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Quarterly newsletter for Utah's real estate, appraisal, and mortgage professionals.

Quarterly newsletter for Utah's real estate, appraisal, and mortgage professionals.

This proposal is for a live and work environment located in the Exchange District of Winnipeg, Manitoba. In the wake of COVID-19, the facility is intended to provide Gen Z with a sense of pride through ownership and build a community through the programming that will take place within as this design aims to merge commercial and residential design. This practicum seeks to use interior design to provide the next generation with a solid foundation and a more permanent space in which they can feel confident, safe and a part of a community they are excited to interact with. While considering the challenges Gen Z is facing this will guide the programming within the apartment design and will help cater events and workshops that will draw in Gen Z.

The mortgage foreclosure crisis has affected millions of households around the country. Researchers and policy makers have begun to pay attention to the external costs that these foreclosures impose on surrounding properties and neighborhoods (Schuetz et al., 2008; Harding et al., 2009). But few have considered the collateral costs for children, who may, as a result of foreclosures, be forced to leave their homes, communities, and schools. Moreover, even children whose families are able to stay in their homes may experience considerable stress from the foreclosure process. In this report, the authors use a unique data set on New York City students to examine the characteristics of the City's students and schools that have been affected by foreclosures. Specifically, they link student-level academic records to building-level foreclosure data in New York City to address three questions about children living in properties entering foreclosure. First, how many students live in properties entering foreclosure? Second, what are the characteristics of those students and how do they compare to those of the full population of students attending New York City's public schools? Third, are students living in properties going through foreclosure concentrated in particular schools, and if so, what are the characteristics of those schools? The focus is on students from the 2003-04 and 2006-07 academic school years. Key findings include: (1) The number of public school students facing foreclosure has increased over time; in the 2006-07 school year, the number of students living in homes that received a foreclosure notice rose to 18,525; (2) 57 percent of students facing foreclosure are black, as compared to just 33 percent of public school students in New York City as a whole; (3) Students facing foreclosure are no more likely to be poor than other public school students in New York City; (4) Half of the students living in properties entering foreclosure in 2006-07 attended just 17 percent of all City schools; (5) A small number of schools--mostly located Brooklyn and Queens-- educate a large number of students facing foreclosure; and (6) The schools with larger shares of students facing foreclosure on average have: (a) Larger percentages of black students; (b) Higher shares of students receiving free or reduced-priced lunch; and (c) Lower shares of students scoring proficient on standardized math and reading tests. "Identifying Students Affected by Foreclosure" is appended.

Quarterly newsletter for Utah's real estate, appraisal, and mortgage professionals.

Quarterly newsletter for Utah's real estate, appraisal, and mortgage professionals.

Quarterly newsletter for Utah's real estate, appraisal, and mortgage professionals.

This electronic version was submitted by the student author. The certified thesis is available in the Institute Archives and Special Collections., Thesis: S.M. in Real Estate Development, Massachusetts Institute of Technology, Program in Real Estate Development in conjunction with the Center for Real Estate, 2019, Cataloged from PDF version of thesis., Includes bibliographical references (pages 63-64)., In the last decade, mainland China has encouraged diverse experiments of real estate asset securitization in different sub-sectors, such as rental, industrial, and retail markets. However, little research has focused on the community-based retail, and few experiments of community-based retail asset securitization have taken place. The paper attempts to propose a new strategy for China's community-based retail development, with the belief that, by utilizing innovative real estate securitization as an alternative financing tool, community-based retail development will exploit its economic and social potential to make better neighborhoods in cities. The paper will discuss the opportunities and the challenges in community-based retail development in China, examine the key features of alternative financing tools that could be utilized, and develop a hypothetical strategy to integrate these concepts and make an example of a feasible system for the applications of REITs in China's real estate market.., by Qianwen Yin., S.M. in Real Estate Development, S.M.inRealEstateDevelopment Massachusetts Institute of Technology, Program in Real Estate Development in conjunction with the Center for Real Estate

Quarterly newsletter for Utah's real estate, appraisal, and mortgage professionals.

The United States is a large country that has many different areas. The cost of living combined with natural advantages for specific industries pose a difficult problem for individuals looking to find common ground across the United States at scale. Every area requires careful thought and planning by city planners relative to economic development. Past research has determined that economic clusters can be created in order to help decision makers in public office understand various economies; however, no open-source tool has been developed to aid decision makers think through public policy resolutions. Utilizing clustering models, we investigate what economic clusters form, the drivers of these clusters, and lay the ground work for more robust models. The goal of this thesis is to provide public policy decision makers with insights on other metropolitan statistical areas (MSA), encouraging further collaboration and resource sharing to aid in economic growth. Efforts were taken to keep the model simple yet robust, with the understanding that follow-on research can get much more specialized on specific issues. This thesis utilizes clustering techniques in order to determine what MSAs have similar economic outlooks. By identifying these clusters, we provide policymakers with insights on which MSA are comparable to other MSAs, shortening the research process for public policy decisions and promoting collaboration across the country., Captain, United States Marine Corps, Approved for public release. Distribution is unlimited.

