Recently a REALTOR® contacted the NAR Library to inquire after studies and reports that demonstrate the positive impact of commercial real estate development and urban planning on communities. Here is what we found:
The Building Owners and Managers Association International (BOMA) Economic Impact Study database offers quite a few useful reports on the value of commercial real estate, including a report for each US state. A sample of BOMA’s work:
The commercial real estate industry is a significant contributor to the nation’s economic engine. In 2011, the office building industry contributed $205 billion to the U.S. economy. Real estate is one of the leading employers in the United States. Office building operations alone supported more than three million jobs in 2011. Firms in the commercial real estate industry employ building managers, asset managers, custodial staff, security staff, brokers and accountants and retain a myriad of other services through contract, such as legal consulting, landscape maintenance and window cleaning to name just a few. In addition, the nearly 10 billion square feet of office space located in the 94 markets served by BOMA’s 93 local associations provide work space for an estimated 44 million office jobs.
The NAIOP Research Foundation has done a similar impact study and released state by state figures comparing data from 2007 and 2010.
The value of commercial buildings is much more than the sum of their construction outlays or their assessed valuation. Commercial real estate development, construction and operations create a ripple effect in the economy. This contribution consists of annual direct spending for new development and construction and annual expenditures to operate existing buildings. Additional important economic benefits – the ripple effect – are also derived from the re-spending of the salary and wages supported by direct construction and operating outlays and purchases of construction-related materials and services from vendors. The combination of these direct and indirect (and induced) outlays constitutes the total output or contribution to the national economy.
Here are a few articles from the ProQuest database (members only access, required password information) that might also be of use:
Anonymous. (2007). Commercial real estate props up economy. Mortgage Banking, 67.10: 96.
The commercial real estate development sector not only has kept the economy from stalling in the face of the slowing housing market, but it is also been a significant driver of economic growth, according to a study commissioned by the National Association of Industrial and Office Properties, Herndon, VA. The basis of commercial real estate’s ongoing sustainability lies in its three phases of development: 1. soft costs, 2. hard costs, and 3. building operations. The report also identifies the top 10 states by construction value in four categories — office, industrial, warehouse and retail — and by the number of jobs and increase in personal income tied to that construction.
Bell, J. (2012). Rust belt recovery. Mortgage Banking, 72.9: 64-68.
Currently, the rebound in the Midwest is revealing an economic spark in the heartland that may be missing elsewhere around the country. Three Midwestern cities — Cleveland, Detroit and Minneapolis St. Paul are evidence of just that: 1. Cleveland, once an outpost of the Rust Belt, is transforming itself into a bustling business and commercial center […] Real estate sources are anticipating moderate gains in commercial lending in Detroit for 2012 into 2013.
Sohn, D. W. (2012). The economic value of walkable neighborhoods. Urban Design International, 17.2: 115-128.
Williams, D. R., & Marks, J. (2011). Community development efforts offer a major opportunity to advance Americans’ health. Health Affairs, 30.11: 2052-5.
Large differences in the opportunities and resources that Americans have to be healthy have led to sizable variations in health by geography, race and ethnicity, income level, and education. By enhancing the opportunities for good health in the places where we live, learn, work, play, and worship, community development initiatives can be important drivers of improved health. As articles in this month’s issue of Health Affairs attest, community development and public health are two forces that often have the same goals. Because there has been little research to date documenting which aspects of community development could have the greatest impact on health, it will be increasingly necessary to rigorously evaluate the impact of various interventions to guide policy makers in identifying the most important measures to take in an environment of constrained financial resources.
We also have a few books in the NAR Library on the topic of urban renewal (check out up to 3 books at a time for a period of 30 days; shipping $10) :
- The Option of Urbanism: Investing in a New American Dream
- Creating a Vibrant City Center: Urban Design and Regeneration Principles
- Terra Incognita: Vacant Land and Urban Strategies
For instant gratification, we offer a few eBooks on this topic too (download the free Adobe Digital Editions software first, then checkout and download eBooks):
- Community by Design: New Urbanism for Suburbs and Small Communities
- Sustainable Urban Planning: Tipping the Balance
Local governments and non-profit organizations frequently publish economic impact studies (or hire consulting firms to conduct the studies). For example, the Seattle Public Libraries hired a contractor to put together this economic impact study. A few other examples include:
Economic Impact Of Local Businesses vs. Chains: The following studies have found that locally owned stores generate much greater benefits for the local economy than national chains. Indie Impact Study Series: Salt Lake City, Utah — Civic Economics, August 2012” (Source: Institute for Local Self-Reliance).
