Real Estate Advisor Law Blog

Dennis Would Have Liked This

Bill Gagliano — Mon, 13 May 2013 12:46:14 -0600

Dennis Lane would have liked this. In fact, he would have liked this on at least two fronts.

First, with an avid love of the water, biking and outdoor activities, Dennis would have appreciated what’s going on in downtown Cleveland along the banks of the Cuyahoga River just south of Collision Bend. As seen in this photo from my office window, the clearing of debris, dilapidated structures and scrub brush which began last fall is well underway for the first publicly funded portion in Cleveland of the Towpath Trail.

The Trail which will extend all the way to Canal Basin Park in Akron traces the path of the historic Ohio Canal. It will provide walking and biking enthusiasts with an opportunity to enjoy the Cuyahoga River in ways which could only have been dreamed of during the dark days of the Cuyahoga 40 years ago. Those were the years Dennis lived in Cleveland while we attended John Carroll University together.

Public funding for this stretch of the Towpath Trail came from Great Lakes Restoration Initiative grants and Clean Ohio funds. The project will restore 2,800 feet of natural shoreline and will convert nine acres of industrial wasteland into meadowland.

That’s good stuff. Dennis would certainly think so. Converting valuable riverfront commercial property into recreational land is not normally high on the wish list of those in the real estate industry. But Dennis was a different kind of real estate professional.

He spent his entire career in real estate. First working for the Rouse Company on the East Coast, West Coast and Sun Coast for many years, then with various other firms doing commercial brokerage and office development. Yet, Dennis always appreciated a vision of what could be done with an underused piece of property and that did not always mean converting it to the most profitable use.

Dennis would have spoken out in favor of this kind of project in his usual direct and unvarnished manner. For Dennis was a prolific blogger on all things relating to real estate and politics in his home base of Howard County, Maryland. His Tale of Two Cities blog exposed Dennis’s views on his beloved home towns of Columbia and Ellicott City. If you want to see what good writing and blogging is all about, go to for his “Tale of Two Cities blog”. He was universally recognized as the “voice of Howard County” and the most well-read blogger in suburban Baltimore.

Which explains the second reason why Dennis would have liked this. Dennis always encouraged me to blog more and to post more items to this Real Estate Advisor Law blog. In fact, he is likely the only person to ever comment on one of my blog posts – probably because I quoted from a Patti Smith song.

But I failed him in this regard. My last blog post was too many months ago and I have allowed others in our real estate practice to bear the obligation of blogging. Dennis would have liked the fact that I blogged about the Towpath Trail. He might even had commented favorably on it. I could have only hoped.

Dennis Lane’s last Tale of Two Cities blog post was on May 9. On Friday, May 10, Dennis was stabbed to death during the early morning hours in his Ellicott City home by the 19-year old boyfriend of his daughter. Senseless. Unbelievable. Dennis was my friend for 40 years, my beloved fraternity brother, the best man in my wedding, but most of all he was a good friend to many, many people of all walks of life, a great father, a loving brother to his four siblings and a wonderful companion to his dear Denise.

I will have to blog more often from now on. Dennis would be all over me if I didn’t.

The Exception that Swallowed the Rule

Kristin Boose — Fri, 19 Apr 2013 13:27:10 -0600

Nonrecourse loans are popular among commercial real estate owners because the Lender agrees only to seek recourse against the real estate and other collateral securing the loan in a default or loss situation. Unless the loss is caused by a “bad boy act”, the borrower and/or principal will not be held personally liable. Bad boy acts, also known as nonrecourse carveouts, are actions or inactions by the borrower or principal that are fraudulent and/or that cause detriment to the property (e.g. environmental contamination, failure to insure the property, waste, transfer of the property, etc.). In nonrecourse loans, borrowers and principals agree to be personally liable for the lender’s loss arising from nonrecourse carveout events.

A new law went into effect on March 27, 2013 which impacts one type of nonrecourse carveout. New Ohio Revised Code sections 1319.07 through 1319.09 make invalid and unenforceable any “postclosing solvency covenant” as a nonrecourse carveout. New Section 1319.07(D) of the Ohio Revised Code defines a “postclosing solvency covenant” as:

“any provision of the loan documents for a nonrecourse loan…that relates solely to the solvency of the borrower, including without limitation, a provision requiring that the borrower maintain adequate capital or have the ability to pay the borrower’s debts, with respect to any period of time after the date the loan is initially funded.”

