Tag Archives: mark stapp

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Healthy Side Effect: ACA's impact on CRE, sustainability

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" width="200" height="301" /> Mark Stapp, professor of real estate practice and executive director of Arizona State University’s Master of Real Estate Development program.

There’s another trend growing out of the Affordable Care Act’s (ACA) emphasis on wellness. Mark Stapp, a professor of real estate practice and executive director of Arizona State University’s Master of Real Estate Development program at the W.P. Carey School of Business, says the trend can benefit Arizona’s economic development efforts.
“You say sustainability, and people think about energy, green building and conservation,” he says. “In reality, sustainability also includes a healthy workforce. When the workforce is healthy, productivity increases.”
Stapp says a combination of Millennials’ lifestyles combined with an aging boomer population means changes in development patterns. “Improved healthcare and an emphasis on wellness shifts where and what space is in demand. The population wants healthy places to live.”
Stapp sees the trends as drivers bringing populations closer to city centers. He also believes a healthy community is a big economic development selling point.
“The movement (in the Affordable Care Act) is to maintain and improve health rather than fix it,” he says. “This is crucial with the shortage in primary care physicians. It also means that healthy living is going to become integrated in other areas of the community.”
Stapp sees new business models developing around the ideals of healthy living. “As (the ACA) evolves, its policies will change and encompass a broader range of health care and wellness options. Integrative healthcare will become far more important,” he says.
What this means to economic development, Stapp explains, is that healthy cities are more productive.
“Supporting healthy lifestyle choices becomes a competitive advantage,” he says. “This is a direct shift of a portion of healthcare responsibility from insurance companies to communities.”
Changing the types of medical practices and patterns will also change building design and usability. “Real estate has value to support an activity,” he says. “If an activity goes, so does building value.”
Stapp sees a gradual change in office environments. “There is a shrinking demand for space. Can medical campuses withstand the test of time?” he asks. The bigger pie, in terms of health care and wellness, he says, is to look ahead to rapidly emerging trends that may make today’s medical office infrastructure useless.
“People are capital,” says Stapp. “Businesses are going to protect capital, and that is going to lead to adaptation when the demand creates new opportunities with different office uses.”

Phoenix-Area Housing Market

How to Survive the Phoenix-area Housing Market

The Phoenix-area housing market is especially difficult for home buyers to navigate right now. They face rising prices, competition from investors and other bidders, and a short supply of available homes for sale. That’s why The Arizona Republic and the ASU Real Estate Council at the W. P. Carey School of Business are hosting a free event to help people sort through the complications.

“We keep hearing from potential home buyers how tough it is to deal with current conditions in the Valley housing market,” says Catherine Reagor, who covers the real estate market for The Arizona Republic and azcentral.com. “This is one way to help.”

The event called “Phoenix Housing Market Explained” will be held Saturday, April 6, starting at 9:30 a.m. at Arizona State University’s Tempe campus.

It will feature:

* Catherine Reagor, senior real estate reporter for The Arizona Republic
* Mike Orr, director of the Center for Real Estate Theory and Practice at the W. P. Carey School of Business
* Mark Stapp, the Fred E. Taylor Professor in Real Estate and director of the Master of Real Estate Development (MRED) program at the W. P. Carey School of Business

The three will participate in a panel discussion and then take questions from the audience. Reagor will offer insight into what she’s seeing as buyers and sellers negotiate ever-changing market conditions…and prospective buyers try to secure a mortgage.

Orr, a prominent real estate expert whose monthly reports on the Phoenix-area housing market are often covered by the national media, will talk about many factors that could affect prospective home buyers right now.

“Everything from investors to rising prices and the short supply of houses are coming into play for people who want to own a new home,” says Orr. “It can be frustrating to bid repeatedly for properties and still come up dry. I’ll go over some of the latest data that could help provide an edge.”

Stapp, an established real estate developer himself, will moderate the discussion and explain current trends in new-home building.

The event will be held in the Business Administration C-Wing Building, or BAC, at 400 E. Lemon St. at ASU in Tempe. Parking is available just across the street at the intersection of Apache Boulevard and Normal Avenue. Signage will direct participants from the garage to room BAC 116 on the first floor of the BAC building.

Because space is limited, registration is encouraged at conversations.azcentral.com. More information about the event can be found at www.money.azcentral.com, www.wpcarey.asu.edu, or by calling (602) 444-4931.

More information about the Valley real estate market is available in the W. P. Carey School’s monthly reports at http://wpcarey.asu.edu/finance/real-estate/market-reports.cfm.

Online Real Estate

W.P. Carey School Offers New Online Real Estate Program

From the foreclosure crisis to roller-coaster home prices and a trove of new investors, we’re watching the world of real estate dramatically change. This evolution has some real estate professionals looking to blur the lines between what they do now – and what they can do.

For example, general contractors may see opportunities to complete their own real estate projects, and some realtors are looking into buying homes for renovation and investment. A new online program from the W. P. Carey School of Business at Arizona State University will help address this.

“We’ve been talking with real-estate industry groups, and they see a need for a flexible, convenient program to provide an overview of the development process for current real estate professionals who want to expand their horizons,” says Mark Stapp, the Fred E. Taylor Professor in Real Estate at the W. P. Carey School of Business. “We designed the new online Real Estate Development Certificate program for this purpose. It teaches real estate fundamentals, law, investments and land development, all in an easy-to-use format from a top business school.”

