Sustainable Developments

Sustainable Developments

One Bryant Park

The most interesting thing about One Bryant Park is how efficiently the building operates. OBP combines multiple cutting edge methods to save energy:
     1. Ventilation: The building has a state of the art system that will take in air, clean it, circulate it through the tower, and expel it into the city.
     2. Recycled Water: The building has an advanced reclamation system that will collect rainwater, storing it in large tanks. The rainfall is reused throughout the tower to help supply water systems for the skyscraper.
     3. Glass: A new crystalline facade will help keep the heat out, lowering dependence on interior lighting and air conditioning, saving on electricity.

In addition to the interesting energy-saving elements within the building, it was also neat to learn about the difficulties and rules of constructing a skyscraper in a dense area like midtown Manhattan. Builders couldn't blast, so it took them a year to dig the foundation of One Bryant Park.

Another Sustainable Project: One World Trade Center
Once finished, One World Trade Center, otherwise known as the Freedom Tower, will be the most environmentally sustainable building of its size in the world. Once the building is fully operational, it is expected to draw as much as 70% of its power from green energy. Through using fuel cells, waste steam recycling, world-class mass transit, recycled rainwater, "green cement", and a multitude of other green technologies, the Freedom Tower will be extremely efficient and environmentally friendly.

Unique Green Material: Green Cement

Green cement is an interesting building component - especially considering the increasing number of people moving into cities demanding more office spaces and residential buildings. Green cement incorporates and optimizes recycled materials. The manufacturing process reduces and sometimes eliminates harmful byproducts such as CO2.

Real Estate Trends

Real Estate Trends

According to a report published by Urban Land Institute (ULI) and PwC, of all the generations, Generation Y is the most likely to live in a medium-sized or big city, and this generation expressed the most interest in living in a large city in the next five years. This move to urban areas is a large and growing trend within the real estate market.

I'm about to move to New York, and although the apartment building I'll talk soon talk about doesn't quite fall into a recent college grad's budget range, it's still a fascinating development and speaks to the growing need for innovation and space efficiency in a large city like New York.

200 Eleventh Avenue

I first saw this apartment building in West Chelsea on Million Dollar Listing, and it immediately attracted my attention. It's one of the most expensive apartment buildings in New York's trendy Chelsea neighborhood, boasting the first ever en-suite sky garage, allowing each apartment owner to park their car on their floor. As more and more people move into the city from all income levels, there will be increasing demand for unique properties to meet needs at all prices.

What RE To Invest In

What Real Estate to Invest In

When looking at what kind of real estate to invest in, I recommend buying agricultural land in central Texas. I'm from La Grange, located halfway between Austin and Houston, and have grown up watching the value of recreational land increase. My dad works in this business, and with more and more people from cities looking for agricultural land in central Texas, I see it as a good investment. If you buy a large property (200+ acres), there is a lot of potential to make a profit by splitting the land into smaller tracts and selling at a higher price per acre.

Personally, I recommend a 369 acre property outside of Schulenburg, TX. It has I 10 frontage, and is listed for $2.9 million. The main house on the property is 6880 sf, has 4 beds and 4.5 baths, a pond, creek, pool, barns, pens, and an additional house. Because of the opportunity to improve the home and split the large acreage into smaller tracts (with major road access), I think this specific property could be a good investment.

Foreclosure

Foreclosure

Death Caused by JPMorgan Chase Foreclosure

This is an example of non-judicial foreclosure. JPMorgan Chase foreclosed on the home a few years ago, but the controversy stems from the allegation that Chase gave the family of Harry Engel, a retired minister, misleading advice that led to foreclosure and eviction. The situation is intensified because Engel's wife claims the foreclosure and eviction caused so much stress on her 79 year old husband that it triggered his death. The family is suing Chase for wrongful death and wrongful foreclosure and eviction in addition to other claims.

JP Morgan Chase claims they never foreclosed on the home. The Engels claim they were current on mortgage payments but that in early 2009, the bank advised them to miss a payment so the family could qualify for government refinancing. The bank then rejected the refinancing request, sending a representative to the Engel home to enforce the eviction notice. 

Although we cannot be sure of exact details within the situation, it is likely that foreclosure happened because of misleading advising by JPMorgan Chase. It is unfortunate that such an event would occur, and this is not the only instance in which banks have been accused of this kind of act.

La Grange, Texas

My Hometown

I grew up in La Grange, Texas. It's a quaint and charming small town, full of history and families with deep roots in the county. La Grange is located about halfway between Houston and Austin along the Colorado River. 

The town is steadily growing, sitting at a population of around 5,000 in 2010. La Grange has an area of 3.6 square miles. The 2000 Census reported that La Grange had 2,067 housing units at an average density of 579.4 per square mile. The racial makeup of the city was 74.27% White, 10.36% African American, and 12.19% from other races. Hispanic or Latino of any race were 20.81% of the population. The median age was 38 years. For every 100 females there were 88.5 males.

Median income for a household in 2000 was $31,392, and median income for a family was $39,718. About 13.4% of the population was below the poverty line.

La Grange is a weekend destination for many people looking to get away from the city. The town square is full of boutiques and restaurants, including a local coffee shop and wine bar. When in town, many people visit Monument Hill State Park and the historic Kreische Brewery. The Texas Czech Heritage Center is also located in La Grange. Residents and visitors alike enjoy the local bakeries nestled throughout the town, as well frequenting old dance halls throughout the county. La Grange is the overnight stop for the MS 150 race which runs from Houston to Austin, and with the Colorado River and Fayette Lake nearby, its a perfect place for those seeking outdoor adventures. 

View of the Colorado River from Monument Hill State Park

Fayette County Courthouse

One side of "The Square" in Downtown La Grange

Property Rights

Real Estate vs Real Property

Real Estate is the physical land and improvements or buildings affixed to the land. Real estate is immobile and tangible. 

Real Property includes all interests, benefits, and rights inherent in the ownership of physical real estate. 

Recently, Cliven Bundy has been in the news regarding property rights. This Nevada rancher wanted to graze his cattle on federal land without paying a grazing fee. The government claims Bundy owes $1.1 million in grazing fees and penalties. The issue has since escalated politically, but at the heart of the matter is the question of property rights and government power.

Private Restrictions on Real Estate

These are private limitations on the fee simple ownership rights that generally run with the land.

Video Related to Private Restriction on Real Estate:

ABC News Investigation Helps Save Woman's Home: Attorney Disbarred After Complaints Roll in About Mortgage Modification Company

Public Restrictions on Real Estate

This is when governments create limitations on the ownership of real estate. It includes taxation, eminent domain, police power, and escheat.

Video Related to Public Restriction on Real Estate:

Minnesota Family Fights to Keep Land in Eminent Domain Case

Central Park

One of my Favorite Pieces of Real Estate

One of my favorite places in the world is Central Park in New York City. After living in NY this summer, I came to grow parks even more than before. In a concrete jungle, a beautiful park is an oasis at any time of the day. I would often walk a few blocks up from our office on 6th Avenue to Central Park after work just to relax. One of my favorite things to do in Central Park is go rowing (in the summer) and ice skating (in the winter). There are so many amazing places to explore, and for a city of so many people, you truly feel like you're getting away from the hectic craziness of life in NY when you adventure in Central Park.

At Top of the Rock with Kendall Pfister '13 on the Business Fellows Trip to NY 

Central Park in the background

Rowing in Central Park