This new law is a response to the result in a 2011 Michigan appellate court case, Wells Fargo Bank, NA v. Cherryland Mall Limited Partnership, which made a nonrecourse guarantor personally liable for a $2.1 million loan deficiency because the borrower’s insolvency violated a postclosing solvency covenant. The Ohio legislature, like some other jurisdictions, including Michigan, didn’t agree with the Cherryland result and therefore legislated accordingly. Many in the industry believe making a borrower or guarantor liable for a postclosing insolvency in a nonrecourse loan – based solely on economics or market circumstances – is the exception that swallows the whole (nonrecourse) rule. The Ohio General Assembly’s position is that the lender should take the risk of insolvency and postclosing solvency covenants are not only unfair but also a deceptive business practice that should be against public policy.

There are a couple important side notes regarding this new law. A voluntary bankruptcy filing or other voluntary insolvency proceeding is still a permitted nonrecourse carveout. In addition, this new law only affects nonrecourse commercial loans secured by Ohio real estate and it does not change the lender’s ability to realize on the collateral given to secure the loan. A solvency type covenant is still permitted in traditional recourse loans.

While this new law does provide some “big brother” legislative protection to commercial real estate borrowers, it still remains important for borrowers and their attorneys to review the nonrecourse carveouts as these are the events for which one may unintentionally find themselves personally liable on the loan or for the lender’s losses. This new law only makes one type of carveout unenforceable; many carveouts still remain valid and enforceable. Lastly, and equally as important, is for lenders and their attorneys to review the lender’s standard nonrecourse carveouts in light of this new law to make their documents are in compliance.

Just Add Water

Brad Kaplan — Fri, 22 Mar 2013 09:03:01 -0600

Recently, at a conference in Santiago, Chile, I had the opportunity to meet Fernado Fishmann, founder of Crystal Lagoons, and to learn about how Crystal Lagoons is transforming real estate projects around the globe. The concept came to Mr. Fishmann, a biologist turned real estate developer, when trying to come up with a solution to turn around a troubled real estate project. Mr. Fishmann reasoned that if you can not bring the project to the beach, bring the beach to the project. Through the use of propriatary technology and algorythems, Mr. Fishmann has been able to enhance the value of real estate projects where previously a poor location could have dictated poor returns. A crystal lagoon is not a large swimming pool; it is a man-made ecosystem managed telemetrically from a central control center operated by Crystal Lagoons.

Imagine, transforming a stalled real estate project in the Midwest into a regional vacation destination by just adding water; or developing a functional beach for the residents of a residential subdivision in the middle of corn fields. The idea is to bring recreational beaches to real estate projects anywhere. If the project is subject to temperatures below freezing during the winter months, the lagoon can be transformed for skating and other winter recreational purposes.

Mr. Fishmann and Crystal Lagoons have created and operate or are in the process of creating lagoons for real estate developments around the globe. The applications are not just for real estate developments. Lagoons can be used to provide cooling water for industrial purposes of many types. The applications are endless.

Real Estate Industry Trends for 2013

Brad Kaplan — Fri, 08 Mar 2013 09:51:05 -0600

With the first quarter coming to an end we have gathered a short list of what we believe are the Real Estate Industry Trends for 2013. Let us know if you agree, disagree or see other issues which we missed. Our list is not in any particular order and not intended to be comprehensive, just provocative.

Urban development will be lead by projects utilizing tax credit financing as a project component;
Healthcare and medical office space will be a desired investment;
Existing home sales will tick up (5-7%);
Retail leasing will remain strong as regional power centers continue to improve their tenant mix and tenant's lock in rental rates ahead of the market;
Adaptive reuse of former retail strip centers and empty big box retail space will continue to change the complextion of the suburbs;
Infill in the urban cores will continue;
Foreign buyers will continue to see U.S. real estate as a safe haven given the relative stability of the U.S. real estate market; and
The regions of the country where shale gas and oil are being found will continue to explode with opportunitise in drilling, road construction, housing, services and more (south eastern Ohio; West Virginia, Pennsylvania, the Dakotas, New York).