Utah Valley University. (2010). Economic impacts of Utah Valley University.
Keywords (these are terms used to find the above resources):
- commercial real estate
- commercial real estate development
- economic impact
- economic impact study
- impact study
- commercial district development
- urban renewal
- urban policy
- city planning
NAR members and Association staff can borrow up to six electronic books, digital audios and/or videos at no cost, through the Virtual Library eBooks Collection.
Members can also borrow up to three books for 30 days from the Library Catalog for a nominal fee of $10. Call Information Central at 800.874.6500 for assistance.
30 Days to Virtual Productivity Success
by Gail Z. Martin
30 Days to Virtual Productivity Success is the busy business owner’s guide for getting more done with less time, making productive contacts online, and using the power of the Internet to turn productivity into profits. It’s an easy-to-read, quick-to-implement resource to maximize time and effort.
Get-Real Selling
by Keith Hawk
The short, pithy chapters of this book distinguish Real Selling from Not-Real Selling. Real Selling says, “My success follows my customer’s success.” Using a consultative approach, salespeople succeed when they improve the customer’s Service to his own customers, his customer’s Economics – profit and efficiency, for instance – and Life, the degree of ease and success the customer gains by using the seller’s product or service. Working in this way, salespeople will improve their own success rates and feel greater satisfaction. From philosophical to extremely practical, the advice and tips in this book will make any salesperson more effective and more fulfilled every day.
iPad 2: The Missing Manual
by J. D. Biersdorfer
With iOS 5, Apple added more than 200 new features to the iPad 2, but there’s still no printed guide to using all its amazing capabilities. That’s where this full-color Missing Manual comes in. You’ll learn how to stuff your iPad with media, organize your personal life, wirelessly stream content to and from your tablet, stay connected to friends, and much more.
The 8 Minute Organizer
by Regina Leeds
Whether you are busy dealing with a demanding job, raising kids, or coping with illness, simply finding the time to get organized can be a challenge. The 8-Minute Organizer to the rescue! The book includes hundreds of systems and tricks–from rapid closet rehab to tackling junk drawers, clutter-busting a room to setting up a mail system. Leeds also offers quick but important daily routines (making the bed), periodic tasks (checking the smoke detector), and fun projects (creating a dream board) to keep up the momentum.
Planning to Plan
by Made for Success
Would you like your team project to come in on time and under budget? Would you like to cut the time for any team task by 50% or more? Would you like to know the one secret that would put you in the top 20% of all teams? Well now you can! With a combination of practical tips, inspiring stories and interactive exercises, just sit back, enjoy the learning and make a difference as you are inspired to do one action better based upon this program. Start PLANning today!
What to Do When There’s Too Much to Do
by Laura Stack
These days, everyone is busy. And when you have too much to do, it’s hard to feel productive. If you can’t do everything, you need to put your time and energy into what will yield the more important results. Laura Stack shows how to hone in on the high-value tasks, protect the time to do them, focus on their execution, and organize your life around the stuff that really matters. Her innovative, step-by-step Productivity Workflow Formula (PWF) allows you to spend less time and achieve greater results than you ever thought possible. We can no longer do more with less – we can’t put in more hours or work harder than we are now – we have to work differently and do less to achieve more.
The Accidental Salesperson
by Chris Lytle
With more than 50,000 copies sold, this book shows even intentional sales pros that success is no accident. Not all salespeople plan on a career in sales. Often, sales chooses them and suddenly they find themselves in a profession they aren’t fully prepared for. The Accidental Salesperson is the answer, providing the advice and inspiration they need to master the essentials and hit the ground running. Fully updated to reflect the changes in the marketplace, the second edition provides a much-needed roadmap anyone can use to excel in sales. Filled with money-generating strategies, humorous yet instructive anecdotes, thought-provoking axioms, and powerful tools, the book includes brand new guidance on: Selling to people who don’t have time to meet Differentiating between information seekers and genuine prospects.
NAR members and Association staff can borrow up to three books for 30 days from the Library for a nominal fee of $10.
