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Real Estate Investment Ideas? New Search Advanced Search Hot Property The real story on real estate BLOGS Blogspotting Brand New Day Byte of the Apple Deal Flow Economics Unbound Fine On Media Hot Property NussbaumOnDesign Tech Beat BLOG RSS FEEDS About RSS Blogspotting Brand New Day Byte of the Apple Deal Flow Economics Unbound Fine On Media Hot Property Nussbaum On Design Tech Beat PREMIUM CONTENT MBA Insider ONLINE FEATURES Book Reviews BW Video Columnists Interactive Gallery Newsletters Past Covers Philanthropy Podcasts Special Reports TECHNOLOGY Product Reviews Startups Special Reports Tech Stats Wildstrom: Tech Maven SMALLBIZ Smart Answers Success Stories Today's Tip Trailblazing Companies INVESTING Annual Reports BW 50 S&P Picks & Pans Stock Screeners Free S&P Stock Report SCOREBOARDS Mutual Funds Info Tech 100 S&P 500/BW 50 B-SCHOOLS MBA Profiles MBA Rankings Who's Hiring Grads BW EXTRAS BW Digital BW Online Alerts Handheld Edition RSS Feeds Reprints/Permissions Conferences Investor Workshops BUSINESS DIRECTORY -- Find local experts in: « Cooling in California | Main | Land Sales Could Slow » October 28, 2005 Real Estate Investment Ideas? Peter Coy Every December, BusinessWeek publishes an investment guide for the year ahead. This year I'm doing the real estate story. Here's the question my editors want me to answer: Are there still any real estate bargains out there? What do you think? Any U.S. cities where house prices still have room to rise? ( Youngstown ?) Any countries where real estate is still relatively cheap? ( Germany ?) Condos feel kind of pricey lately, but are there still deals to be had? What about REITs? If you like REITs, which kinds? Name names, please. Remember, it's not enough to say that an investment costs less. You have to make the case that it's likely to go up in price and/or throw off a lot of cash in the next year. Be prepared to defend your choices because at least someone reading this blog is bound to disagree with whatever you say. I'm thinking of giving a prize to the Hot Property reader who comes up with the idea that works out the best over the next year. Let's say, either 100 acres of midtown Manhattan real estate or a paper crown labeled Real Estate Emperor. My choice. So ... send in those ideas and start arguing with each other. 04:56 PM Investing in Real Estate Trackback Pings TrackBack URL for this entry: http://blogs.businessweek.com/mt/mt-tb.cgi/ Listed below are links to weblogs that reference Real Estate Investment Ideas? : » Business Week posts "Hot Property" Real Estate Contest from Pacesetter Mortgage Blog Peter Coy, over at the Business Week Hot Property Blog, is posting a Real Estate Investment contest of sorts. His question is this, Are there still any real estate bargains out there? I will put my hat in the ring [Read More] Tracked on October 29, 2005 12:06 PM » The US Real Estate Market from Adam Dudley This article at Business Week Online caused me to post my thoughts about the US real estate investing market. With rising interest rates and a multitude of home owners using deadly interest only loans and ARM's in the US, there [Read More] Tracked on October 31, 2005 09:25 AM Comments how about being a contrarian, and invest in the tanking market. For example, buy puts or short homebuilders and the credit agencies that have the largest exposure. Posted by: bradley jellerichs at October 28, 2005 06:37 PM I'll start the brawling by saying that I'm pretty darn bullish on the Seattle market. My reasoning? It's the economy... With Boeing and Microsoft doing a wonderful job of holding down the fort, and a thriving start-up vibe (in real estate alone, there is Zillow, Redfin, and HouseValues), it seems like enough of the area residents will be flush with cash for the near future to keep prices rising. And while Seattle has definitely seen some growth in the recent past, things have never gotten out of