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Letter from the Executive Director

Mark J. RiedyMark J. Riedy, PhD

Homeownership and the mortgage interest deduction have come under increasing pressure and are not quite as sacrosanct as was the case historically. Their ongoing priorities in the U.S. economy might well be changing. Therefore, it seems to me that owners and developers of rental housing—apartment buildings and for-rent single-family homes—have a great new profit opportunity. 

Outlook 2013That is, rental housing markets, buildings, financing, lease terms, common areas, amenities, sense of community and other allied factors could be viewed with the intent of making the rental experience look, feel, act, taste, etc. like homeownership. And from that perspective what would need to be done to make it happen? Examples already exist locally. Anecdotally, I have heard twists such as three- to five-year leases and a group of single-family detached homes designed and being built from the ground up as for-rent rather than for-sale housing.

It’s a fascinating mind game to re-think the risks and rewards of the development and/or redevelopment of apartments and for-rent single-family housing using a homeownership model rather than a renter mindset. Those who are among the first to make it work are going to be able to ride a long wave of renters who are willing to pay up for a rental life experience that mimics many of the perceived benefits of homeownership without all of the upfront costs.

Will there be regulatory barriers, neighborhood opposition and other challenges involved in these considerations? Of course, but that’s all they are: challenges to the entry of entrepreneurs figuring out how best to serve a new market profitably. After all, if it were easy everyone would be doing it and profit potential would be close to nil.

Dr. Mark J. Riedy
Executive Director

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Women in Real Estate Event Examines Global Demographics, Real Estate

Women in Real Estate Conference
Gail Goldberg (right) moderated the discussion between featured speakers Leanne Lachman and Lydia Jacobs-Horton at the Second Annual Women in Real Estate Conference held on campus Nov. 5.

Speakers at the Center’s Second Annual Women in Real Estate Conference offered keen insight into global demographic trends and the opportunities they will present for the real estate industry in the future.

In her presentation, New York-based demographer Leanne Lachman highlighted the stark differences in population projections between developed and developing regions, as well as the ongoing urbanization that will drive future growth around the world. Lachman said that she agrees with real estate icon Sam Zell that it’s wise to: “Invest with demographics, not against them.”

Lydia Jacobs-Horton, head of Procter & Gamble’s Global Facilities & Real Estate operations, said that Lachman’s projections were on target for P&G, where new plants are planned for China, Brazil, Indonesia and Nigeria in fiscal years 2013 and 2014. Jacobs-Horton also discussed the success that P&G has had in converting to “digital workplaces” that rely on flexible—rather than designated—workspaces that promote productivity and increase employee satisfaction.

Gail Goldberg, executive director of ULI-Los Angeles, rounded out the conference with a lively discussion of career paths and work-life balance among Lachman, Jacobs-Horton and herself. Given the challenges inherent in juggling career-building with family-raising, Goldberg offered that the most important career decision a woman can make is who she marries.

After the conference, all three speakers met privately with graduate and undergraduate USD real estate students, who were able to ask them for specific career advice.

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

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BMC Takes Part in ULI, NAIOP Conferences

ULI conference
(From left to right) Hao Wen, Inna Panchuck, Evan Lippow and Anthony Ly at the ULI Fall Meeting in Denver

Master of Science in Real Estate (MSRE) students Evan Lippow, Anthony Ly, Inna Panchuck and Hao Wen attended the 2012 ULI Fall Meeting in Denver Oct. 16-19. The students attended seminars that addressed the current and future state of the real estate industry, networked with industry professionals and answered questions from visitors to the MSRE booth. Professor Norm Miller, PhD, and Ines Kraft, PhD, attended the NAIOP Development ’12 Conference in Washington, D.C., from Oct. 22-25 to speak to prospective MSRE students.

