 and June 1 editions of the San Diego Union-Tribune’s weekly “EconoMeter.”
Norm Miller, PhD, was featured in a May 8 San Diego Union-Tribune guest column on his views of the Homeowner Bill of Rights.
Norm Miller, PhD, was quoted in a May 8 Fox 5 News article on the San Diego Unified School District’s move into the real estate business.
Norm Miller, PhD, was quoted in a May 14 San Diego Union-Tribune article on the Homeowner Bill of Rights.
Norm Miller, PhD, was quoted in a May 16 Politifact.com article on the foreclosure crisis.
Norm Miller, PhD, was quoted in a May 26 San Diego Union-Tribune article on the FHA mortgage insurance program.
The Burnham-Moores Center for Real Estate’s May 31 Breakfast at the BMC event featuring Peter V. Ueberroth was reported on in the San Diego Union-Tribune (Article 1, Article 2) and The Daily Transcript (Article 1, Interview 1).
Alan Gin, PhD, was mentioned in several articles following his most recent release of the USD Index of Leading Economic Indicators for San Diego County, which he compiles for the Burnham-Moores Center. Articles appeared in the San Diego Business Journal, the San Diego Union-Tribune and Coronado.patch.com.