control like they have in the Bay Area. Because I really want to win the 100 acres in Manhattan (or at least an Emperor crown!), I'll get a little more specific. I'd invest in a starter home (~$350K) in the Ballard neighborhood. Of course I'm only speculating, but I think that a home like this still has plenty of room to grow in the near future (i.e. one year). Posted by: Dustin at October 31, 2005 01:30 AM OK, so far I have Maricopa County, Ariz., and Seattle. I have "short the homebuilders." I also got a very intelligent email from someone suggesting a narrow segment of REITs--ones with low debt/equity ratios that get most of their income from leasing buildings to companies in healthy industry sectors. What else? Posted by: Peter Coy at October 31, 2005 05:23 PM First, I have put aside some cash ($50k) in my money market account. I also have on my current house a 15-Year fixed mortgage (50% loan-to-value) with really affordable monthly mortgage payment. Finally, I have no plan to move out for at least 5 years. Second, I opened an (still untapped) equity line of credit on my current home (200k, about half of the equity in my house). And now, guess who will be a major player in the foreclosure market in my county after the housing boom goes bust. Assuming a worst case scenario of a 25% decline in valuation in the years following the bust, my remaining equity stake will vanish but I compensated for that by buying $20,000 worth of premium on OTM put options (CTX Jan08 45 Put for example) on the 2 big home builders in my county. Posted by: the contrarian at October 31, 2005 11:04 PM The conventional wisdom is that "as interest rates rise, real estate values must decline, and so to must REITs." The problem with this CW is that it is too simple, and it doesn't take into account the wide variation in the various types of REITs out there. If rising interest rates and the risk of a "real estate bubble" is a concern, then it is possible to screen for REITs that minimize that risk. For example, if we look at REITs that have low debt/equity ratios and derive their income mostly from leasing properties to other businesses, those REITs will be less sensitive to land valuation and interest rates. These success of these REITs are more dependent on the segment they lease to, such as healthcare, retail, etc. I ran a screen looking for REITs with debt/equity ratio less than 0.5 and whose income is tied to leases. Some promising candidates include Universal Health Realty Income Trust (UHT). Leases out 43 medical buildings in the Southwest (where there are plenty of retirees and demand for medical services), has a debt/equity ratio of 0.23. Dividend yield is 6.5% and UHT has steadily increased their dividend over the years. A similar healthcare REIT is LTC Properties Inc. (LTC), with 200 senior long-term care facilities, a debt/equity ratio of 0.23 and a divident yield of 6.6%. Hospitality Properties Trust (HPT). Owns and leases hotel and motels to various national chains such as Courtyard by Marriott and Candlewood Suites. Debt to equity is 0.49. Has more debt than I'd like but income from operations has been increasing. Good dividend payer at 7.4%. Correctional Properties Trust (CPV). Leases out 12 prison facilites and has no debt, with a dividend yield of 6.5%. The leases are long-term and include rent increases tied to the CPI. Given the latest White House shenanigans this may be a real growth industry. Interestingly, there were no residential REITs that met my low debt criteria. Many of them have debt/equity ratios greater than one. I believe those REITs are to be avoided. Posted by: Jim in Calif at October 31, 2005 11:06 PM Ernest and Young's Steven Friedman told real estate editors at the National Assn. of Realtors annual convention that the best places to buy a condo in today's market are: Jacksonville, FL Austin, TX Boise, ID Friedman said his choices are based on job growth, affordability, and quality of life. Posted