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Cyrela Brazil Realty's Elie Horn: 'My Strategy Now Is to Stay Quiet'
These are volatile times for Brazilian real estate, which mirrors the situation in most countries. But according to Elie Horn, chairman and CEO of Cyrela Brazil Realty, Brazil's largest developer of residential properties, Brazil doesn't have the deep-rooted problems of the U.S. market. It's just a matter of lying low for some time until confidence returns, he suggests in an interview with Knowledge@Wharton.
From: December 18, 2008
The Son Also Rises: Donald Trump, Jr., on Real Estate Opportunities in Emerging Markets
Back in the heady days of the real estate boom, property prices in New York City soared along with those in the rest of the U.S. When the subprime mortgage crisis hit and prices collapsed, the city's market held out longer than others -- for two reasons. First, it is a major financial center with strong demand; and second, the weak dollar made it possible for international buyers and investors to find deals at discounts as high as 40%. Where will the New York market be in 2009? Where are the most attractive deals to be found in emerging markets? In a podcast recorded at the Knowledge@Wharton Real Estate Forum on Emerging Markets on December 2, Donald Trump, Jr., executive vice president of development and acquisitions at the Trump Organization, speaks about those questions and more. He also discusses how he views his unique contribution to expanding the Trump brand overseas, building on the foundation laid by his famous father.
From: December 10, 2008
For Modern Urban Growth, Don't Forget the Ballpark and River Walk
Can urban amenities -- like ballparks, aquariums and river walks -- help stabilize U.S. cities and improve their economic outlooks? A new paper by Wharton real estate professor Albert Saiz and a colleague quantifies the importance of leisure amenities but also provides evidence that spending public dollars on leisure and cultural activities may offer more long-range benefit than traditional economic development focused on job creation. "For the last 50 years, we have been trying to bring businesses to cities," says Saiz, "but maybe it makes more sense to get people in there -- and the businesses will follow."
From: December 10, 2008
Credit Crisis Interview: Susan Wachter on Securitizations and Deregulation
The drive to securitize mortgages combined with deregulation were key triggers of the credit crisis, says Wharton finance professor Susan Wachter. She is one of seven Wharton professors interviewed by Knowledge@Wharton for this special report on the credit crisis.
From: June 20, 2008
Credit Crisis Interview: Todd Sinai on Home Values
Don't think of your house as an investment comparable to savings or a stock portfolio, says Wharton finance professor Todd Sinai. He is one of seven Wharton professors interviewed by Knowledge@Wharton for this special report on the credit crisis.
From: June 20, 2008
Real Estate Developer and 'Grave Dancer' Sam Zell: 'It's All about Supply and Demand'
Sam Zell, the master real estate investor, has built a fortune on the cycles that shape his industry. These days, he believes the current turmoil in financial markets is more an emotional reaction to yet another period of excess rather than a true credit collapse. In a talk at Wharton moderated by real estate professor Peter Linneman, the Chicago-based investor said markets currently are spooked by problems with U.S. subprime lending. However, they still have capital to deploy, unlike other real estate downturns. "We're not really in a 'credit crunch.' I think what we are in is a 'confidence crunch,'" Zell told his audience.
From: September 19, 2007
Home Truths about the Housing Market
The sub-prime mortgage crisis and the credit crunch that has followed in its aftermath are taking their toll on the housing market. On August 28, the S&P Case-Shiller U.S. National Home Price Index showed that home prices fell 3.2% in the second quarter. According to the National Association of Realtors, the inventory of unsold homes is at a record high. As sales have fallen, many home builders have seen their stock prices drop by more than 60% during the past year. How serious is this situation? Is there light at the end of the tunnel? Joseph Gyourko, director of Wharton's Samuel Zell and Robert Lurie Real Estate Center, and Todd Sinai, a professor of real estate, spoke to Knowledge@Wharton about these questions and more.
From: September 05, 2007
The Real Estate Industry, though Volatile, Offers Riches to Those Who Know Where to Look
While many Americans are worried that real estate prices have flattened and may even turn downward, some of the country's top commercial developers say there always is opportunity for those who manage their projects efficiently in a global market, focus on areas with growing demand and have the staying power to wait out the downturns. This was the consensus of a 2007 Wharton Economic Summit real estate panel which included executives from Apollo Real Estate Advisors, Sherwood Equities and Morgan Stanley's Direct Investing Group.
From: May 02, 2007
Subprime Meltdown: Who's to Blame and How Should We Fix It?
Troubles in the subprime mortgage industry seem to be spreading. The stock market is in turmoil. Alan Greenspan and others say the economy is being hurt. Consumer groups predict that up to two million Americans will lose their homes. Should the government do something? A growing list of people say it should, from Democratic senators Christopher Dodd and Hillary Clinton to a string of advocates for the poor. But Wharton faculty, including those who have studied the mortgage market and past government bailouts, aren't convinced.
From: March 21, 2007
Could Tremors in the Subprime Mortgage Market Be the First Signs of an Earthquake?
For months, the steady drip of news about troubles in the subprime mortgage market didn't seem too bad, and many economists started to feel reassured about the health of the general housing market. But now some experts wonder whether those feelings of reassurance came too soon. They suggest that the growing number of borrower defaults in the "aggressive lending" market, which includes various types of risky mortgages besides subprime loans, could shock the broader housing market and economy after all.
From: February 21, 2007
