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| Latest News |
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| Letter from the Executive Director |
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Our view of the educational opportunities we provide extends across the age spectrum, from the undergraduate juniors and seniors first being exposed to real estate in the classroom to the lifelong learning opportunities we offer through our continuing education courses and the major industry conferences we sponsor. Along those lines, we are ramping up our efforts in two areas of opportunities for undergraduate and MSRE students. Our Real Estate Society, which was formed last year, is gaining momentum, thanks to the efforts of both founding members and the contributions of new ones. Tony O'Neill, a current MSRE student, is this year's president of the society, which introduces students to the real estate profession and industry leaders. The USD Real Estate Alumni Association is also gaining ground in its second year. Kip Perry, an associate director with Holliday Fenoglio Fowler LP, is president of the association.
Creation of the Real Estate Society and the Alumni Association reflect our dedication to the "personalized education" that is a hallmark of USD. To support these organizations, the center will allocate a portion of the net revenues from future conferences as partial funding for the society and the alumni association. Your attendance at the upcoming Burnham-Moores Center conferences will serve as additional investments in the future of USD's real estate students and alumni, all of whom appreciate your support.
On Nov. 14, we will be celebrating the first graduation ceremony honoring industry professionals earning a Certificate in Real Estate Investments, Development, and Finance. More than 30 students successfully completed the seven-course requirement for the certificate and broadened their understanding of the complex fields studied, all taught by senior industry executives. The second course sequence begins Nov. 1, with Gary London teaching the introductory course.
Shifting gears, we are extremely proud of our Policy Advisory Board Executive Committee Chairman, John M. Robbins Jr., CEO of American Mortgage Network, who was installed Oct. 23 as chairman of the Mortgage Bankers Association (MBA) of America. MBA is one of the nation's oldest and largest national trade associations for mortgage professionals. Its members generate the majority of home loans originated in the United States, and a large share of all commercial real estate loans and CMBS. Robbins also serves as a trustee of the University of San Diego. Please join me in congratulating John on his much-deserved appointment. I know he will represent us well.
Dr. Mark J. Riedy
Executive Director
Say Feta!
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| Roughly 35 MSRE students, graduates, alumni, and Burnham-Moores Center staff members spent the evening sharing good food and even better conversation at the Aladdin Mediterranean Café in Hillcrest Oct. 12. The dinner, which was organized by MSRE student Mary Ann Yaghdjian, provided a chance for casual networking among active alumni and the Center's new MSRE class. More social outings are planned for the coming year and will be publicized in future editions of Pipeline.
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| Burnham-Moores Center Conference Season Kicks Off Nov. 7 | ^back to top
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The 2007 Commercial Trends conference, co-hosted by the Burnham-Moores Center and ULI, is scheduled for Nov. 7 at USD's Jenny Craig Pavilion. The registration deadline for the conference is Nov. 2. Henry Cisneros, former secretary of the Department of Housing and Urban Development and former mayor of San Antonio, Texas, is the keynote speaker.
Panel discussions will focus on: Major Property Types, "Translating 2006 Experiences into 2007 Opportunities"; Tackling Municipal Infrastructure Deficits, "Grow Smart or Defer Debt to Future Generations?"; and Real Estate Capital Markets, "Will the Slowdown Last? What to Look for in 2007."
Single tickets are available for $155, and a reserved table of 10 is $1,550.
The Ninth Annual Residential Real Estate Conference: Outlook 2007 will be held at USD's Hahn Center on Dec. 18. The program will feature a lead-off discussion by George Chamberlin, executive editor of The Daily Transcript, on: "A View from the Media: What's in Store for San Diego?" The program will also include sessions on, "How Deep Will the Drop Go?," "The State of San Diego Economy and Housing," and "There Is No Bubble, but Where Are We Heading?"
The Eleventh Annual Real Estate Conference is slated for Jan. 30, 2007, in USD's Jenny Craig Pavilion; the keynote speaker will be Sam Zell. Mr. Zell is chairman of the board of Equity Residential, the largest apartment real estate investment trust in the United States, and Equity Office Properties Trust, a real estate investment trust which holds the largest office portfolio of any publicly traded, full-service office company in the country. Other featured speakers scheduled to date include Leanne Lachman and Doug Duncan.
Leanne Lachman is president of Lachman Associates, an independent real estate consulting company based in Manhattan. Lachman is a highly sought-after speaker and widely published author of books and articles on the real estate industry. She is an executive-in-residence in the business school at Columbia University.
Doug Duncan, Ph.D., is chief economist and senior vice president at the Mortgage Bankers Association (MBA). Prior to joining MBA, Duncan served as a LEGIS fellow with the U.S. House of Representatives Committee on Banking, Finance, and Urban Affairs.
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Research by Burnham-Moores Associate Professor Addresses ARMs' Effect on California Housing Costs
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 Dr. Charles Tu, an associate professor in the Burnham-Moores Center, has co-authored a paper examining the impact of the increasing popularity of aggressive mortgage products on housing price appreciation in California.
Tu and his corresponding author, Szu-Yin Kathy Hung of California State University-East Bay, were prompted to do their research based on both the dramatic increase in the median price of an existing, single-family detached home in California in recent years, as well as the boom in adjustable rate mortgages. The median California house price jumped from $246,380 in January 2001 to $548,430 in December 2005. At the same time, the use of ARMs quadrupled — from 20 percent to 80 percent.