Members and staff can also borrow up to six electronic books, digital audios and/or videos at no cost, through the Virtual Library eBooks Collection.
City Rules: How Regulations Affect Urban Form
By Emily Talen
Island Press, 2012
City Rules offers a challenge to students and professionals in urban planning, design, and policy to change the rules of city-building, using regulations to reinvigorate, rather than stifle, our communities. Emily Talen demonstrates that regulations are a primary detriment to the creation of a desirable urban form. While many contemporary codes encourage sprawl and even urban blight, that hasn’t always been the case-and it shouldn’t be in the future.
The Financial Services Handbook
John Wiley & Sons, 1987
This book considers financial services as a single, unified industry, reflecting the unparalleled changes that have occured in the field during the past five years. Taking a practitioner’s perspective, it brings together a wide range of views from executives in all segments of the industry who reflect on problems they have commonly confronted in their fields as the industry amalgamates, how the changes are affecting banks, securities brokers, insurance firms, and other institutions, and their personal experiences and views on how to cope with the changes. Also looks at how financial services will develop through the ’80s and beyond.
Uniform Appraisal Standards for Federal Land Acquisitions
Appraisal Institute, 2000
The Uniform Standards for Federal Land Acquisitions have been revised. Under a cooperative agreement between the Appraisal Institute and the Department of Justice, the 2000 edition of the Uniform Appraisal Standards for Federal Land Acquisitions (the “yellow book”) has been published by the Appraisal Institute and is available as a softcover text.
Mission-Based Marketing: Positioning Your Not-for-Profit in an Increasingly Competitive World
By Peter C. Brinckerhoff
Wiley, 2010
Now in a Third Edition, Mission-Based Marketing is a direct, practical guide showing how you can lead your not-for-profit to success in a more competitive world. This book provides the knowledge and skills you need to build a market-driven organization that holds onto its core values, does a better job of providing mission, and successfully competes for funding, clients, referral sources, staff, and board members.
Strategic Communications for Nonprofits: A Step-by-Step Guide to Working with the Media
By Kathy Bonk, Emily Tynes, Henry Griggs and Phil Sparks
Jossey-Bass, 2008
This is a new edition of Strategic Communications for Nonprofits, which was first published in 1999. It is an up-dated, nuts-and-bolts guide to helping nonprofits design and implement successful communications strategies. The book offers a unique combination of step-by-step guidance on effective media relations and assistance in constructing and developing an overall communications strategy aimed at creating social or policy change.
Land Valuation: Adjustment Procedures and Assignments
By James H. Boykin
Appraisal Institute, 2001
Land Valuation: Adjustment Procedures and Assignments is a basic guidebook to help appraisers successfully complete new or difficult land valuation assignments. It describes the many problems that are encountered in land valuation and illustrates how various land valuation assignments can be performed, using both traditional techniques and innovative, alternative methods.
Fundraising Basics: A Complete Guide
By Barbara L. Ciconte and Jeanne Jacob
Jones & Bartlett Publishers, 2008
As nonprofit organizations face heightened scrutiny by the general public, donors, regulators, and members of Congress, the Third Edition of the essential book on the basics of fundraising provides new, up-to-date and valuable information that every fundraiser needs to know. With ethics and accountability being the primary theme of the third edition, this practical guide will continue to provide an overview of the field and give development staff, managers, and directors a platform from which to operate their fundraising programs. This primer remains a must-have for anyone new — staff or volunteer — to the fundraising field, those wishing to expand their fundraising knowledge, those working in supporting foundations, or those contemplating taking the CFRE exam.
Veteran REALTORS®, the street in literature, ice cream banking, and talk like Inspector Gadget
With the flurry of articles harping on the financial, career, and general life failures of the Millennials, the Fiscal Times’ slide show 7 Recession Status Symbols gives this generation a much needed ego-boost. The sluggish economy gives rise to a socially and eco conscious, non-materialistic, and open-minded generation.
Fanboys around the world are lining up for iPhone 5, released today. The reviews came in earlier this week from the technorati press – most of it positive.
Koenig & Strey is helping veterans become REALTORS®. This program will provide assistance to qualified veterans, including real estate school and licensing fees, NAR dues, insurance and other fees and costs. Veterans are highly disciplined and used to overcoming obstacles—a perfect fit for real estate.
Sometimes you want to have a bit of background music but you’re not sure what you want to hear. Songza, one of Time‘s 50 best websites of 2012, will help you pick based on your mood.
