The Shape of Global Wealth: Slender Towers from New York to Seattle

Thesis (Master's)--University of Washington, 2016-06

Anatomy and lessons of the global financial crisis. Is US consumption financed by Chinese savings?

Savings and investments in the American money market by emerging countries, primarily China, financed the excessive consumption of the United States in the early 2000s, which indirectly led to a global financial crisis. The crisis started from the real estate mortgage market. Such balance disrupting processes began on the American financial market which contradicted all previously known equilibrium theories of every school of economics. Economics has yet to come up with models or empirical theories for this new disequilibrium. This is why the outbreak of the crisis could not be prevented or at least predicted. The question is, to what extent can existing market theories, calculation methods and the latest financial products be held responsible for the new situation. This paper studies the influence of the efficient market and modern portfolio theory, as well as Li’s copula function on the American investment market. Naturally, the issues of moral risks and greed, credit ratings and shareholder control, limited liability and market regulations are aspects, which cannot be ignored. In summary, the author outlines the potential alternative measures that could be applied to prevent a new crisis, defines the new directions of economic research and draws the conclusion for the Hungarian economic policy.

The role of neighborhood organizations in the production of gentrifiable urban space: The case of Wynwood, Miami's Puerto Rican barrio

Partnerships between government and community-based actors and organizations are considered the hallmark of contemporary governance arrangements for the revitalization and gentrification of economically distressed, inner city areas. This dissertation uses historical, narrative analysis and ethnographic methods to examine the formation, evolution and operation of community-based governance partnerships in the production of gentrifiable urban space in the Wynwood neighborhood of Miami, FL between 1970 and 2010. This research is based on more than four years of participant observation, 60 in-depth interviews with respondents recruited through a purposive snowball sample, review of secondary and archival sources, and descriptive, statistical and GIS analysis. This study examines how different organizations formed in the neighborhood since the 1970s have facilitated the recent gentrification of Wynwood. It reveals specifically how partnerships between neighborhood-based government agencies, nonprofit organizations and real estate developers were constructed to be exclusionary and lead to inequitable economic development outcomes for Wynwood residents. The key factors conditioning these inequalities include both the rationalities of action of the organizations involved and the historical contexts in which their leaders’ thinking and actions were shaped. The historical contexts included the ethnic politics of organizational funding in the 1970s and the “entrepreneurial” turn of community-based economic development and Miami urban politics since the 1980s. Over time neighborhood organizations adopted highly pragmatic rationalities and repertoires of action. By the 2000s when Wynwood experienced unprecedented investment and redevelopment, the pragmatism of community-based organizations led them to become junior partners in governance arrangements and neighborhood activists were unable to directly challenge the inequitable processes and outcomes of gentrification.

Entrepreneur's Dilemma: Hotel Investments in Emerging Markets

Estimating the required rate of return for hotel properties is a daunting task because a lodging property is considered a hybrid between a real estate asset, and a revenue-generating enterprise affiliated with a hotel brand. Computing the expected rate of return for a hotel becomes even more complicated when a third party foreign investor/entrepreneur is the one performing the computation for an investment hotel in an emerging country. This clinical case illustrates the challenges surrounding the estimation of a project’s cost of equity in the multinational hotel industry. The results reveal that estimating cost of equity in emerging markets for hotel investments continues to be a conundrum. Future investors should make multiple adjustments and use several models when making their capital investment decisions.

Keynote Address by Karim Rashid

Karim Rashid is one of the most prolific designers of his generation. Over 3000 designs in production, over 300 awards and working in over 35 countries attest to Karim’s legend of design. Karim’s diversity affords him the ability to cross-pollinate ideas, materials, behaviors, aesthetics from one typology to the next, crossing boundaries and broadening consumer horizons. His award winning designs include democratic objects such as the ubiquitous Garbo waste can and Oh Chair for Umbra, interiors such as the Morimoto restaurant, Philadelphia and Semiramis hotel, Athens and exhibitions for LG Hausys and Audi. Karim has collaborated with clients to create democratic design for Method and Dirt Devil, furniture for Artemide and Magis, brand identity for Citibank and Hyundai, high tech products for LaCie and Samsung, and luxury goods for Veuve Clicquot and Swarovski, to name a few. Karim has recently been selected to design several real estate developments in New York City for HAP Investments, a New York City based International investment group. Karim’s work is featured in 20 permanent collections and he exhibits art in galleries world wide. Karim is a perennial winner of the Red Dot award, Chicago Athenaeum Good Design award, I.D. Magazine Annual Design Review, IDSA Industrial Design Excellence award. He holds honorary doctorates from the Ontario college of Art & Design and Corcoran College of Art & Design. 2011 highlighted Karim’s largest retrospective to date at the Triennale, in Milan, Italy. Karim is a frequent guest lecturer at universities and conferences globally disseminating the importance of design in everyday life. Karim has been featured in magazines including Time, Financial Times, NY Times, Esquire, GQ and countless more. His books include From the Beginning, Forma Edizioni (2014), Sketch, Frame (2012), a monograph of 300 drawings and computer renderings of selected works, KarimSpace, Rizzoli (2009), Design Your Self, Harper Collins (2006), Evolution, Rizzoli (2004) and I Want to Change the World, Universe (2001). In his spare time Karim’s pluralism flirts with art, fashion, and music and is determined to creatively touch every aspect of our physical and virtual landscape.