The new online program is essentially a real-estate development education sampler, which lasts nine months. The first classes will begin on Oct. 1. Industry groups, including the Urban Land Institute (ULI), the Valley Forward Association and the National Association of Industrial and Office Properties (NAIOP), have already taken an interest, and members will be eligible for a discounted tuition rate.

“In addition to the basics, we’re going to focus on responsible community development and themes like sustainability and creating real value for customers,” explains Stapp, an instructor in the new program and a developer himself. “There’s a new era of real estate construction emphasizing fewer cookie-cutter homes and more focus on buyers’ needs. We want to help real estate professionals deliver an even higher level of service to their clients, make better business decisions, and better position their products and their companies for revenue growth.”

Until now, Stapp only taught in the school’s Master of Real Estate Development (MRED) program, an in-person, one-year program for mid-level real estate professionals. He’s executive director of that program, which is in its sixth year and enrolls students from eight countries, who learn about design, law, construction and business. Many of the same seasoned faculty members will teach in the new online program.

Applications are already being taken for the new certificate program, and more information can be found at www.wpcarey.asu.edu/REDcert. Additional information about the in-person MRED program is available at www.wpcarey.asu.edu/mred. The school will also soon launching a new online publication about its real estate research and programs called knowRE, which will be available to the public at www.knowwpcarey.com/realestate.

real estate market

Real Estate Market Is Recovering, So What’s Next?

As job numbers and consumer spending begin to rise post-recession, the real estate market is also starting to recover. But will we see a repeat of massive growth, skyrocketing prices and cookie-cutter homes? One expert from the W. P. Carey School of Business at Arizona State University analyzes likely future trends.

“We have a lot of people looking at the same real estate data and making decisions at the same time,” explains Mark Stapp, the Fred E. Taylor Professor in Real Estate and director of the Master of Real Estate Development (MRED) program at the W. P. Carey School of Business. “This is how markets wind up with overbuilding and speculation, but I’m actually hopeful that won’t happen in the Phoenix metro area this time. After the recent bust, real estate professionals are paying more attention to differentiating projects and focusing more on users’ wants and values. Also, lenders are enforcing more discipline.”

Stapp says the Phoenix area is one of the markets with the most abundant real estate market data available. On the residential side, Stapp is seeing the emergence of different products to meet people’s changing needs.

“We’re watching the development of new luxury apartments that are big enough to comfortably house families,” says Stapp, who is both a real estate developer and who teaches real estate to mid-level professionals. “Many former homeowners have either decided to get out of the single-family home market because of their recent experiences or they simply can’t buy another home because of credit issues. Renting may be their best alternative.”

In addition, Stapp says it’s tough to get many existing homeowners to sell their houses with prices still down from the peak; they don’t want to lose money. Therefore, developers are introducing new alternatives that might be appealing. They’re integrating more sustainable, energy- and money-saving features. They’re also trying out new designs that appeal to changing lifestyles.

“Real estate is a service business, and developers have to deliver what the customers want,” says Stapp. “We’re already seeing more interest in new-home sales, and developers are getting creative. For example, there’s a very modern Dutch-designed model home from a major local builder. In the past, a risk like that would have been shunned in favor of more cookie-cutter homes that all look similar.”

Developers are also focusing on filling in desirable areas already close to roads and development, instead of building on the outskirts, where new homeowners may be reluctant to live. The median home price in the Phoenix area is already up 25 percent from this time last year, and new-home sales are up more than 40 percent. Plus, Stapp says it won’t be that long for many of those who filed for bankruptcy and/or lost their homes to foreclosure to get back into the real estate market.

“The Federal Housing Administration (FHA), Fannie Mae, Freddie Mac and the Department of Veterans Affairs (VA) all allow people who’ve filed for bankruptcy to get loans after several years,” explains Stapp. “Some developers are planning for that now, since it takes around two years from start to finish on these building projects.”

On the commercial side, Stapp says office-space needs have permanently changed. Thanks to advancements in technology and more forced productivity from fewer employees, more people and equipment can now fit into the same amount of office space. Also, some older buildings just don’t have the right configuration for modern equipment, and parking may be lacking. Therefore, Stapp thinks it will take longer for this sector to recover. However, he feels industrial space is already back in pretty good shape in the Phoenix area, though the situation is fragile.

“If they pull the trigger on too many projects, it will be like overgrazing,” says Stapp. “We don’t want to overbuild again, which would ruin the market for everyone.”

Stapp would like to see a little more regional development planning, plus a good look at the current property-tax structure. He also advocates more self-control.

“Hopefully, the recent fall has instilled a sense of discipline in the real estate community,” concludes Stapp. “Making money in real estate has always been about transactions – buying and selling. Banks make money when they loan; architects make money when they design; construction crews make money when they build. We all have to start putting more time into thinking and planning, even if that means postponing a pay day.”

Stapp is one of the industry experts teaching in the one-year Master of Real Estate Development program at the W. P. Carey School of Business. The program immerses students in the various facets of real estate development, including business, law, design and construction.

For more information about the MRED program and the real estate market, visit www.wpcarey.asu.edu/master-real-estate.