by: Frances Flynn Thorsen at November 1, 2005 06:14 AM Is land still a good buy anywhere? Great comment by Boe Clark about land over on the "Land Sales Could Slow" thread (justly accusing me of being vague). Here's what he wrote: The blogger speaks of land (improved and unimproved I assume), as if it were a homogeneous commodity. Prices are going down...in which markets? In Florida, Arizona, and Texas? Or in California and Colorado? In urban, sub urban, ag, commerically zoned, or residentially zoned land? 10 miles, or twenty miles, from population centers? In urban infill areas? With or without utilities/services? Generalities get us nowhere...specifics you can use to make prudent investment decisions with. Posted by: Peter Coy at November 1, 2005 10:36 AM Here's an Idea: Wait on the housing market and slowly move towards equities. There's some bet up stocks that could bought for a song. Posted by: Joe at November 3, 2005 01:27 PM It probably doesn’t bode well for the real estate market that there are not a lot of investment ideas! Posted by: Dustin at November 3, 2005 04:15 PM What about fixing up and renting or selling dilapidated properties in out-of-favor markets? Somebody in that business emailed me with that suggestion. Seems like it could be a good deal for people who don't mind supplementing their cash with elbow grease. Posted by: Peter Coy at November 3, 2005 06:00 PM Forget the US. Japan's real estate market is rip-roaring. Posted by: Taro Akasaka at November 3, 2005 11:15 PM 1. REITs holding a lot of mid level apartment buildings (where the former homeowners in CA will be moving once the number of foreclosures exceeds 100,000 in the state). 2. REITs specializing in self storage facilities. These units rent for the same price per square foot as apartments, but cost a fraction of the cost to build and maintain and are enormously profitable. Again, demand will soar as the number of foreclosures in CA exceeds 100,000. The number of foreclosures in CA WILL exceed 100,000 now that rates are rising and the I/O speculators and such will be driven out of the market as will so many first time buyers who have been sold these disastrous loans (half of buyers in San Diego and 2/3 of buyers statewide for the past 18 months). Posted by: Dave at November 8, 2005 06:58 PM Are we talking about investments (say 5-7% compounding growth over 20 years) or speculation (dreams of 100% inflation over 1 year)? I like the idea of getting a positive cash flow with 20% down and then watching 5-7% appreciation over 20 years. Summit County, Colorado, is 90 miles west of Denver and another mile higher. From 2001 to 2005, prices were flat, since demand equaled supply. Since January of 2005, demand has increased and prices are starting to climb sharply. Summit County has a great location, great weather, and spectacular scenery, yet is much less expensive than Aspen and Vail. To me it looks like a great bet. Posted by: DaveB at November 12, 2005 04:32 PM Bulgaria is the hottest real estate market in Europe. http://www.thepropertyinvestorsclub.co.uk/pic-bulgarian-property-investment.htm http://www.thepropertyinvestorsclub.co.uk/property-investment-tracker.htm http://bigpicture.typepad.com/comments/2005/06/global_real_est.html http://bbtbulgaria.blogspot.com Posted by: Dimitar Vesselinov at November 19, 2005 09:21 PM How about India; bungalos on the beach near major cities. Bocas in Panama? Or, Tibet, near Changdu. Those are my bets. Douglas Posted by: Douglas at December 12, 2005 02:55 AM Post a comment Name: Email Address: URL: Comments: Recent Posts New and Improved In 2006, a Harsher Reality for Realty A Gloomy Christmas for Real Estate? The Reflex Effect Wealthy Americans believe real estate to go up, up, up Recent Comments Cooling in California (6) Housing Numbers Continue to Surprise (9) Neg Am Mortgages (6) Taxpayer-backed mortgages for undocumented immigrants? (5) No mass exodus from the Golden State (12) Short