Mr. Presley was a prominent real estate developer as he built affordable housing in Capistrano Beach in the late 1960s. He died at the age of 93 and the LA Times has written a very interesting obituary.
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Mr. Presley was a prominent real estate developer as he built affordable housing in Capistrano Beach in the late 1960s. He died at the age of 93 and the LA Times has written a very interesting obituary.
Posted by Matthew E. Kahn on 04/26/2012 at 05:39 PM | Permalink | Comments (11)
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UCLA's Don Shoup's work has everyone thinking about parking. At Ohio State University, the Deans have had a productive idea. They are cashing out the present discounted value of their parking lots and will accept a one time payment of roughly $400 million dollars in return for allowing private firms to run their parking lots for the next 40 years. Details are here. It would interest me to know the details. On an annual basis, what is the revenue flow from the parking lot? What interest rate was used to convert this flow into a NPV? What risks do the private firms face? Given that OSU is a growing university with more students who are able to afford vehicles, could demand decline? What off campus parking lots are available? How lazy are students and faculty in terms of walking a few blocks to an off campus spot? If the parking lot falls apart, who pays for repairs?
Posted by Matthew E. Kahn on 04/23/2012 at 04:27 PM | Permalink | Comments (8)
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This article highlights the perks of working at a historic home.
Posted by Matthew E. Kahn on 04/20/2012 at 09:44 PM | Permalink | Comments (20)
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$1.25 million by Peter Bren will create advanced MBA course and Bren Fellows program
LOS ANGELES - Peter Bren, a nationally recognized leader in the real estate and investment advisory industries, has pledged a gift of $1.25 million to the UCLA Ziman Center for Real Estate, a joint center of UCLA Anderson School of Management and UCLA School of Law. The gift will be used to establish the Peter Bren Initiative for Real Estate Entrepreneurial Studies at UCLA. The Initiative will create an advanced case studies course focused on entrepreneurial real estate as a capstone to the MBA real estate concentration and the prestigious Bren Fellows program.
Reflecting Bren's unique entrepreneurial path, the gift will also establish the Bren Fellows program, providing financial support and specialized mentorship for the top graduate students in real estate across all disciplines at UCLA.
"Peter, through his many accomplishments, has always been a role model to the real estate world," said Judy Olian, Dean and John E. Anderson Chair of UCLA Anderson School of Management. "He is now creating a legacy that will benefit young entrepreneurs as they launch their careers and have the opportunity to learn first-hand from trail-blazing leaders."
"In multiple ways, Peter's gift is a real game-changer for the Ziman Center," said Stuart Gabriel, Director of the UCLA Ziman Center for Real Estate. "It provides a unique learning opportunity for some of the nation's brightest and most promising MBA students, it introduces them to very successful real estate entrepreneurs, and it helps solidify UCLA's position among the top university-based real estate programs in the world."
"I have been a Founding Board Member of the UCLA Ziman Center for Real Estate for five years," Bren said. "During that time, I have had numerous conversations with students about their aspirations for a career in real estate. Almost all have said they want to be an entrepreneur - they want to build, develop, acquire, etc. It takes a very unique person to embark on an entrepreneurial career path - it is in your DNA or it's not. Any athletic coach will state that you can't teach speed, but you can coach it to a higher level - speed is in their DNA or it's not. The purpose of this initiative is for prospective entrepreneurs to be coached by the real estate visionaries who have 'changed the game,' who will open their companies to our students to develop case studies, and who will then conduct master classes at Anderson."
The advanced case studies course will include actual leaders involved in each case who will teach the strategic dilemmas they have encountered. Vanguards of the industry representing some of the most high-profile real estate projects worldwide, these entrepreneurs will spend time in the classroom going over their careers, deals, and business philosophies. There they will offer valuable insights into complex transactions, corporate dynamics, and leadership within entrepreneurial real estate. Award-winning UCLA Anderson professor Eric Sussman will lead the course.
The first two real estate CEOs, who will participate in the "case study/master class" program, are:
Bren has been a long-term supporter of the UCLA Ziman Center for Real Estate. He is a founding member of the Ziman Center Board and an active mentor to students who have launched a private, small-scale, real estate investment fund.
Bren is the co-founder and serves as chairman of the board and president of KBS Realty Advisors and its affiliate, KBS Capital Advisors, both nationally recognized real estate investment advisory firms with transactional volume greater than $23 billion. KBS operates numerous institutional and sovereign wealth funds, as well as five non-traded REITs. Mr. Bren oversees all KBS operations including the acquisition and management of individual investments and portfolios of income-producing real estate assets. Prior to his current position as chairman and president of KBS Realty Advisors, he was a former senior partner of Lincoln Property Company and president of Lincoln Property Company, Europe. In addition to the UCLA Ziman Center for Real Estate Founding Board, Mr. Bren is also a member of the Real Estate Roundtable, Washington, DC, which deals with key national policy issues affecting real estate and the overall economy.