Financing infrastructure development : time to unshackle the bonds?

The authors would like to thank the RICS for their financial support of the project and the numerous respondents who gave so freely of their time. Part of the research was supported by a grant from the Hong Kong-Scotland Partners in Post-Doctoral Research Scheme sponsored by the Research Grants Council of Hong Kong and the Scottish Government (S-HKU701/13).

Letter from the Editors

[Excerpt] The Editorial Team is proud to release this 2016 14th Annual Volume of the Cornell Real Estate Review. This year’s issue explores a wide range of topics, including the deployment of new technologies in multifamily properties, the effects of autonomous vehicles on real estate, and the continued ramifications of the housing crisis through the legal tactics of certain mortgage lenders. Also included, a recent repositioning project– the unique turnaround of a former casino hotel property in Reno, Nevada. Furthermore, this release includes a discussion of value-added multifamily investment strategy, an analysis of the impact of rapid transit on the residential market in Hudson County, New Jersey, and a summary of federal affordable housing incentive programs in the United States. This year’s Pathways features an interview with Toll Brothers Division President Karl Mistry (Baker ’04), and the Baker Viewpoint piece explores the concept of curtailment mortgages.

Repositioning a Multifamily Asset

Multifamily investments, particularly value-added strategies, have been of keen interest to real estate investors for years now. Successful execution of a multifamily investment offers excellent risk-adjusted returns when compared to other classes of real estate such as industrial, retail, and office. From a volatility standpoint, multifamily enjoys relatively stable long-term cash flows with less downside risk during periods of recession due to stable tenancy in most major markets. The stability during downturns is also supported by the fact that recessions tend to make renters out of owners, increasing demand for apartments.

Entre o cartão-postal e a cidade real: um estudo sobre paisagem e produção imobiliária em Natal/RN

Recent studies concerning the landscape have investigated the most important activities that contribute for its modification and have tried to better understand the society through the marks left by its quotidian. It is understood that singular landscapes constitute the cultural patrimonies of the cities, once they are part of the daily life of the citizens and are present in their social representations. Some contemporary authors defend the preservation of the natural and urban landscape trying, specially, to keep its importance for the local population. Natal is a city where the ambient qualities are well defined and known by the beauty of the area where it is located. Situated just between a river and the sea, the city grew following its geographic characteristics. The Potengi River, the Atlantic Ocean and the vast dunes ecosystem represented natural limits to the urban expansion; at the same time they have favored the development of a landscape pattern marked by the dialectic between the natural elements and the human interventions. However, this relationship changed after the intensification of the high rising development process that took place since the 1960s. The urban legislation tried to preserve the features of the local landscape delimiting Areas for Controlling Building High , destined to protect the scenic value of some parts of the city. On the other hand, the civil construction sector has made constant pressure in sense to abolish or to modify this legal instrument, aiming profits that have increased, in the 1990s, because of the consumption and the qualification of the urban space for tourist activities. It is necessary the raising of new elements to stimulate the quarrel about the landscape preservation, the process of the urban space production and the best way for the legislation implementation. This work tries to raise elements about the subject at local level, in sense to use Natal City experience to contribute for the formulation of indicators to raise the question about the lack of measure for subjective values, for example the cultural and affective value of the landscape. The natural elements inserted in the urban profile, represent strong visual references and supply identity to the town; they are part of the collective imaginary and are detached in the social context of the city. Then, why the preservation of the landscape, that estimates the improvement in the quality of life, is not enough to justify the controlling building high already previewed as part of Natal City Legislation? These questions send us to the approach of the landscape, as a community patrimony, alerting that some of its significant esthetics attributes must be preserved as a legacy for the future generations