Countrywide? (1) A Gloomy Christmas for Real Estate? (1) Washington DC bubble? (214) Riskiest housing markets (6) Wealthy Americans believe real estate to go up, up, up (2) Recent Trackbacks Wealthy Americans believe real estate to go up, up, up (1) More New Homes for Sale (1) A Fun Website for Checking Affordability (1) Impact of higher mortgage rates? (2) Making Sense of Average Mortgage Rates (1) A Less Curvaceous Yield Curve (2) The Westchester Tease (1) More Option ARMs and Alt-A Loans (1) Real Estate Investment Ideas? (2) Boston housing...on the rise???? (1) Categories Affordability Amey's adventures in real estate Bubbles Cali is Doomed Demographics Economy Estate Planning Foreclosures Home builders Housing Prices Investing in Real Estate Mortgage Rates Mortgages Real Estate Culture Refinancing Regions Remodeling Selling Archives December 2005 November 2005 October 2005 September 2005 August 2005 July 2005 June 2005 Subscribe RSS Feed

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Home Lab Services Publications Projects Training Registration Staff Links Admin Hurricane Rita Points of Distribution Official Leon River Restoration Site. Fragmented Lands: Changing Land Ownership in Texas. Read more.. United States Grasslands and Related Resources: An Economic And Biological Trends Assessment Read more.. Texas Rural Lands: Trends and Conservation Implications for the 21st Century Read More.. Preserving Texas' Hunting Heritage Read More.. Need Others? New Item Take a tour of our new exploration tool Texas Land Trends. This dynamic tool was developed in partnership with American Farmland Trust to explore Texas' changing landscape in light of economics, demographics, and ecological principals. It includes a vast, searchable database that will enable you to uncover the intricate details about the "economics" of natural resources and agriculture. In addition, the tool also includes an interactive mapping component where you select the information you want to see in a map based form. This new tool allows you to interpret the trends of rural Texas landscapes. TEXAS LAND TRENDS Requested Publications: Texas Rural Lands: Trends and Conservation Implications for the 21st Century This report describes the key findings of an analysis of the status and recent changes in ownership size, land use and property values of private farms, ranches and forestlands in Texas. The goal of this work is to provide public and private decision makers with the data they need to plan for the conservation of working rural lands in Texas. Included in this report are four summaries describing results of technical analyses upon which many of our conclusions are based. Click here to find thepublication... . Rio Grande/Rio Bravo Basin: A Bibliography The Rio Grande/Rio Bravo Basin drains some of the harshest terrain in North America. The river and its tributaries are major drainages for the plateau shrub lands of central New Mexico, the Chihuahuan Desert and the Tamaulipan Mezquital. The Chihuahuan Desert of New Mexico, Texas and Mexico ranks as the world’s most biologically diverse desert ecoregion, supporting a species richness of more than 100 mammals, 250 birds, 100 reptiles and 20 amphibians. La cuenca del Río Grande/Río Bravo riega el terreno más árido de Norteamérica. El río y sus tributarios son drenajes importantes para matorrales de las planicies centrales del estado de New México, del desierto Chihuahuense, y del Mezquital Taumalipeco. El desierto Chihuahuense de New México, de Texas y de México, se reconoce como la ecoregión desértica del mundo con la mayor diversidad biológica posible. Contiene una riqueza de especies alrededor de 100 mamíferos, 250 aves, 100 reptiles y más de 20 especies de anfibios. Click here to find the bibliography... . Home | Lab Services | Publications | Projects | Training | Staff | Links | Texas Cooperative Extension | Extension Wildlife & Fisheries ESRI trademarks used herein by license from ESRI.

