Mark Riedy, Ph.D.

The average age of the world's population is increasing at an unprecedented rate. According to "An Aging World: 2008," a report commissioned by the National Institute on Aging and just released by the U.S. Census Bureau, the number of people worldwide 65 and older is estimated to rise from 506 million as of mid-year 2008 to 1.3 billion by 2040. Viewed another way, the report states that over this 32-year span, those 65 and older will double proportionately from 7 percent to 14 percent of the world's population.

We've all heard and read so much about America's baby boomers reaching retirement age and living longer than prior generations without thinking too much about the implications of these domestic and global demographic shifts for real estate supply and demand, in America and elsewhere. In 2007, the Center featured Leanne Lachman, a world-renowned demographer, at our 11th Annual Real Estate Conference, where she spoke about the real estate implications of global demographic changes. While everyone in the audience, myself included, was deeply impressed with Leanne's analysis and its significance for real estate professionals, those thoughts quickly were overwhelmed with the collapse of real estate values and prices of financial assets.

I think it is time for the Center and all of our stakeholders to focus at least some attention on the tremendous real estate opportunities inherent in the aging of populations in the United States and abroad. "Seniors housing" is just the tip of the iceberg. Independent and assisted living facilities, nursing homes, hospitals, medical office buildings and other real estate designed with an active but aging population in mind, present development, financing, investment and brokerage opportunities that are certain to grow dramatically for many years to come. This is not a passing phenomenon.

I am planning to re-visit this topic at our 14th Annual Real Estate Conference next Jan. 29, where real estate icon Sam Zell already has committed to being the keynote speaker, so put it on your calendars. If you are active in real estate areas relevant to our aging population, please let me know of your interest so that we can develop a cadre of industry professionals to guide our exploration of this topic.

Having passed the 65-year mile marker already, I take personal interest in all real estate issues and opportunities related to my age cohort — past, present and future. I invite readers of this column to share their insights and interest in this important topic with me.

Twenty Master of Science in Real Estate students marked the completion of their studies July 10 at a graduation ceremony in the Joan B. Kroc Institute for Peace & Justice Theatre on campus.

Following a welcome by academic director Norm Miller, School of Business Administration Dean David Pyke offered his greetings and congratulations to the graduates, and engaged the gathering of students, family and friends in an interactive discussion. Pyke asked those in attendance to call out a word or phrase that described a favorite teacher they had had at some point in their lives. Pyke elicited the responses, "dedicated," "love of learning," "tough" and "inspiring."

Class valedictorian Astrid Cybulskis delivered her address to the cohort, in which she praised her classmates for their unique contributions and touted the accomplishments of the class as a whole.

Associate Dean Steve Standifird introduced guest speaker Matt Reno '80 (BBA), founder and CEO of Reno Contracting Inc. Reno shared some lessons from his own successful career, telling graduates that they would need charisma, street smarts and humility, as well as an ability to maintain life balance to succeed.

Students then received their certificates from professors Miller, Charles Tu and Louis Galuppo before joining their family and friends for an evening reception in the Garden of the Sea.

The Burnham-Moores Center has received a $5,000 grant from the California MBA Foundation, which supports programs for consumer education and affordable housing projects designed to benefit Californians. This is the second year that the Burnham-Moores Center has received the maximum grant amount available to organizations.

The grant money will be used to support the annual first-time homebuyers' panel and other efforts undertaken by the University of San Diego's Real Estate Society. The Real Estate Society is a 200-plus member student organization that — through industry outreach and monthly meetings — provides resources and information to students interested in or pursuing a career in real estate.

The Burnham-Moores Center has been named a partner in the Sustainable Environment Enterprise Development, or SEED, project, which was formerly the Thanksgiving House Project.

Since 1998, the graduate and undergraduate Project Management classes at USD's School of Business Administration have contributed their time and effort to the Thanksgiving House Project, which is a renovation program created for and run by USD business professor Barbara Withers and carried out by members of her Project Management classes.

Beginning this year, the program's focus has been reshaped to include a sustainable focus. Yearly projects will now incorporate green and energy-efficient components into the renovation.

This year's project will be the interior renovation of the home of Skip Gleavey, an accomplished triathlete adjusting to life confined to a wheelchair as a result of injuries sustained during a devastating bicycle accident that left him paralyzed from the waist down. The remodel will incorporate sustainable materials and principles into the design.

Sponsors for the project, which will take place in November, are being sought. For more information, contact bwithers@sandiego.edu.

On July 8, industry judges (left to right) Anthony Buono, executive managing director of CBRE Richard Ellis, and Burl East, managing principal of Silver Portal Capital, give their input to MSRE student Greg Drobot after his Capstone presentation.

Master of Science in Real Estate (MSRE) students in Professor Norm Miller's Capstone class presented their live feasibility-consulting projects on campus July 7-8 before a panel of industry judges. The Capstone course was the students' last class of the year before completing the MSRE program; the professional presentations served as the students' final examinations. Judges included: Anthony Buono of CB Richard Ellis; Burl East of Silver Portal Capital; Pete Garcia of the San Diego Regional Economic Development Foundation; Richard Roethke of Barrington Investment Co.; Richard Sack of Hanover Pacific LLC; Stuart Tanz of United Income Properties Inc; and Douglas Wilson of Douglas Wilson Companies.