The New Yorker recently noted how several recent novels, as well as some from the past, use real estate or a home as almost a character itself, representing the rise and fall of a family or neighborhood.
Tired of low returns on your savings account? How about interest in ice cream or coffee coupons? One entrepreneur in Pittsburgh has opened a community bank alternative as part of his ice cream parlor after being hit by multiple overdraft fees from his own bank. Customers who deposit $100 can earn $5.50 a year in coupons for ice cream, coffee or waffles. The bank also makes loans and cashes checks. However, there’s no FDIC insurance or other guarantees…
Time for a kitchen remodel? How about a $100,000 stove? Not in the budget this year? Well, here are some kitchen tips and tricks that will make your cooking taste like it came from one.
Shiver me timbers, we missed international talk like a pirate day! But being an outlaw means breakin’ some rules. Have a belated celebration with the natural pirate beverage – rum!
Flowers are not only beautiful to look at, but will boost your productivity. Having flowers at your desk and in your office can ease depression and negativity and promote creativity.
‘Handsfree’ is certainly a popular term in mobile phone technology, but a new invention goes to the other extreme. Hi-Call Gloves have a built in mic and speaker so you can look just like Inspector Gadget as you listen through your thumb and talk through your pinkie. Of course you’ll also look crazy, but at least your hands will be warm as you talk. Still in the development stage, the gloves use bluetooth technology so are compatible with most smart phones. And capacitive touch build in so you can text and surf Facebook without taking the gloves off.
Updated in the Library at Realtor.org:
Directory of Real Estate Research Centers
NAR members have access to a wealth of information relating to the real estate industry from our website, Realtor.org. Now we are providing members with alternate resources to assist in their success. Various academic institutions and independent organizations around the U.S. have established research centers to study real estate-related issues and trends. These resources include state and local association library/research sources, as well as Internet sites. The following directory includes contact information for many of these research centers.
Electronic Signatures
In 2000, President Clinton signed the Electronic Signatures in Global and National Commerce Act. Find out what defines an electronic signature, learn about the benefits of eSignatures in real estate, and explore the legal issues.
Flood Insurance
Do you need flood insurance? Hurricanes and heavy rains can cause floods in flood prone areas, and regular insurance does not cover flood damage. Are you in a flood plain?
Marketing Tips for REALTORS®
Marketing is an essential ingredient for the success of any business. The material on this updated page will give you a wealth of information to help you market your expertise to potential customers. It includes special sections on how to build your personal promotion campaign, increase your presence in a niche market, and strengthen your marketing plan.
Recently a Massachusetts REALTOR asked for research on split-tax rates for real property tax. His community had a single tax rate for residential and commercial properties but was thinking of breaking them apart so commercial properties would be taxed at a higher rate. He was worried about the impact on future business development and growth in the community. Our research shows that “split tax rate,” “dual tax rate,” and “classification law” are the most commonly-used terms for this type of tax in Massachusetts. Research on California tax discusses a “split roll” tax so we searched on that too.
Below are results of our search, showing reports/studies, tax rate comparison reports, and news articles on split tax rates. Search for news articles were limited to Massachusetts communities, but there are lots more out there for other states.
Reports/Studies
An Analysis of Split Roll Property Tax Issues and Impacts, (Pepperdine University School of Public Policy, Mar. 2012).
Executive Summary: Despite dramatic increases in state revenues over the past decade, even greater spending increases, coupled with the nation’s recent economic collapse and weak recovery, have left the state of California with a budget deficit estimated at between $10 and $20 billion. Advocates for closing the gap through tax increases have introduced a series of proposals for new ways to increase state revenues. One proposal that has received significant discussion periodically over the past several decades, and is again being discussed, is the elimination of the caps on property tax increases for businesses included in Proposition 13, which is often referred to as the “split roll” proposal. This study was undertaken to review the split roll proposal and to assess the prospective impact on the state economy if a split roll tax regime were adopted…Overall, this study finds that a split roll property tax regime would have a significant and detrimental impact on the state’s economy, especially at a time when the California economy is struggling.
An Introduction to Two-Rate Taxation of Land and Buildings, (Federal Reserve Bank of St. Louis Review, May/Jun. 2005).
