Real Estate Issues

Trade publication covering the real estate industry.

Articles from Vol. 26, No. 2, Summer

About the Counselors of Real Estate
The Counselors of Real Estate, established in 1953, is an international group of high profile professionals including members of prominent real estate, financial, legal and accounting firms as well as leaders of government and academia who provide...
By Repealing the Basis Step-Up on Death, Did Congress Bury the Estate Tax or the Taxpayer?
INTRODUCTION The following article was prepared after the execution, by President Bush, on June 7, 2001, of what has been labeled as the "Economic Growth and Tax Relief Reconciliation Act of 2001," herein sometimes referred to as the EGTRR Act,...
Cre Perspective Living beyond the Boundaries
INTRODUCTION There appears to be a growing interest in the field of religion, spirituality and business, as evidenced by recent stories in major magazines and several books. A Business Week story, "Religion in the Workplace," indicated that there...
Defeasance vs. Yield Maintenance: What' S the Difference?
Defeasance is an attractive alternative to a yield maintenance formula that may provide a benefit to the borrower. While there is some administrative cost, including a possible additional prepayment fee, on balance, the potential gain far outweighs...
Editor's Statement
Richard Marchitelli The role of institutional investment managers could become more complicated after a recent study conducted by Ibbotson Associates and the National Association of Real Estate Investment Trusts (NAREIT). This study is likely to...
E-Signatures in the Real Estate World: There's More to It Than the Technology Enables and the Law Allows
With the passage of the U.S. federal E-SIGN bill, which took effect October 1, 2000, much attention has been paid to the fact that electronic signatures are now possible and hold great promise for completing business and government transactions electronically....
Focus on Hospitality Issues: A Different Kind of Pain & Gain for Hotel Investors during This Cycle
As a real estate professor during the 1990s, I unavoidably made occasional references back to events in the 1980s in support of lessons about commercial real estate market performance in response to macroeconomic events. Despite the power of these...
Focus on Legal Issues: Getting Ready to Sell a Property
Some years ago, one of the institutional real estate clients of my law firm in New York City promoted the executive who had been dealing with us for some years and put a new man in that position. One of the first things the new arrival told me was:...
FOCUS ON REITs: IRS RULING PERMITS RELT SPIN-OFFS
In a significant and long-anticipated ruling, the IRS has reversed a long-standing position and ruled that REITs may be sufficiently "active" to permit them to engage in tax-free spin-off transactions. As a result, many REITs will be able to spin-off...
FOCUS ON THE ECONOMY: AIN'T No CURE FOR THE SUMMERTIME BLUES
Back in 1958 (in dinosaur times, my kids tell me), Eddie Cochran complained, "I'm gonna raise a fuss/I'm gonna raise a holler/About workin' all summer/Just tryin' to earn a dollar." [1] (I'll admit to being out of touch these days. Do they still write...
Focus on the Economy: This Time It's Different
There's a bumper sticker that was seen in Houston at the end of the last real estate cycle-Please, God, just give me one more boom and this time I promise not to screw it up. The real estate industry may have been granted its wish. This time it...
Property-Level Analysis: The Key to Successful Investing in Today's Changing Landscape
INTRODUCTION Today, investors are looking at a much hazier economic environment for the future than a year ago. There is excessive uncertainty about future profits of both new and old economy businesses. Market expectations govern investment activity...
THE FAT OLD BIRD THAT FORGOT How TO SOAR
PREFACE Real estate agency is little more than a marketing ploy. It doesn't exist and never has existed. It is the industry's way of playing "Let's Pretend." Simply put, "agency is a consensual, fiduciary relation between two persons, created...
The Future of the Residential Real Estate Brokerage Industry
The real estate brokerage business is on the cusp of a radical transformation brought about by the revolution of cyberspace technology and the globalization of business. This new technology is crushing established institutions and opening up new venues...
The Myth of Three Independent Approaches to Value
Despite the fact that the Appraisal Institute now teaches that the three traditional approaches to value--the Cost Approach, the Income Capitalization Approach, and the Sales Comparison Approach-are interrelated, there are still a large number of appraisers...