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Undergraduate Professors Have Papers Published

Errol Cowan John Demas
Errol Cowan, PhD
John Demas, JD

A paper co-authored by Professor John Demas, JD, has been accepted for publication by the Journal of Instructional Pedagogies. The paper, “Discipline-based instruction in business law,” was co-authored by Rick Custin, Marc Lampe and Colette Custin and published in Vol. 10 of the journal.

Professor Errol Cowan, PhD, will have his paper, “Sustainability for Suburbs,” published in Vol. 4 of the Journal of Sustainable Real Estate, which will be released this month. The paper offers new ideas about how to promote private-sector incremental suburban redevelopment, including modification of some governmental codes and the creation of transferrable future development rights.

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Real Estate Society Hosts First-Time Homebuyers Seminar

First-Time Homebuyers Seminar
(Left to right) Bob Wuertz and Michael Graves explain the homebuying process at the First-Time Homebuyers Seminar Oct. 4.

On Oct. 4, USD students, faculty and staff as well as Linda Vista community members attended the First-Time Homebuyers Seminar and luncheon, sponsored by the USD Real Estate Society and the Burnham-Moores Center for Real Estate.

The seminar was designed to give prospective homebuyers a background on the area’s current housing market and requirements for entry. It featured information and views from Michael Graves, sales manager at Residential Wholesale Mortgage Inc., and Bob Wuertz, a Realtor at Coldwell Banker. After presentations from the panelists, which were moderated by the Burnham-Moores Center’s Executive Director Mark Riedy, attendees posed questions to the experts.

Real Estate Society members also held their monthly meeting on campus Oct. 25. The guest speaker, Roger Simsiman, chief operating officer for Global CRES, discussed his 20+ years of experience in the real estate industry, which has included acquisitions, management, leasing and development. 

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MSRE Students Visit BioMed Realty

BioMed HR vice president Janice Kameir welcomes USD’s MSRE students to the company.

On Oct. 26, a group of Master of Science in Real Estate students visited BioMed Realty’s offices, where they learned about the REIT’s ownership and management of over 13 million square feet of space for life science companies.

After a welcome by Janice Kameir, vice president-Human Resources, and lunch, students heard from a panel of: Kevin Simonsen, vice president-real estate counsel; Bruce Steel, managing director-BMR Ventures; Paul Draper, regional director-West Coast facilities; John Moshy, project manager-leasing and development; Sonia Miro, regional director-West Coast property management; Allyn Aguirre, controller-accounting; Rob Sistek, vice president-finance; and Rick Howe, senior director-corporate communications.

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John Ferber Receives Mortar Board Honor

John Ferber
John Ferber

Commercial Real Estate Director John Ferber was honored at the University of San Diego’s Mortar Board 13th Annual Faculty Appreciation Dinner held Nov. 1 on campus. Ferber received the honor in recognition of his “outstanding scholarship, leadership and service.” Undergraduate real estate student Jameson Johnson nominated Ferber for the award. In his nomination, Jameson wrote that Ferber is “a humble, kind and happy man who always has a smile when working with students.” Johnson added that Ferber’s “knowledge of and past experience in real estate make him an incredible resource.”

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MSRE Students Meet Mentors at Kickoff Breakfast

Mentor Breakfast
(Left to right) Master of Science in Real Estate student Anthony Ly meets with his mentor, Chris Pascale ’83 (BBA), senior vice president of CB Richard Ellis, for the first time at the MSRE Mentor Kickoff Breakfast on campus Oct. 9. MSRE students are required to meet with their mentors, who they were matched with based on their interests, throughout the academic year.
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Executive Committee Members Take Part in Charity Bike Ride

Ian Gill Stath Karras
Ian Gill Stath Karras

Policy Advisory Board Executive Committee members Ian Gill and Stath Karras recently took part in the Million Dollar Challenge, a seven-day 620-mile bicycle ride down the California coastline from San Francisco to San Diego. The annual event is a fundraiser for the Challenged Athletes Foundation, which provides opportunities and support and specialized prosthetics and equipment to people with physical disabilities so they can pursue active lifestyles through physical fitness and competitive athletics. This year’s ride raised $1.423 million.