Transmission Easement and Adverse Possession of Transmission Easement in the Polish Law

The object of analysis in the text are the issues concerned with the transmission easement and the adverse possession thereof on the grounds of the Polish law. The text features: (1) a historical outline of the solutions concerned with easements in the Polish law following 1945, (2) the institution of transmission easement introduced in 2008 and the solutions concerned with the claims for the establishment thereof at court, (3) the institution of adverse possession of transmission easement pursuant to civil law regulations, judicature and the legal doctrine. On account of the need to elaborate the wide-ranging legal issues concerned with the transmission easement in this text, the analysis embraces two research questions giving rise to the following conclusions: (1) What function is performed by the institution of transmission easement in the system of civil-law relations in the Polish law? The legislator in the articles introducing a transmission easement ossified the solutions functioning in the judicature of the Polish courts before 2008. The legal interpretation took a turn for clarification, that is for the establishment of a norm in the situation where its comprehension was dubious. It is noteworthy that in the period prior to 2008, the law provided for easement appurtenant, and on account of the usual course of judicial decisions also for easement appurtenant with the content corresponding to transmission easement. In 2008 these two “legal existences” were supplemented with a transmission easement, which nevertheless failed to resolve all the legal problems; nay, this gave rise to even more problems, e.g. the one of non-establishment of interpolar norms which would address the issues arising in connection with the use of various easement institutions in legal transactions. While amending the civil law, the legislator aimed to bring order to legal transactions by streamlining the unregulated actual state of easement in relation to transmission infrastructure, but also in relation to the situations where an easement was yet to be established and a facility yet to be constructed. Thus, such action is intended to regulate the disorderly legislation in force as well as to safeguard investment processes. This is of particular significance, for example, for energy companies which are burdened with statutory public-law obligations as regards securing energy supplies and providing for the development of energy infrastructure. Hence, the de facto introduced civil-law solutions indirectly served to realise the principles of the doctrine of easement in the public interest. (2) What legal problems in the civil-law relations does the application of the institution of transmission easement by adverse possession entail? On account of the functioning of various institutions of easement, that is (1) an easement appurtenant, (2) an easement appurtenant with the content corresponding to a transmission easement, and as of 2008 (3) a transmission easement, a problem arose as to which of the given easements companies exercised in particular periods, all the more so because before 1989 the State Treasury owned them and many of the transmission facilities were put in place by virtue of administrative decisions. The commonly held belief is that in the period of “society-oriented economy” as well as up to 2008 infrastructure companies could exercise an easement appurtenant which corresponded to the content of a transmission easement. Therefore, in such a case the running of the prescriptive period should allow for the general rules laid down for an easement appurtenant. Apart from the problem of the relation of a capacity to exercise a right to property and the free development of civil-law relations before 1989, the recognition of the running of prescriptive periods – given the functioning of the three various easements as legal institutions – became a significant legal problem. By way of illustration, the recognition – against the period of exercising transmission easement – of the period required for the acquisition thereof by adverse possession, whereby before 3 August 2008 the real estate featured the legal state corresponding to the content of this right, is debatable. One cannot recognise that within that period a transmission easement was exercised, because such a right was not in existence as yet. Therefore, the institution that might be employed is the running of the period as regards the adverse possession in relation to an easement appurtenant with the content of a transmission easement. Still, the problem remains as to whether the period of the exercise of the easement appurtenant with the content corresponding to a transmission easement can be recognised against the period of possession required for the adverse possession of a transmission easement pursuant to the regulations introduced in 2008. One might incline to the position whereby in such a case it would be right to fully recognise – against the period of exercising a transmission easement – the period of exercising an easement appurtenant corresponding thereto in respect of its content. That being so, the adverse possession of a transmission easement might ensue in such a situation on 3 August 2008 at the earliest, that is the moment the regulations governing this right come into effect. Conversely, if the prescriptive period expires before that date, the entrepreneur would acquire an easement appurtenant with the content corresponding to the transmission easement. Such an interpretation is aligned with the purpose intended by the legislator, which is to bring order to the actual state of the broadest scope with the aid of a new legal instrument. The text, while analysing the issue of a transmission easement and an adverse possession thereof as a institution of the civil law, presents only some selected problems. Hence, the analysis does not include, for example, the issues concerned with claims for remuneration (for usufruct without contractual basis or usufruct fees), or claims for compensation (redress or amends). Furthermore, the text does not conduct a more profound analysis of the relation between the provisions regulating public-law relations (e.g. acts of law introducing the institution of dispossession) and the provisions regulating civil-law relations (the easements in question).