Quarterly newsletter for Utah's real estate, appraisal, and mortgage professionals.

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© 2020 The Authors Climate change poses a grave threat to humans. This study couples meteorological conditions with over 400 million geotagged social media posts across 43 million users in China to investigate how weather extremes influence individuals' expressed sentiment. We find that extreme weather worsens emotional expressions on social media. Females and individuals in poorer cities are more affected by extreme temperatures. Our findings highlight the potentially harmful impacts of climate change on future psychological well-being.

© 2019 High skilled workers gain from face to face interactions. If the skilled can move at higher speeds, then knowledge diffusion and idea spillovers are more likely to reach greater distances. This paper measures the knowledge creation consequences associated with the construction of China's high speed rail (HSR) network that connects mega cities, that feature the nation's best universities, to secondary cities. Since bullet trains reduce cross-city commute times, they reduce the cost of face-to-face interactions between skilled workers who work in different cities. Using a database listing research paper publication and citations, we document a complementarity effect between knowledge production and the transportation network. When connected by the HSR, co-author productivity rises, new co-author pairs emerge and more highly productive scientists migrate to the HSR cities.

As the COVID-19 pandemic comes to an end, governments find themselves facing a new challenge: motivating citizens to resume economic activity. What is an effective way to do so? We investigate this question using a field experiment in the city of Zhengzhou, China, immediately following the end of the city’s COVID-19 lockdown. We assessed the effect of a descriptive norms intervention providing information about the proportion of participants’ neighbors who have resumed economic activity. We find that informing individuals about their neighbors’ plans to visit restaurants increases the fraction of participants visiting restaurants by 12 percentage points (37%), among those participants who underestimated the proportion of neighbors who resumed economic activity. Those who overestimated did not respond by reducing restaurant attendance (the intervention yielded no “boomerang” effect); thus, our descriptive norms intervention yielded a net positive effect. We explore the moderating role of risk preferences and the effect of the intervention on subjects’ perceived risk of going to restaurants, as well as the contrast with an intervention for parks, which were already perceived as safe. All of these analyses suggest our intervention worked by reducing the perceived risk of going to restaurants.

This booklet offers guidelines by which a person can make an informed decision about whether buying or renting a house is the best individual alternative. Advantages and disadvantages of both buying and renting are listed. Cost considerations are discussed and compared along with such considerations as selection of the time to buy and estimation of investment value. (HD)

Thesis: S.M. in Real Estate Development, Massachusetts Institute of Technology, Program in Real Estate Development in conjunction with the Center for Real Estate, 2018., Cataloged from PDF version of thesis., Includes bibliographical references (page 31)., In equity markets, dividend yields are highly correlated with future returns, largely through capital appreciation. Taking the same logic and applying it to the commercial real estate market -- could cap rates therefore predict future appreciation return? This paper finds that absolute cap rates are not significantly correlated with future appreciation or depreciation. However, regressions of first-differenced cap rates on future price appreciation find strong statistical significance at one, two, and three-quarter forecasts. The relation is strongest at a two quarter forecast, declining at four-quarter forecasts and thereafter. These findings support a case for momentum in commercial real estate pricing. Pricing movements, via cap rate changes, predict future appreciation or depreciation. The statistical results show that changes in cap rates are inversely correlated with future price appreciation or depreciation. When cap rates shift downward. properties tend to appreciate in future quarters, on average. And when cap rates shift upward, properties tend to depreciate in future quarters, on average. The analysis is bifurcated by asset type and market size. When analyzing this relation on an asset-class level, the predictive power of cap rate changes on future appreciation and depreciation is strongest in retail. Additionally, this relation is stronger in Primary CSAs than in Secondary CSAs. Astute investors should keep a close watch on the capital markets as they implement portfolio management strategies. While not to be utilized in isolation, these findings on momentum should be taken in context of a greater acquisition and disposition strategy., by Frank Kettler., S.M. in Real Estate Development

Thesis: S.M. in Real Estate Development, Massachusetts Institute of Technology, Program in Real Estate Development in conjunction with the Center for Real Estate, 2018., Cataloged from PDF version of thesis., Includes bibliographical references (pages 59-62)., This thesis examines the spatial and operational efficiencies of major US retailers in relation to their physical real estate and e-commerce footprints. The continued rise of e-commerce has altered the dynamics of the retail industry in such a way that has forced retailers to drastically reallocate their resources to stay profitable. One of the biggest questions modern retailers face is how much traditional brick and mortar retail space should be retained as opposed to other resources dedicated to delivered goods, which can include inventory warehouses, distribution centers, fulfillment locations, or simply a strengthened online presence. To shed light on this issue, we conduct a cross-sectional analysis that investigates the leading factors shaping retailer efficiency and effectiveness using performance data from over 120 of the largest retail companies currently operating in the United States. The results show that e-commerce sales, indirect sales, and gross margin have positive correlations to distribution space share, employment efficiency, and spatial efficiency and have negative correlations to total cost share, labor cost share, and space cost share. We also determine that indirect sales and gross margin have no correlation to e-commerce sales and accumulated store square footage. By understanding the drivers behind retailer performance, new insight for the outlooks of both retail and industrial real estate asset classes can be gleaned, which can prove to be beneficial to retailers, landlords, and developers alike., by Edward C. Tung., S.M. in Real Estate Development