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Texas Land Trust Directory Listing Maincontent Local Navigation print friendly search Regulations Publications Outdoor Learning Kids Game Warden Grants Get Involved Shop FAQ Calendar Español Experience Texas Fishing & Boating State Parks & Destinations Hunting & Wildlife Land & Water Doing Business Home Land & Water Land Private Tltc Dir List Texas Land Trusts About Texas Land Trusts Starting a Land Trust Texas Land Trust Directory Foreword Listing Regional Index About the Texas Land Trust Council ( TLTC ) TLTC Board of Directors and Honorary Council News 2004 TLTC Conference Speech Bulletin Board TLTC Publications Land Trust Resources Texas Land Trusts Top 1-Million Mark in Acres Conserved Texas Land Trust Directory Listing Land Trusts are listed below. Each title is a link to additional information about the Land Trust. American Farmland Trust (413) 586-4593 or (800) 370-4879 http://www.farmland.org Archaeological Conservancy (505) 266-1540 http://www.americanarchaeology.org Audubon Texas (512) 306-0225 http://www.tx.audubon.org/ Bat Conservation International (512) 327-9721 http://www.batcon.org Bexar Land Trust (210) 222-8430 http://www.bexarlandtrust.org Big Thicket Natural Heritage Trust (903) 566-8939 or (903) 566-0535 http://www.btatx.org Brazos Valley Land Conservancy (979) 764-3844 Cactus Conservation Institute (432) 364-2620 Cibolo Conservancy (210) 699-9290 Coastal Bend Land Trust (361) 882-5624 http://www.coastalbendlandtrust.org Connemara Conservancy (214) 351-0990 http://www.connemaraconservancy.org Conservation Fund (512) 477-1712 http://www.conservationfund.org Cradle of Texas Conservancy (979) 238-5001 Ducks Unlimited (832) 595-0663 http://www.ducks.org Frontera Land Alliance (915) 545-5214 Galveston Bay Foundation (281) 332-3381 http://www.galvbay.org Guadalupe-Blanco River Trust (830) 372-5077 http://www.gbrtrust.org Gulf Coast Bird Observatory (979) 480-0999 http://www.gcbo.org Hill Country Conservancy (512) 328-2481 http://www.hillcountryconservancy.org Hill Country Land Trust (830) 997-0027 Houston Audubon Society (713) 932-1639 http://www.houstonaudubon.org Hudspeth Directive for Conservation (505) 531-7246 Humane Society of the United States Wildlife Land Trust (301) 548-7735 http://www.hsus.org Katy Prairie Conservancy (713) 523-6135 http://www.katyprairie.org Legacy Land Trust (713) 524-2100 http://www.llt.org National Wild Turkey Federation (803) 637-3106 http://www.nwtf.org Native Prairies Association of Texas (254) 897-3646 http://www.texasprairie.org Natural Area Preservation Association (512) 804-1981 or (972) 234-5768 http://www.napa-texas.org Nature Conservancy of Texas (East Texas) (409) 941-9114 Nature Conservancy of Texas (Headquarters) (210) 224-8774 http://www.nature.org Nature Conservancy of Texas (North Texas) (903) 568-4139 Nature Conservancy of Texas (South Texas) (361) 882-3584 or (361) 887-9487 Nature Conservancy of Texas (West Texas) (432) 426-2390 Panhandle Land Trust (806) 374-5317 Pines and Prairies Land Trust (512) 308-1911 Rock Art Foundation (210) 525-9907 http://www.rockart.org Texas Cave Conservancy (512) 249-2283 Texas Cave Management Association (210) 699-1388 or (512) 832-1965 http://www.tcmacaves.org Texas Land Trust Council (512) 389-4779 or (512) 389-4961 http:..www.tpwd.state.tx.us/conserve/tltc/ Texas Ornithological Society (713) 743-0590 http://www.texasbirds.org Texas Parks and Recreation Foundation (972) 744-4595 Texas Parks and Wildlife Foundation (214) 720-1478 http://www.tpwf.org Trees For Houston (713) 840-8733 http://www.treesforhouston.org Trust for Public Land (Austin) (512) 478-4644 http://www.tpl.org Trust for Public Land (Dallas) (214) 741-3600 http://www.tpl.org Trust for Public Land (Houston/Galveston) (713) 226-7200 or (713) 703-1123 Valley Land Fund (956) 971-8550 http://www.valleylandfund.com Westcave Preserve (830) 825-3442 http://www.westcave.org Wetland Habitat Alliance of Texas (936) 569-9428 http://www.whatduck.org Wimberley Valley Watershed Association (512) 847-1582 http://www.visitwimberley.org/water/ Contact Us | Help | Accessibility | Media | Site Policies | Complaints | Intranet | State of Texas | TRAILS Search | TexasOnline | Compact with Texans Texas Parks and Wildlife Department , 4200 Smith School Road, Austin, TX 78744 Toll Free: (800) 792-1112, Austin: (512) 389-4800 Content of this site © Texas Parks and Wildlife Department unless otherwise noted. Last modified: July 29, 2005, 3:56 pm