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Riedy, Miller Speak at Industry Events

Executive Director Mark Riedy, PhD, participated in The Daily Transcript’s Real Estate Trends Roundtable Sept. 25 and at a roundtable discussion with a group of homebuilders at Brookfield Homes Oct. 18. Panelists discussed residential mortgage market conditions, prospects, operational issues for San Diego and the country, as well as their thoughts on San Diego’s housing market in the year ahead.

Professor Norm Miller, PhD, spoke on office property and housing trends at the Real Estate Counselors Group of America’s national conference in San Diego Sept. 21; at a meeting of the national research teams for Colliers International Oct. 4; and at the 21st Annual Affordable Housing and Community Development Conference at the Marina Village Conference Center Oct. 11. On Oct. 3, Miller presented at the 2012 San Diego Economic Forecast Conference, where he gave his real estate forecast for the year ahead.

Back to TopIn the News

Professor Norm Miller, PhD, and associate professor Alan Gin, PhD, were included in the Oct. 5, Oct. 12, Oct. 26 and Nov. 3 editions of the San Diego Union-Tribune’s weekly “EconoMeter.”

Norm Miller, PhD, was quoted in an Oct. 10 Daily Transcript article on the slowly improving economy.

A commentary written by Executive Director Mark Riedy, PhD, on the Fed’s quantitative easing measures was published in The Daily Transcript Oct. 11.

An article on the achievements of the Burnham-Moores Center over the past 20 years was featured in the San Diego Union-Tribune Oct. 27.

Alan Gin, PhD, was featured on KPBS Oct. 31 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.

The Burnham-Moores Center for Real Estate’s second annual Women in Real Estate Conference on Nov. 5 was covered in SD Metro, the North County Times, The Daily Transcript (Article 1, Article 2), the San Diego Union-Tribune and on 10 News.

Executive Scholar Kevin Villani’s column on why mortgage debt is still contributing to the slow economic recovery appeared in the Nov. 6 edition of the American Banker.

Back to TopCalendar of Events

TUESDay, Nov. 13, 2012

Bay Area Real Estate Alumni Happy Hour

Join fellow USD real estate alumni in the Bay Area for networking and reconnecting with friends!

  • 6 p.m.
  • B Restaurant and Bar (at the Yerba Buena Gardens), 720 Howard St., San Francisco, Calif. 94107
  • Free to attend!
  • For additional information or to RSVP, contact Myla Wilson at (619) 260-8803.

SATURDAY, DEC. 1 AND 8, 2012

Argus Training

The Burnham-Moores Center is offering a two-day Argus training for industry professionals on Saturday, Dec. 1 and Saturday, Dec. 8. Argus Valuation-DCF is the industry standard for commercial real estate cash flow projection and investment/valuation analysis.

  • 8:30 a.m. - 5 p.m.
  • Room 226 in Olin Hall, University of San Diego campus
  • For questions about workshop content, contact For registration questions, contact Diane Gustafson at (619) 260-2379.

WEDNESDay, DEc. 12, 2012

13th Annual Residential Real Estate Conference: Outlook 2013

  • 7:30 - 11 a.m.
  • Joan B. Kroc Institute for Peace & Justice, University of San Diego campus
  • Featuring David Crowe, PhD, chief economist and senior vice president of the National Association of Home Builders
  • $60 per person or $500 for 10 reserved seats
  • To register, go here.
  • For sponsorship opportunities or more information, contact Diane Gustafson at (619) 260-2379.

FRIDay, MARCH 8, 2013

17th Annual Real Estate Conference – Save the date!

  • 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.

Back to TopContinuing Education - Upcoming Courses and Seminars

STARTS TUESDay, Jan. 8, 2013

Real Estate Finance


THURSDay, JAN. 10, 2013

Real Estate Process Seminar