A viabilidade económica da gestão sustentável do montado de sobreiro. Caso de estudo - Aldeia das Amoreiras

Dissertação de Mestrado, Economia do Turismo e Desenvolvimento Regional, Faculdade de Economia, Universidade do Algarve, 2016

Entre o cartão-postal e a cidade real: um estudo sobre paisagem e produção imobiliária em Natal/RN

Recent studies concerning the landscape have investigated the most important activities that contribute for its modification and have tried to better understand the society through the marks left by its quotidian. It is understood that singular landscapes constitute the cultural patrimonies of the cities, once they are part of the daily life of the citizens and are present in their social representations. Some contemporary authors defend the preservation of the natural and urban landscape trying, specially, to keep its importance for the local population. Natal is a city where the ambient qualities are well defined and known by the beauty of the area where it is located. Situated just between a river and the sea, the city grew following its geographic characteristics. The Potengi River, the Atlantic Ocean and the vast dunes ecosystem represented natural limits to the urban expansion; at the same time they have favored the development of a landscape pattern marked by the dialectic between the natural elements and the human interventions. However, this relationship changed after the intensification of the high rising development process that took place since the 1960s. The urban legislation tried to preserve the features of the local landscape delimiting Areas for Controlling Building High , destined to protect the scenic value of some parts of the city. On the other hand, the civil construction sector has made constant pressure in sense to abolish or to modify this legal instrument, aiming profits that have increased, in the 1990s, because of the consumption and the qualification of the urban space for tourist activities. It is necessary the raising of new elements to stimulate the quarrel about the landscape preservation, the process of the urban space production and the best way for the legislation implementation. This work tries to raise elements about the subject at local level, in sense to use Natal City experience to contribute for the formulation of indicators to raise the question about the lack of measure for subjective values, for example the cultural and affective value of the landscape. The natural elements inserted in the urban profile, represent strong visual references and supply identity to the town; they are part of the collective imaginary and are detached in the social context of the city. Then, why the preservation of the landscape, that estimates the improvement in the quality of life, is not enough to justify the controlling building high already previewed as part of Natal City Legislation? These questions send us to the approach of the landscape, as a community patrimony, alerting that some of its significant esthetics attributes must be preserved as a legacy for the future generations

Aproximación a los aspectos críticos y de éxito en el hábitat de los macroproyectos de interés social nacional: análisis de factores de satisfacción residencial en ciudad verde, Soacha, 2010-2015

Actualmente, la producción de vivienda de bajo costo representa uno de los grandes retos que afrontan los gobiernos en términos de problemáticas sociales. El sector público, con la inversión del sector privado, desarrolla proyectos de vivienda a gran escala para ofrecer un considerable número de unidades habitacionales en la periferia, que reduzcan las cifras de déficit sin sacrificar los suelos urbanos con alto valor inmobiliario. En esta dinámica de producir en cantidad, cabe preguntarse, ¿La producción de vivienda social considera la calidad ofrecida? ¿Responden las soluciones a las necesidades y expectativas de la población vulnerable? La clave para responder a estos interrogantes reposa en comprender el vínculo entre las características del hábitat ofrecido y la respuesta afectiva que éste provoca en los residentes de un territorio particular; así, la satisfacción residencial se convierte en el método fundamental para lograr la comprensión integral de la calidad en los proyectos de vivienda.

