Publications

August 2003 (Revised March 2004)
Case

Waltz on the Danube

By: Arthur I Segel, Vincent Dessain and Anais Loizillon

Describes the intricate parts of an early real estate deal from the standpoint of the developer including feasibility analysis, market choice, acquisition of land, project development, design and construction issues, investment returns, and equity financing issues.... View Details

Keywords: Joint Ventures; Management; Property; Project Finance; Real Estate Industry; Germany; Hungary

April 2002
Case

The Cardon Family

By: William J. Poorvu and Melissa Yin-Yin Lam

Wil Cardon is the third-generation steward of his family's real estate land development business. He grapples with issues of business structure, intergenerational business, compensation, and family values. This case includes in-depth discussion of the land development... View Details

Keywords: Business Ventures; Family Business; Entrepreneurship; Values and Beliefs; Compensation and Benefits; Family and Family Relationships; Real Estate Industry

August 1999
Background Note

Note on Property Types

By: William J. Poorvu and Daniel J. Rudd

Commercial real estate in the United States can be divided into five distinct property types: apartment, office, hotel, industrial, and retail. This note presents the important characteristics of each of these five property types and highlights the "value drivers" for... View Details

Keywords: Organizational Structure; Property; Commercialization; Value; Real Estate Industry; United States

November 1999 (Revised April 2008)
Case

Revere Street

By: Arthur I Segel, John H. Vogel, Jr., Lisa Strope and Erich Dylus

Although inexperienced in real estate, Edward Alexander hopes in June 1999 that youthful enthusiasm and an $80,000 inheritance will help him enter the real estate business. His experience chronicles the process of finding, evaluating, and acquiring a four-unit... View Details

Keywords: Acquisition; Investment; Housing; Real Estate Industry; Boston

January 2011
Case

A Slice of the Pie: Ruby Collins and Tenants in Common

By: John D. Macomber and Kristian Peterson

A securitized small real estate investment vehicle fails and the many individual owners have to decide how to manage or dispose of the asset. This case follows Ruby Collins, a small investor, through the logic of Section 1031 Like Kind Exchanges as well as the... View Details

Keywords: Financial Instruments; Investment; Risk Management; Ownership Stake; Partners and Partnerships; Valuation; Real Estate Industry

06 Jun 2014
Video

Sid Yog - Making A Difference

15 Jun 2008
News

Turning 'dirt to dollars'

May 2021
Teaching Plan

Gera Developments: Leadership at a Crossroads

By: Christina R. Wing and John Masko

Teaching Plan for HBS Case No. 621-018. For decades, Gera Developments (Gera) was a boutique family-owned real estate development firm in Pune, India. But since 2000, managing director Rohit Gera had turned the company into a dynamic innovator in housing solutions for... View Details

Keywords: Buildings and Facilities; Business Growth and Maturation; Construction; Geographic Location; Global Strategy; Globalized Firms and Management; Housing; Leadership Style; Management Succession; Organizational Change and Adaptation; Organizational Culture; Family Ownership; Family and Family Relationships; Urban Development; Customization and Personalization; Real Estate Industry; Maharashtra; India; San Francisco

June 1991 (Revised November 2004)
Case

John Jacob Astor, 1763-1848

Astor, the wealthiest American of his time, engages in fur trading, shipping, real estate investment, and general merchandise trading. Astor's career illustrates the immediate pre-modern management era: types of decisions, time horizons, and number of transactions. View Details

Keywords: Business or Company Management; Business History; Personal Development and Career; United States

May 2000 (Revised January 2003)
Case

Health Development Corporation

By: Richard S. Ruback

Health Development Corp. (HDC) owns and operates health clubs in the Greater Boston area. HDC engaged a local investment banker to explore a sale of the company. The most likely buyer views HDC's prior purchase of real estate as a negative. HDC's management is... View Details

Keywords: Cash Flow; Property; Business Exit or Shutdown; Valuation; Value; Decisions; Health Industry; Boston

December 2008
Article

The Credit Crisis of 2008: Causes, Consequences and Implications for India

By: V.G. Narayanan and Lisa Brem

This article gives a brief overview of the causes and consequences of the current global credit crisis. The article then discusses the benefits and potential drawbacks of real estate loan securitization in India, and what India can do to realize those benefits while... View Details

Keywords: Financial Crisis; Credit; Mortgages; Real Estate Industry; India

Find at Harvard

May 1996 (Revised May 1997)
Case

Colliers International Property Consultants, Inc.: Managing a Virtual Organization

By: Lynda M. Applegate and Carin-Isabel Knoop

In less than 20 years, the real estate firm Colliers International expanded into a federation of 180 offices with close to 4,500 professionals in over 30 countries. Because Colliers expanded by signing up existing firms strong in their local markets, its leaders had to... View Details

Keywords: Demand and Consumers; Globalized Firms and Management; Management Practices and Processes; Service Operations; Information Technology; Organizational Structure; Mergers and Acquisitions; Business Strategy; Budgets and Budgeting; Real Estate Industry

In this video, produced by the National Committee on U.S.-China Relations, Prof. Rithmire speaks with Keith Abell about how the Chinese economy became so reliant on real estate development and debt and what the Evergrande crisis means. View Details

01 Apr 2011
News

New rules for mortgage loan originators

21 Oct 2015
HBS Seminar

Shai Bernstein, Assistant Professor of Finance, Stanford University Graduate School of Business

December 2019 (Revised July 2020)
Case

Ray White

By: Boris Groysberg and Tricia Gregg

Ray White is an Australian real estate business that has been owned and operated by the White family for four generations. The business has expanded and prospered. However, as the industry faces new challenges and opportunities, how should the White family respond?... View Details

Keywords: Crisis; COVID-19; Pandemic; Family Business; Entrepreneurship; Leadership; Disruption; Information Technology; Health Pandemics; Crisis Management; Real Estate Industry; Australia

December 2004 (Revised January 2006)
Case

Simon's Hostile Tender for Taubman (A)

Simon Property Group launched a hostile tender offer for upscale Taubman Centers. This case discusses issues of Real Estate Investment Trust (REIT) valuation, financial policy, and corporate governance, as Robert Taubman and his company's independent directors must... View Details

Keywords: Capital Structure; Valuation; Investment; Acquisition; Corporate Governance; Real Estate Industry

December 1994 (Revised September 2011)
Case

The Millegan Creek Apartments

By: William J. Poorvu and John H. Vogel Jr.

Fleet Bank is considering a construction loan for a 390-unit apartment project in Austin, Texas. The case describes the location, market, product, and other real estate factors the bank needs to consider in making this loan. Also discusses the financial and... View Details

Keywords: Property; Financing and Loans; Banks and Banking; Housing; Risk and Uncertainty; Construction; Credit; Real Estate Industry; Real Estate Industry; Texas