Abstract: When taxing real property at the local level in the United States, land and improvements to the land, such as buildings, are generally taxed at the same rate. Two-rate (or split-rate) taxation departs from this practice by taxing land at a higher rate than structures. This paper begins with an elementary discussion of taxation and the economic rationale for two-rate taxation. In theory, moving to a two-rate tax reduces the deadweight losses associated with distortionary taxation and generates additional economic activity. The paper also provides a history of two-rate taxation in the United States and a summary of studies attempting to quantify its economic effects. Discussions of the practical and political challenges of implementing two-rate taxation complete the paper.
Assessing the Distributive Impact of a Revenue-Neutral Shift from a Uniform Property Tax to a Two-Rate Property Tax with a Uniform Credit, (National Tax Journal, Jun. 2005).
Abstract: A number of economists have argued that a property tax with a lower rate applied to improvement values than to land values is superior to a property tax with a uniform tax rate that yields the same total revenue. This paper explores the statutory incidence of shifting to two-rate property taxation from single-rate property taxation. The authors recommend a tax credit provision to mitigate the regressive tendencies of this type of tax reform.
‘Splitting the Roll’ – What are the Implications for Business and Tax Policy, (Real Estate Taxation, Third Quarter 2004).
Abstract: Property taxes exist in all states although exemptions, rates, and the tax base vary from jurisdiction to jurisdiction. On average, 72.3% of local taxes collected are property taxes.1 Thus, the property tax is a crucial tax for local governments. Many states have limitations, and sometimes prohibitions, on local governments assessing income taxes. Thus, local governments often look to the sales tax and property tax when additional revenue is needed. The discussion below will focus on what some states, most notably California, have proposed over the past few years to increase property tax revenues. In particular, it will examine what are often referred to as “split roll” proposals because they propose to tax real property owned by businesses differently from that of homeowners. The property tax is an ad valorem tax based on a percentage of the value of property. Real property is taxed by the jurisdiction in which the property is located (rather than where the owner resides). Jurisdictions often have different categories of real property. Typically, a function of the different categories is to enable different rules to be applied to each category. Such differences may be in tax rates, due dates, assessment procedures, and assessment ratios. Common categories are residential, commercial, and agricultural. Categories may be further broken down into public utility, mineral, and industrial.
Split Rate Property Tax Guide, (Instant Advocate, California Transportation and Land Use Coalition via HousingPolicy.org, 2004).
This toolkit provides a thorough examination of how to implement a split-rate property tax system, and includes case studies of cities that have adopted a similar system, economic analyses of the costs of implementation, and links to even more information (source: HousingPolicy.org).
Businesses Shoulder Higher Property Tax Burden Under State’s “Classification” Law, (Massachusetts Taxpayers Foundation, Nov. 19, 1998).
This is a news release with a summary of the MTF report; I was unable to locate the full report. This summary provides a history of the split tax law in Massachusetts, here named the “Classification” law.
Tax Rate Comparisons
Number of Communities with Split Tax Rates, (Mass.gov – Official Website of the Department of Revenue, no date). Scroll to Excel document titled “Number of Communities with Split Tax Rates” near the bottom of the page.
50-State Property Tax Comparison Study, (Minnesota Taxpayers Association and Lincoln Institute of Land Policy, 2011). Compares residential and commercial property tax rankings for all states.
The Fallacy of a Dual Tax Rate: Presentation to Wellesley Board of Selectmen, (Innovation & Information Consultants, Inc., on behalf of Wellesley Chamber of Commerce, Sept. 26, 2011).
Provides background, implications, and equity/fairness issues on dual tax rates, as well as comparisons with tax rates of other Massachusetts communities. Concludes that dual tax rates do not increase tax revenue.
News Articles
- Narrow The Tax-Rate Gaps, (WBJournal, Jun. 25, 2012)
- Dueling Over Dual Tax Rates, (WBJournal, Updated Apr. 19, 2012)
- Business, homeowners wary of shouldering more taxes, (Wellesley Townsman, Oct. 19, 2011)
Value-killing remodeling, new iPhone, testing Bing vs. Google
As more and more housing markets improve, homeowners are beginning to consider pulling up stakes to head to a new home. But before you place your home on the MLS, consider those recent renovations. How are they going to impact your final price? Koi pond, garden gnomes, new pool, man cave, or whatever. All could potentially turn off prospective buyers or give them an area to haggle over price. Beware of these and other value-killing remodeling ideas if you hope for top dollar.