Charles Tu, Ph.D.

Professor Charles Tu, Ph.D., has passed the ARGUS certification exam and is now certified in Argus Valuation-DCF. Tu will now travel to Argus headquarters in Houston in early August to become an Argus Certified Instructor, which will enable him to prepare the new class of MSRE students to sit for the certification exam later in the fall semester.

A group of students from last year's class of MSRE students took first place in the first-ever Argus Software University Challenge, which included contenders from elite universities across the United States.

Le Anne Plaza

After earning her Master of Science in Real Estate degree in 2008, Le Anne Plaza was looking for a career that would touch on many of the topics she had learned in her real estate classes at the University of San Diego. Despite her strong background in banking, financial planning and estate planning, her job search ended up being a bit more challenging, given that the recession was already well under way when she graduated. Plaza decided to keep an open mind and look into any opportunity that presented itself — an approach that later paid off.

Originally from Fremont, Calif., Plaza moved to San Diego in 2005 to obtain her bachelor's degree in business administration from San Diego State University. It was there that she became interested in real estate while taking a Commercial Real Estate Investment course. With her interest in real estate piqued, Plaza decided to enroll in USD's MSRE program in the fall of 2007. During the program, Plaza realized that she would be prepared for a wide range of jobs in the industry, thanks both to her coursework and the knowledge she gained from her internship at MG Properties.

After a few months of searching, Plaza decided to start her own financial analyst consulting business and work as an independent contractor. Soon after, she stumbled upon an opportunity she never realized would be an option: a new investment brokerage and banking firm committed to seniors housing and the health care industry called Vant·Age Pointe Capital Management & Advisory Inc. was about to open its doors and was looking for a part-time independent contractor to work remotely as a financial analyst.

Plaza applied for the position after being told that the seniors housing industry was going to be the "next new wave of the future" in the real estate industry. After many rounds of interviews, she landed the job, and the company's managing partner, Lisa Widmier, was so impressed with what Plaza brought to the table, that she offered her a full-time contract position with the company.

Plaza has now been with Vant·Age Pointe for nine months, where she helps value luxury seniors housing properties and does financial underwriting and market research. She enjoys working with the small start-up company, especially since she gets to wear a lot of hats and is continually learning about a wide range of topics, much like she did during her classes in the MSRE program.

A major perk to her job is that as an independent contractor she is able to work from home. "It's nice not to have to wear a suit to work every day" says Plaza. She admits though, that the position is not for everyone as hours can be demanding. "It definitely takes a person with a good work ethic, strong self-discipline and someone who can learn quickly," she says. "You have to be passionate about what you do to stay focused and succeed in this type of work environment."

Plaza says Vant·Age Pointe has been an exciting company to work with because she has witnessed and been a part of the firm's growth first-hand. She's excited about her future with Vant·Age Pointe, where she hopes to grow and become well versed in an emerging industry.

From left, James Hasselberg '98 (BA), Aaron Flores '05 (MBA) and wife, Roxana Flores, mingle during the alumni networking session at the Currant American Brasserie in the Sofia Hotel.

Approximately 40 people attended the USD Real Estate Alumni Market Watch event July 9, held at one of downtown San Diego's most recent major hotel renovation projects, the Sofia Hotel. Following a hosted networking session, the hotel's owners, Harki Parekh and Ken Winslow, and the hotel's principal, Judi Winslow, led alums on private tours to see the $16 million renovation first-hand. The night was capped off with an in-depth presentation on the rich history of the historic 1920s hotel, formerly called the Pickwick Hotel.

USD's real estate chapter of the alumni association hosts free quarterly networking events on the second Thursday of each quarter at various locations across the city. The networking opportunity enables local developers, owners and general managers to showcase their projects in front of an audience of real estate professionals. The next Alumni Market Watch event will be Thursday, Oct. 8.

The Burnham-Moores Center's seminar "Utilizing Today's Real Estate Market to Increase Your Wealth" was mentioned in the July 6 edition of the California Real Estate Journal.

The study "Does Green Pay Off?" co-authored by Norm Miller, was cited in a July 7 article in New Energy News.

Alan Gin was interviewed by the San Diego Union-Tribune on the expected impact of federal stimulus money given to projects and programs in San Diego County. The article was picked up by TMCnet.

Louis Galuppo appeared as a featured guest on the nationally syndicated Market Wrap show with Moe Ansari July 27. Galuppo was interviewed on the outlook for the residential and commercial markets.

Alan Gin was interviewed by Mike Allen of the San Diego Business Journal about San Diego's most recent jobless report. The article appeared in the July 27 online edition of the Journal.

Alan Gin was referenced in a July 28 segment on San Diego 6 regarding the Index of Leading Economic Indicators for San Diego County, which he complies for the Burnham-Moores Center for Real Estate. Gin also was quoted in a similar article in the San Diego Union-Tribune the following day.

Norm Miller was interviewed by the Business-Courier of Cincinnati for a story on a riverfront development project in the city. The story ran July 31.

Norm Miller was interviewed by the San Diego Business Journal on the issues that continue to persist in the housing market. The article appeared in the paper's Aug. 3 edition.