In their research, Tu and Hung set out to determine whether the increasing use of ARMs and other aggressive mortgage products served as the cause or effect of the unprecedented appreciation rate in the California market.
"It's the age-old chicken and egg question," says Tu. "Which came first: the huge increase in ARMs or the phenomenal price increases?"
After analyzing a series of supply- and demand-side variables, Tu and Hung determined that—while it did play a role—the fast pace of California housing appreciation was not the primary cause of homebuyers seeking ARMs to fund their purchases. Rather, the increasing popularity of ARMs made homes more available to those with fewer resources and enabled investors to purchase more property. Both factors drove demand, which in turn led to higher housing costs.
Given their results, the question remains: Is there a market correction in store?
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| First Certificate Program Class to Graduate Nov. 14 | ^back to top
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 A graduation ceremony and reception, honoring the first class to earn the "Certificate in Real Estate Finance, Investments and Development," will take place Tuesday, Nov. 14 from 5 p.m. to 7:30 p.m. The keynote speaker is Peter J. Hall, former president and chief operating officer of the Centre City Development Corporation in San Diego, a position he held from 1995-2006. In that capacity, he was responsible for all phases of planning and implementing the redevelopment of downtown San Diego. He has been a frequent speaker at numerous industry and university conferences throughout the country and has been recognized for his civic and professional leadership over the years with numerous awards and citations.
The event will be hosted at the University of San Diego's Douglas F. Manchester Executive Conference Center, where fellow classmates, families and friends are welcome to attend in honor of these well-deserving graduates and real estate industry professionals.
To attend the event, please call 619.260.4231.
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MSRE Students Scout National Real Estate Challenge
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MSRE Students Attend ULI Fall Meeting
Chambers also traveled with two other MSRE students — Andrew Lurker and Justin Glasser — to the ULI Fall Meeting in Denver Oct. 17-20. The students, who were selected through an application process to serve as ambassadors for USD's program, worked two hours a day at the Burnham-Moores Center recruiting table. The students' participation at the event, which was paid for by the Center, netted them exposure to national real estate topics, thousands of industry participants, and hundreds of ULI Young Leaders from across the United States. Further information on the meeting will appear in the next issue of Pipeline.
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Lisa Chambers, director of academic affairs and administration, is traveling with two MSRE students to the National Real Estate Challenge in Austin, Texas Nov. 2-3 to survey the competition for possible future USD participation.
Hosted by the University of Texas at Austin, the National Real Estate Challenge is a case-based, invitation-only real estate competition between graduate students from leading business/real estate schools across the country. The competition is designed to give students a feel for the real challenges that face real estate professionals after graduation — the foundation of the Burnham-Moores Center education.
MSRE students Ron May and Jason Hancock were selected to observe the competition with Chambers, as well as to spend time networking with students from other real estate programs in the United States.
"We have an outstanding graduate real estate program here at USD, and we want to showcase it," says Chambers. "We will be strategically planning how USD can enter the competition in the near future."
Each school that is invited is allowed to enter only one team of four to six graduate students. During the week of the competition, each team receives the real estate case by e-mail and has approximately two days to prepare a 20-minute presentation, which is then delivered to judges from Goldman Sachs and other sponsoring companies. Apart from the opportunity to impress industry leaders and add to one's resume, the competition also carries with it a $5,000 cash prize for the first-place team, a $2,000 prize for the second-place team, and $1,000 for the third.
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Young Leaders Get Career Advice from Industry Veterans
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USD MSRE students Leah Taylor, Lorenzo Berho, and Jason Hancock enjoy the networking opportunities before the Oct. 10 Young Leaders event.
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More than 150 ULI Young Leaders gathered at USD's Institute for Peace and Justice Oct. 10 for a panel called "How to Launch Your Career in Real Estate." Led by Jim Carberry, co-editor of "The Inside Track in Careers in Real Estate," the seven panelists offered insights on a wide range of industry matters, from career advice to market conditions. Panelists included:
Russ Haley, principal, CityMark Development
Graham Downes, founder, Graham Downes Architecture
Tony Pauker, regional president, The Olson Company
Michael Kelly, co-founder, Kelly Capital
Simon Malk, managing member, Accretive Capital Partners
Chris Pascale, senior vice president, CB Richard Ellis
Sandy Perlatti, senior vice president, The Corky McMillin Companies
Attendees particularly appreciated the breadth and depth of perspectives presented, as well as the opportunity to network with current and future colleagues. All attendees received a copy of the real estate careers book, which was co-edited by Stan Ross, chairman of the board at USC's Lusk Center.
Membership in the ULI Young Leaders group is open to real estate career professionals under the age of 35. The program offers up-and-coming real estate professionals networking and educational opportunities that will help them become leaders in their industry. Nathan Moeder, a 2006 USD MSRE graduate, is chairman of San Diego Young Leaders.
| Calendar |
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Continuing Education Program: Introduction to Real Estate Investments and Development
· Wednesdays, November 1, 8, 15, 29, 2006
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USD School of Business Administration Joint Career Fair with San Diego State University and the University of California-San Diego
· Friday, November 3, 2006
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Commercial Real Estate Trends 2007 Conference with the Urban Land Institute
· Tuesday, November 7, 2006 |
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Eleventh Annual Real Estate Conference
· Tuesday, January 30, 2007 |
Visit us online at www.USDRealEstate.com
The Burnham-Moores Center for Real Estate is committed to delivering outstanding education, industry outreach, career placement, and research services to advance socially responsible leadership in real estate.
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