Using an iPad right before bedtime can wreck your sleep, according to the Lighting Research Centre, at the Rensselaer Polytechnic Institute. The screen’s blue light suppresses melatonin, which helps us fall asleep. The study found that if viewers wore orange goggles that cut out the blue light, melatonin was at normal levels. Don’t want to look like a dork though? The study also suggests using a dimmer display or just avoiding using the iPad right before bed.
Apple launched it’s latest iPhone iteration this week. The iPhone 5 features a larger screen, new processor, and a host of other features, though some are claiming it’s a boring upgrade. New iPhone sales, however, could increase the GDP by 0.5% , adding $3.2 billion to the economy. J.P. Morgan’s analysts expect Apple to sell around 8 million iPhone 5s in the fourth quarter. They expect the sales price to be about $600. With about $200 in discounted import component costs, the government can factor in $400 per phone into its measure of gross domestic product for the fourth quarter.
Most of us are guilty of blindly searching the Internet—we open what is convenient, fast, and comfortable. Much of the time the result is using Google to search. However, Microsoft’s Bing is contending for a piece of the search engine market with their head-to-head comparison game. Google still beat out Bing for our searches, but the results were mostly a draw. How about for you? Bing gives you ‘helpful’ search suggestions but do you think those might be skewed a bit? Anyway, try your own and see what happens.
Email deluge can overwhelm the best of us. An extension for Google’s Gmail allows users to ‘pause‘ their inbox. All messages will wait to be delivered once the pause button is turned off. You can even set up a auto-response letting people know that you’re taking a break and if it’s urgent please contact you some other way. Really though, why not just close your email? It’s the same thing really….
Google added new functionality to its ubiquitous search engine. Now you can find how far your favorite star is from Kevin Bacon with one quick search. Based on the popular ‘Degrees of Kevin Bacon’ type ‘bacon number’ (without the quotes) and a star’s name. Hence a search of bacon number lana turner reveals the actress has a bacon number of 2. Rin Tin Tin? 3 The furthest out I can find is much more current: Justin Bieber is a 4. The result also gives you a the path of how they are connected.
Instead of old Beanie Babies and 8-track tapes, a woman in West Virginia bought a painting with a pretty frame. The pretty painting turned out to be a Renoir. After holding on to the painting for two years, she had it evaluated at the Potomack Co. auction has, where it was verified by experts to be a genuine Renoir painting. The anonymous (and lucky) owner is expected to get at least $75,000 at auction. At that next garage sale down your block, look carefully and you might strike it rich!
REALTOR® Safety, Powering Gadgets, and Public Relations
*****
September is REALTOR® Safety Month! In honor of this important topic, we’re reading a number of books on workplace safety, preventing identity theft, and more. Check out our library’s digital collection of safety related books here checkout books for free for up to 21 days. Speaking of free things, Kiplinger’s recent article details some of the best-of-the-best when it comes to freebies (the tip about Microsoft’s Security Essentials is particularly good–it is a great free resource for malware protection).
Has a bookmobile come to your neighborhood, or did you encounter bookmobiles as a child? This fun slide show showcases bookmobiles of past and present. What a great way to make libraries more accessible!
Most REALTORS® are very mobile–spending much time travelling between showings and the office. This makes powering the gadgets that fuel business difficult. CNN shares resources to help you stay connected. However, all the devices in the world will not protect you from bad PR and branding. This story of popular food chain Panera presents positive proof of the power of good branding and PR: how can you and your colleagues incorporate this ideology into your marketing mix?
Lactose intolerant? You can stop reading now. For the rest of you: the Daily Meal shares details on making the ideal grilled cheese.
Recently we received a research request from a REALTOR® on how to market waterfront properties. Read on below for our resources, tidbits, and data findings.
From REALTOR® Magazine:
Marketing top-line features for luxury buyers, (REALTOR Magazine, Jan. 2011): “For Vanderbilt Residences, a year-old residential waterfront development in Newport, R.I., figuring out the defining luxuries inside each of the 16 furnished units was an important first step. There are a lot of vacation homes in the area, and an equally high number of listings along the water.”
