Fall - Winter 2010 News
Smeal Team Takes Second Place in Cornell Real Estate Competition
A team of Smeal College of Business undergraduate students finished in second place in the second annual Cornell Real Estate Case Competition, held Nov. 10-11 in New York. Smeal’s team, Prestige Worldwide, LLC, took home $3,000 as the runner up, narrowly missing out on first place to a team from New York University. Teams from Cornell University, Guelph University, Indiana University, the University of Connecticut, and the University of Texas at Austin also took part in the competition, which was held at TIAA-CREF corporate headquarters in Manhattan.
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Featured Board Member – David Welsh
David Welsh is a managing principal and founder of Normandy Real Estate Partners in Morristown, N.J. Prior to forming Normandy in 2002, David worked at Morgan Stanley where he managed U.S. debt financing activities for the Morgan Stanley Real Estate Funds (MSREF). Prior to Morgan Stanley, David directed acquisitions for Gale & Wentworth, a nationally recognized investment and development firm that assembled a multi-billion dollar property portfolio.
Featured Student – Corinne Penksa, ‘11
Corinne Penksa is currently pursuing a Bachelor of Science degree in Finance at the Pennsylvania State University’s Smeal College of Business with a minor in Psychology.
The Second Annual Real Estate Tailgate
The Institute for Real Estate Studies second annual Real Estate Tailgate was held on October 30, 2010 following the IRES Advisory Board Meeting. The event allowed board members, Penn State Alumni in the real estate industry, and students to network and celebrate the Michigan game together!
Wall Street Journal: Ten reasons to buy a home
The Wall Street Journal watched Time Magazine go from a June 2005 cover (“Home $weet Home”) asking “Will your house make you rich?” to the recent cover story, “Rethinking Homeownership.” But the Journal came up with ten reasons why it’s good to buy a home now or in the near future. Let’s look at a few of the arguments:
The Foreclosure Crisis
The U.S. housing market bubble burst in the latter half of 2007 and three years later, the housing industry is still recovering. Lenders across the country are foreclosing on mortgaged homes and according to Brent Ambrose, Smeal Professor of Real Estate and director of the Institute for Real Estate Studies, it’s going to take a long time to get ourselves out of this mess.
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Have you joined the Penn State Real Estate Group? If not, join today to connect with Penn State Alums in the real estate industry!