Thesis: S.M. in Real Estate Development, Massachusetts Institute of Technology, Program in Real Estate Development in conjunction with the Center for Real Estate, 2018., Cataloged from PDF version of thesis., Includes bibliographical references (pages 61-65)., One might argue real estate is entering a period where technological innovations have greater impact on investment returns than conventional metrics related to the overall economy. While this has already been demonstrated by e-commerce disrupting the retail and logistics landscape, industry leaders are now starting to become more and more attentive to mobility related implications, resulting from the recent advent of ride-hailing providers like Uber, Lyft, and Didi. Broad literature, generated over the past decades and applying widely recognized econometric concepts, emphasizes the significance of public transport access for residential real estate values. More recently, claims arose that the value of proximity to public transport is being challenged by ride-hailing, serving as a substitute for rail and bus services. While the existence of a certain substitution effect is supported and documented by academic studies, research about its impact on real estate is rare. This thesis analyzes the value change of public transport access over time, by applying a hedonic regression model to a sample of 257,100 residential real estate transactions which have taken place in New York City between January 2005 and June 2018. The distance between each individual home and the closest of 550 heavy rail transit stops is used to determine the value of proximity to public transport in these transactions. Contrary to anecdotal claims and economic theory, the results of this analysis suggest that the value of proximity, i.e. rent gradients towards heavy rail transit stops, increases over the observed time period, especially since the emergence of Uber and within walking distance (0.5 miles) from transit access points. Since mobility innovation's long-term effects might not be in line with short-term implications and notable regional variances might exist, the thesis recommends ongoing analysis of the subject matter and expanding the research from New York City to various markets with di, by Dietmar E.A. Weissmann., S.M. in Real Estate Development

Thesis: S.M. in Real Estate Development, Massachusetts Institute of Technology, Program in Real Estate Development in conjunction with the Center for Real Estate, 2018., Cataloged from PDF version of thesis., Includes bibliographical references (pages 38-39)., Using a sample of 1458 industrial properties with 36,450 quarterly observations, we apply a pair of OLS models to predict property-level NOI and capex. We then synthesize the results by modeling capex as a fraction of NOI, which we treat as a measure of property capex performance. We model capex and NOI with a series of hedonic variables that account for property and market characteristics. Travel time to the nearest CBD predicts neither capex nor NOI, but building age strongly predicts both. We find that NOI declines continuously as buildings age, first quickly and then more gradually. Capex is lower in new buildings but rises over time, peaking after 30 years before declining. NOI and capex are strongly associated with building size, but the relationships are not linear. Large buildings experience economies of scale with respect to capex and diseconomies of scale with respect to NOI. Because the capex economies of scale are more pronounced, capex fractions of NOI are smaller in large buildings. Capex fractions of NOI rise and fall over time in a manner roughly similar to total capex, but the initial fractions are low and their peaks lag peak capex by 5 years. We find that capex fraction of NOI is lower in top markets when property characteristics are held constant. But property characteristics are not consistent across markets. We find that this fraction is actually similar across the country, as the economic efficiencies of top markets are offset by the inefficiencies of their smaller and older industrial building stock., by Stephen James Gallagher., S.M. in Real Estate Development

Thesis: S.M. in Real Estate Development, Massachusetts Institute of Technology, Program in Real Estate Development in conjunction with the Center for Real Estate, 2018., Cataloged from PDF version of thesis., Includes bibliographical references (pages 70-73)., Taking a qualitative case study approach, this thesis examines the approach in combining a concert hall with other real estate product types in the urban redevelopment context, and demonstrates that successful mixed-use development with concert hall or other cultural facilities could be a viable strategy to add both civic and commercial value for new town development. Concert halls have been used as catalysts for place making and experience creation for wide community, with a new interest in playing a key role in urban regeneration. Combining cultural facilities in mixed-use development is expected to create a win-win situation that can benefit both the cultural institutions and the developers, and both the cities and the citizens. This thesis analyzes the Elbphilharmonie in Hamburg, Germany to examine the real estate rationale for the mix of cultural and commercial uses in civic and commercial value creation, and explores the transferability of the HafenCity model defined based on the Elbphilharmonie case to China. This thesis then studies the concert hall market in China, and summarizes the Hexi New Town model and the Macau model from cases in Nanjing and Macau. A comparison of the three mixed-use cultural project models is made, and the thesis concludes with alternative points of view that worth considering and recommendations for the application of the Hexi New Town model in China., by Zhiyao Feng., S.M. in Real Estate Development