Real Estate Minor
The undergraduate real estate minor is built on three themes; a strong real estate curriculum, a unique set of real estate industry connections, and the support to launch a real estate career; the minor has over 360 students enrolled and expects about 150 of these students to graduate in June of 2014. In the past several newsletters we have highlighted the growth in the number and the diversity of students in the minor.
In this newsletter, we want to highlight the real estate curriculum. It is easy to take the curriculum for granted, as it just "happens" each term as courses are offered. Nothing could be further from the truth. Faculty spend numerous hours improving their courses, debating which courses should be expanded or changed, and adding new courses to the curriculum. We work closely with the CREF Industry Fellows and our numerous contacts in the real estate industry to refine the coursework as well as elevate the quality of materials and cases used in the classroom. Here are a few examples of the innovation found in our real estate curriculum:
• Our Trading Real Estate Securities and Funds course is offered in the Kline Real Estate Capital Markets Lab. In this venue, students have access to the most complete set of real estate databases available in any university setting. These include real estate databases from Real Capital Analytics, Costar, TREPP, SNL Securities, REIS, PWC and Commercial Mortgage Alert combined with the financial databases of Bloomberg, Datastream, CRSP, Dow Jones, Capital IQ, and others. These databases allow the course to use real-time data to make real-time decisions about investing (or shorting) real estate investments. Professor Jack Corgel has done a superb job of incorporating the lab into his course, making this course one of the most unique in the world.
• The real estate faculty recently added a Real Estate Financial Modeling course to the curriculum to add to students already prodigious skills in Excel modeling. Students taking this course are exposed to a wide variety of real estate financial, waterfall, and capital markets models.
• To cover the sabbatical of professor deRoos in the spring 2014 term, the school developed an online version of the Hospitality Asset Management course, offered via eCornell. This is the first time students at the School of Hotel Administration are offered an online course toward graduation.
• Two new courses have been added to our finance curriculum to support real estate. In addition to the Real Estate Securitization course, we now offer a Fixed Income Analysis course; this course offers a broader perspective on fixed income investing and supports those students seeking a career in the capital markets industry. A new course entitled Valuation is now offered to those students who wish a deeper treatment of the valuation in a corporate setting; this is in addition to the real estate valuation topic that is treated in great depth in the Real Estate Finance and Investments course.
As you can see, the real estate curriculum is a dynamic and ever evolving set of courses. Working with industry, our alumni, and each other as faculty colleagues, we continuously strive to improve the curriculum and make it relevant to students as they enter their careers and for many years post-graduation.