About UCLA Anderson School of Management
UCLA Anderson School of Management is among the leading business schools in the world. UCLA Anderson faculty members are globally renowned for their teaching excellence and research in advancing management thinking. UCLA Anderson provides a distinctive approach to management education to more than 1,800 students enrolled in its MBA, Fully-Employed MBA, Executive MBA, Global Executive MBA for Asia Pacific, Global Executive MBA for the Americas, Master of Financial Engineering, doctoral and executive education programs. Combining selective admissions, varied and innovative learning programs, and a world-wide network of 37,000 alumni, UCLA Anderson develops and prepares global leaders. Follow UCLA Anderson on Twitter at http://twitter.com/UCLAAnderson, or Facebook at http://www.facebook.com/uclaanderson.
About the Richard S. Ziman Center for Real Estate at UCLA
The mission of the Richard S. Ziman Center for Real Estate, a joint center of UCLA Anderson School of Management and UCLA School of Law, is to advance thought leadership in the field of real estate by generating influential research, educating the next generation of leaders, and providing meaningful forums for industry professionals and policymakers. Through its various activities and programs, the Center employs an interdisciplinary and global approach to addressing the most critical real estate challenges facing our society today and in the future. For more information about the Center, visit http://www.zimancenter.ucla.edu.
Posted by Julie Lindner on 04/20/2012 at 02:14 PM in California, Development, Housing Market, Investment, Real Estate, Southern California, UCLA Anderson, UCLA Ziman Center for Real Estate | Permalink | Comments (7)
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Written by Meghan McCoy, UCLA Anderson School of Management Class of 2012
Sebastian Edwards, UCLA Anderson’s Henry Ford Professor of International Economics, addressed an audience of prominent industry professionals at the UCLA Ziman Center’s Spring Board Meeting on April 12th. Professor Edwards provided an optimistic outlook for the U.S. economy, an in-depth analysis of Europe’s sovereign debt crisis, and discussed emerging Latin American markets such as Honduras. Specifically, he addressed the opportunity for private sector real estate investment in over 100,000 square kilometers of government-created special development regions known as “Charter Cities”. These protective enclaves in an otherwise extremely violent country aim to facilitate a safe haven for Hondurans to come together and put their skills to work with the expertise, financial resources and technology available to those in first world countries.
The meeting’s keynote speaker was Michael Milken of The Milken Institute who emphasized how both America’s changing demographics and further reliance on the Internet will shape the future of commercial real estate. The overriding theme of his talk centered on America’s historical tradition of rising to the challenge in the face of adversity, citing the recent recession. He addressed six areas in particular that provide opportunities for positive change including energy, housing, entitlements, education, health and immigration. Mr. Milken also spoke on the importance of better allocating the resources we have, including investing in human capital to compete in a global economy without increasing taxes and government spending.
Posted by Guest Blogger on 04/20/2012 at 12:06 PM | Permalink | Comments (6)
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I look forward to participating in this May 11th 2012 Conference at the Anderson School.
Posted by Matthew E. Kahn on 04/18/2012 at 05:16 PM | Permalink | Comments (5)
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In my six years in Los Angeles, I have noticed that attractiveness is a valued attribute in this town. Put simply, the people of LA look good. Perhaps it is because we are happy and fit but we also may recognize that there is an economic return to investing in looking good. This new real estate research paper bolsters this claim.
Posted by Matthew E. Kahn on 04/16/2012 at 06:07 PM | Permalink | Comments (11)
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The LA Times provides a compelling data point on the causes and consequences of foreclosure for one LA family.
Posted by Matthew E. Kahn on 04/13/2012 at 05:43 PM | Permalink | Comments (4)
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The Ziman Center's executive director is quoted in this piece in today's NY Times. Well done Tim!
The article focuses on the decision by California's governor to no longer fund community redevelopment agencies. These agencies use strategic subsidies to lure developers to take on risky center city redevelopment projects. The article has a subtle debate about the benefits and costs of such investments. From an economist's perspective, there has to be a positive "social multiplier" effect in order for this to be a good use of public funds. For example, suppose that by redeveloping an old run down movie theater and putting up new multifamily housing that crime falls in the neighborhood and that new businesses open nearby to cater to the new residents of the multifamily housing. This is an example of a "social multiplier" effect. In this case, if the developers build enough new housing there can be a localized "big push" that helps the area to revitalize. It would interest me if any academics have done analyses of past investments in California. Back in 2002, Jean Cummings, Denise DiPasquale and I wrote a pessimistic paper about such investments in Philadelphia.
Posted by Matthew E. Kahn on 04/11/2012 at 05:17 PM | Permalink | Comments (7)
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Some real estate investors seek to buy a single property but why not be more ambitious and consider purchasing an entire town? One example is Buford, Wyoming.
"Billing itself as the nation’s smallest town, unincorporated Buford went to auction on Thursday after Mr. Sammons decided to move on after two decades of living here. The sale drew interest from people around the world who dreamed of owning a bucolic American town on the edge of the frontier.
The auction itself lasted less than 15 minutes before a mysterious Vietnamese man offered a winning bid of $900,000 for Buford, which has been around since the mid-1800s and was once a railroad town with a population of about 2,000."
Posted by Matthew E. Kahn on 04/07/2012 at 01:51 PM | Permalink | Comments (10)
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