EL PROCESO DE URBANIZACION EN LA PERIFERIA DEL AREA METROPOLITANA: LOS CASOS DE TURRUCARES Y MONTE DE LA CRUZ

Este avance de investigación pretende ofrecer una visión preliminar de un fenómeno bastante reciente que se está dando en Costa Rica y particularmente en el Valle Central: la urbanización del espacio agrícola. Este proceso se está desarrollando más allá del espacio suburbano y presenta una especialidad diferente, ya que aquí la organización social campesina y las actividades agropecuarias siguen siendo predominantes. Sin embargo, esta extremadamente vinculado con el proceso de metropolizacion que surge en el país. Se está asistiendo, pues, a una reubicación de los espacios residenciales de las clases de mejores ingresos, las cuales influenciadas tal vez por un modelo ideológico importado, buscan poder disfrutar de las ventajas que ofrece el espacio rural pero con la posibilidad de seguir trabajando en la ciudad y seguir gozando de los servicios urbanos. La  rural-urbanización dentro de una estrategia global de estructuración del espacio puede ser considerada como un mecanismo de selección y una apropiación de los mejores lugares donde se dará la futura de expansión urbana. Desde esta perspectiva, resulta interesante llamar la atención de cómo ciertos sectores sociales están proyectando desde ahora la futura expansión del espacio metropolitano.   SUMMARY This preliminary investigative report presents a viewpoint about a very recent phenomenon that is occurring in Costa Rica and especially in the Central Valley: the urbanization of the agrarian space. This process is developing beyond the suburban areas and presents a different spacial structure because in these areas, the rural social structures and the livestock and agricultural activities are still predominant. Nevertheless, such activities are very much related to the urbanization process occurring in the country. As such, we are witnessing a reubication of the residential structure of the high-income classes, of which, influenced perhaps by an improved idiologic model, hope to enjoy the advantages offered by a rural area but also taking advantage of the convenience offered by the urban benefits; plus the opportunity to keep working in the city. The process of rural urbanization conceived in a global strategy of spatial structures, can be considered as a selection and appropriation mechanism of the best areas for the future urban expansion. From this perspective, it is interesting to call attention to the process by which certain social sectors are now projecting the future organization of the metropolitan area.  In reference to the real-estate capital invested in the study areas, and specifically to Costa Rica capital, this investment in the promotion of real-estate, acts as a shelter sector, by changing the course of direction of the capital accumulated in the other economic sectors, especially considering that the real-estate sector insures more secure profits in spite of the relatively insignificant recuperation rate of the capital investment comparison to the industrial sector, where more capital risks occur, above all during an economic crisis.  At present, the zones influenced by rural urbanization are affected by a modification in their productive structure, in other words, what were once agricultural zones, are now converted to residential zones. This produces spectacular changes in the composition of the work force by producing service-oriented employment that leads to the following abandonment of the agricultural activities.  From a social point of view, this rural urbanization pattern provokes a marked spatial segregation, in which an exclusive high income social group with a particularly consuming life style is noted at one level, and on the other, social groups that inhered patterns of rural life with more traditional lifestyles. In reference to the community level in the study areas, localized conflicts have emerged between local people and the new residents. These conflicts are highly conditioned by the insertion in the communities of these new residents.       RESUME   Ce document préliminaire décrit un phénomène assez récent au Costa Rica, qui affecte plus particulièrement la « Vallée Centrale ». il s’agit de l’urbanisation de l’espace agricole.  Ce sont des espaces franchement ruraux, bien au-delà des banlieues, qui sont affectés par ce processus qui, en conséquence, montre des caractères différents: comme se maintien de la organisation social liée aux activités agricoles; en face l’infiltration d’un autre mode de vie dû à sa transformation en espace résidentiel pour classes aux revenus élevés qui, peut-être, influencées par un modèle culturel importé, préfèrent une localisation qui puisée leus offrir à  la fois les avantages de vivre dans un espace rural avec ceux de la ville, lieu de travail suffisamment proche dont elles continuent à pouvoir utiliser ses services. Ce modèle culturel doit être considère en fonction du processus de métropolitain apparu dan le pays. L’urbanisation de l’espace rural, dans une stratégie globale de structuration de l’espace peut se considérer comme un mécanisme de sélection et d’appropriation des meilleurs sites de l’expansion urbaine future.  Dans cette perspective, il est intéressant de constater qu’il existe déjà, de la part certains secteurs sociaux, un projet d’organisation de l’espace métropolitain futur. Le foncier est considéré comme un secteur refuge pour les capitaux nationaux d’où l’intérêt de la spéculation pour ces zones. En effet, ce placement, plus sûr, malgré un plus faible taux de récupération du capital, est préfère à d’ autres- comme l’investissement industriel- plus rentables, mais plus risqués, surtout en temps de crise. L’urbanisation de l’espace rural s’accompagne d’une modification des structures productives : moins d’agriculture et évolution de l’emploi vers le tertiaire liée à la présence de nouveaux résidents. Du point de vue social, cette situation se traduit par une très nette ségrégation spatiale. D’un côte, un group socio-économique aux revenus élèves représentant  la société de consommation ; de l’autre, les ruraux au style de vie plus traditionnel. Il en résulte une certaine tension entre les deux groupes.