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Wharton News Condo Fever Turns Buyers into Early BirdsAn article in the New York Times (2/3/05), "Condo Fever Turns Buyers into Early Birds," quoted Wharton Real Estate Professors Joseph Gyourko and Susan Wachter for their opinions concerning the "gold rush" condo market and pricing. "This is a perfect storm for a frenzied housing market," said Wachter. "The economy is strengthening, the restrictions on development are increasing and long-term mortgage rates are still historically low." In this hot market, what's lost in the giddiness is a sense of history. "People have a belief that's not true: that you can't lose money in real estate," said Gyourko. "We know from the late 80's and early 90's that you can."Wachter and Saiz Present Paper at Economists' ConferenceProfessor Susan Wachter and Assistant Professor Albert Saiz presented their paper, "Immigration and the Neighborhood," at the Philadelphia Meetings of the American Economic Association on January 8. Presiding over the session, Immigration and Cities, was David Card of the University of California at Berkeley.Todd Sinai Addresses Wharton Club in CaliforniaWharton Real Estate Professor, Todd Sinai, spoke on housing bubbles at two events for the Wharton Alumni Club of Northern California in San Francisco.Effects of Corruption in PhiladelphiaProfessor Joseph Gyourko was quoted in a Philadelphia Inquirer (1/12/05) article, "Sleaze Won't Hurt; Lack of Vision Does," about political corruption and "pay to play" business in Philadelphia. "It isn't corruption by itself that causes people and jobs to flee a city," said Gyourko. "Smart, efficient municipal government--even one less than 100 percent honest--could have helped Philadelphia adapt to a changing economy far better than it has." Gyourko states that the city has not been able to provide key infrastructure and public services at low cost for nearly half a century. "This seems to be the larger economic problem, larger than corruption and City Hall listening devices."Rybczynski's Recent PublicationsWitold Rybczynski, Martin & Margy Meyerson Professor of Urbanism and Professor of Real Estate, was quoted in Residential Architect recently on the pros and cons of prefab housing. A German edition of his book, The Perfect House, has just been published. Read Professor Rybczynski's architectural views on Slate.com, where he is architecture critic.Housing Price Studies Cited in The EconomistIn the article “Sheltered Market,” The Economist of February 10, 2005, cited papers by Joseph Gyourko, Edward Glaeser and Raven Saks, “Why Have Housing Prices Gone Up,” coming in the American Economic Review, and “Why is Manhattan So Expensive?”, to be published in the Journal of Law and Economics. The article examines “evidence of regulation-induced inflation” (i.e., zoning and political restrictions, or “the value of permission to build”) rather than increased construction costs as “why house prices are so dear.”Sagalyn Speaks on BIDs and Times Square HistoryLynne B. Sagalyn, Professor of Real Estate Development and Planning, moderated a panel discussion on the far-reaching effects that Business Improvement Districts (BIDs) have on the real estate markets and local businesses, at the Urban Land Institute's New York District Council Meeting on February 15, 2005. Professor Sagalyn also presented on "The Evolution of Times Square" at the University of Delaware and the University of California at Los Angeles (UCLA) in late 2004.International Housing Finance Program - 2005The International Housing Finance Program is marking its 20th anniversary with a special panel discussion by world experts on the State of the Housing Finance Sector Worldwide and the Challenges Ahead at the ten-day seminar, "Improving Housing Finance Systems." The program is the most recognized comprehensive housing finance program worldwide for senior officials and CEOs, particularly from emerging economies. For more information on the June 2005 event, go to http://housingfinance.wharton.upenn.edu or call Dr. Hoek-Smit at 215-898-3313.Hoek-Smit speaks at OECD, Turkish SEC ConferencesDrs. Marja Hoek-Smit, Director of the International Housing Finance Program of the Wharton School spoke on Government Interventions to Improve Housing Finance Markets at the Organization for Economic Co-operation and Development (OECD) conference on Housing Finance in Transition Economies in Paris in December 2004. At the Turkish Securities and Exchange Commission conference on Housing Finance in November 2004, she spoke on "Housing Supply Constraints and Housing Affordability." Her comments were quoted in the Financial Times special report on "Investing in Turkey," December 16, 2004.In addition, Dr. Hoek-Smit made several trips to Brazil and Mexico in relation to major programs on adjusting the housing policy and segregated housing finance systems in those countries under a program for the World Bank. Linneman Keynote Speaker for NAI Global Report EventsPeter Linneman, Albert Sussman Professor of Real Estate, served as keynote speaker in a series of events rolling out the 2005 NAI Global Market Report, January 11-20, 2005. Dr. Linneman addressed key corporate decision-makers at events around the country on prospects for the global economy in 2005. Dr. Linneman is also scheduled to be the keynote speaker at conferences for The Related Companies, the Lubert-Adler Partners meeting, the Real Sure Real Estate conference in Washington, D.C. in March, and additional NAI conferences.Increasing Home PricesWharton real estate professor, Susan Wachter, found improvements such as planting trees within 50 feet of houses increased home prices by about 9 percent, or about $3,400, in one Philadelphia neighborhood. Her research was the focus of an article by Anthony S. Twyman in the January 10, 2005 Philadelphia Inquirer, "Greening up fertilizes home prices, study says." Wachter plans to release a similar study soon of the entire city. "I believe this is path-breaking work," she told the paper. According to the article, the mayor's Neighborhood Transformation Initiative team plans to "use the study to better target their resources" and obtain additional funds.Wachter has been honored with the George Bloom Award for Lifetime Achievement at the 2005 American Real Estate Urban Economics Association. She was also quoted in a January 8, 2005 Bloomberg article by Kathleen M. Howley on mortgages, "Adjustable Rate Loans Gain in Popularity," saying that the shift to adjustable-rate mortgages is "an early warning sign of potential dangers to come. The surge in ARMs opens a larger percentage of the population to vulnerability to short-term rate increases."
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