Own your niche, (REALTOR Magazine, Jul, 2009): “He built an intricate database of people who owned homes or vacant lots there and then categorized properties by waterfront, lake view, and golf course. He launched a postcard campaign that gave home owners an Apple Valley State of the Market Report, he advertised in the community’s monthly newspaper, and he snapped up a memorable URL, www.applevalleyohio.com. The year after developing his niche, his team’s sales total climbed to 322. The next year, it surpassed his sale-a-day goal, with 380 transactions.”
Get creative with our listing, (YPN Lounge Blog, Feb. 9, 2011). “We’ve been in the New York Times, Wall Street Journal, and on every online venue we should be. We’ve targeted the agents selling high-end waterfronts with glossy mailers and e-mails. We spent a lot of money having two video tours done – the client didn’t like how the first one came out, so we had to hire a second videographer from New York for a reshoot. The new video came out great and really captures the essence and value of the property being a waterfront. The next step was to make sure people actually see the video. My partner created a killer website for the property. Our listing has a Facebook fan page and Twitter account where I upload new photos and host online contests, etc.”
The prospect warm-up, (REALTOR Magazine, Mar. 2011): “DeBord does that through his Web site and blogs. “We publish as much relevant and useful data for our clients as possible, from market updates to neighborhood guides,” he says. DeBord also writes a monthly blog post for his local newspaper analyzing price trends and reporting significant waterfront home sales.”
Multifamily attracting foreign investors, (REALTOR Magazine, Jun. 14, 2012): “It’s going to be a hot market for the next 18 months to two years” Fisher says. “If you can secure a multifamily property, it will bring off-the-charts money because that’s what buyers want in today’s marketplace […] Waterfront properties are also in high demand right now — I literally receive one or two calls a day from investor pools looking for waterfront multifamily properties.”
Man tries to sell not just home but life on eBay, (REALTOR Magazine, Aug. 13, 2012): “A man is offering up not just his Florida waterfront home and rental condo, but also basically all of his possessions and investments together on eBay, with the asking price of $3.5 million. Shane Butcher decided that instead of dying owning a bunch of his investments, he wants to cash out now so he can reap the financial benefits earlier. He’s offering up a waterfront Tampa Bay home, a rental condo, three cars, kayaks, video games, his gaming business called “RU Game?” with three chains, Blu-Ray players, kitchen appliances, paintings, TVs, and more. Butcher says his homes, cars, business and everything else is all paid off in full. He says he’s looking for a fresh start.”
From Realtor.org:
Stebbins v. Wells: Serious Erosion Problem Could Require Disclosure, (2001)
Stop the Beach Renourishment, Inc. v. Florida Dept. of Env’l Protection: No Taking Found in Florida Case, (2010): “Florida law provides that the state owns all submerged land under navigable waters and the land between the low tide line and the mean high-tide line. Waterfront property owners own the land up to the high-tide line. These property owners have the right to access the water, right to receive “accretions” from the water, and the right to an unobstructed view of the water. A property owner receives ownership of land gradually added to his/her land through accretion (i.e., land created by deposits naturally added from the water source); however, sudden changes causing additional dry land on a beach is an “avulsion” and the state retains the ownership of that property.”
Articles in the ProQuest database:
Heinrich, J. & Kashian, R. (2010). Pricing the homebuyer’s proximity to open land. The Journal of Applied Business and Economics, 11.1: 80-88.
Wyman, D. & Sperry, S. (2010). The million dollar view: A study of golf course, mountain, and lake lots. The Appraisal Journal, 78.2: 159-168.
Clark, C. S. (2012). Hard sell. Government Executive, 44.5: 29-33.
Hoen, B., Wiser, R., Cappers, P., Thayer, M. & Sethi, G. (2011). Wind energy facilities and residential properties: The effect of proximity and view on sales prices. The Journal of Real Estate Research, 33.3: 279-316.
Cazzin, J. & Chapin, A. (2011). Dream city deals. MoneySense, 13.3: 69-72.
eBooks* in the NAR Library for free 21-day checkout to NAR members:
We also have numerous eBooks on sales and marketing topics, including this book, Selling Luxury by Robin Lent (2009). If you’re interested in checking out eBooks, first download the free Adobe Digital Editions software required to view/read eBooks.
Inman also has a few articles related to waterfront properties.
Books in the NAR Library’s print collection (accessible to all REALTORS®; order up to 3 at a time for a shipping fee of $10):
Remaking the urban waterfront (2004)