As we all know all real estate is local. Market behavior in one market will not guaranty market behavior in other markets.

Clean Ohio Fund Brownfield Program Update

Brad Kaplan — Thu, 07 Mar 2013 12:35:32 -0600

The Clean Ohio Fund, Ohio's brownfield redevelopment program is still alive and being administered by the JobsOhio .

According to the JobsOhio website, the Clean Ohio Fund is accepting applications for the redevelopment of Ohio brownfield sites. See below for a summary.

Clean Ohio funding requests are now being accepted by JobsOhio and the JobsOhio Network. To make a request, please contact the network partner in your region.

Requests will be evaluated on a project’s job creation and economic benefits. JobsOhio will refer its recommendations to the Director of the Ohio Developmental Services Agency or Clean Ohio Council for

review and potential approval.

Clean Ohio funding assists public agencies in acquiring property, demolishing structures, conducting environmental cleanup, and improving infrastructure.

The JobsOhio Network

NORTHWEST REGION
Regional Growth Partnership (419) 252-2700
WESTERN REGION

Dayton Development Coalition

(800) 241-2469

SOUTHWEST REGION
Cincinnati USA Partnership (513) 579-3100
NORTHEAST REGION
Team NEO/Cleveland+ (216) 363-5400
CENTRAL REGION
Columbus 2020 (614) 225-6063
SOUTHEAST REGION

Appalachian Partnership for Economic Growth

(740) 753-5359

Patricia (Pat) Beard

Clean Ohio Brownfield liaison

614-300-1363

Congratulations !

Brad Kaplan — Wed, 06 Mar 2013 12:10:14 -0600

Congratulations to our friend, David LaRue, CEO of Forest City Enterprises, on his nomination as the Chairman of ICSC for 2013-2014. We know that under David's guidance ICSC will be well served !

New Real Estate Selling Tools

Brad Kaplan — Fri, 15 Feb 2013 14:40:24 -0600

Unmanned drones have been in the news lately. First we saw them used in national security situations outside the United States. Recently, there has been debate relating to the use of unmanned drones as a law enforcement and national security tool within the United States.

What about a less sinister use as a selling tool for showing and inspecting real estate ? Why not inspect the roof and grounds prior to making an offer? Why not get an overall perspective of the area surrounding the subject property ? The videos which can be made through the use of unmanned drones are ideal for the showing of property to potential buyers/investors who are out of town. Keep it fresh and keep inovating !

Small Really is the New BIG !

Brad Kaplan — Mon, 28 Jan 2013 08:40:24 -0600

Small fuel effiecient cars are nothing new. In fact many of the major car manufacturers are now offering a variety of options which achieve 40+ miles per gallon. However, what we have not seen until now is a highly fuel efficient car which is highly affordable. Introducing the Elio to be produced in Louisiana by Elio Motors. This 3 wheel car is expected to achieve 84 miles per gallon and cost under $7,000. Given the price point and the convincing argument that small cars make great commuters how can the Real Estate Industry encourage the development and use of this segment of transportation ?

Both cities and private parking owners and operators need to reconsider the structures, pricing and parking options for smaller more fuel effiecient transportation vehicles. Either lower the price for these less-impacting vehicles or raise the price of bigger heavier vehicles to park. Just like the gasoline tax is essentially a user fee, parking rates can be structured to encourage good behavior and support of lighter, smaller, more fuel efficient vehicles. Parking operators should partner with vehicle manufacturers and municipalities to make such vehicles more common. What a great way to cross market !!

A Day In The Life of Chicago

Brad Kaplan — Sun, 13 Jan 2013 16:19:00 -0600

Thank you Eric Hines for producing Cityscape Chicago. A time lapse video made from individual photographs taken between July and October, 2012 from around Chicago.

Cityscape Chicago from Eric Hines on Vimeo.

Cincinnati Central Business District

Brad Kaplan — Fri, 11 Jan 2013 15:18:42 -0600

There has been much written of late about how Central Business Districts (CBDs) are the key to regional economic health, growth and sustainability. We have written in the past about new urbanism concepts and concerns such as walkability and density. We have also written about the benefits of practical public transportation. As I walk through the Cincinnati CBD I cannot help but notice that there is a gap in the use/tenant mix: the areas’ most high profile universities do not have a presence in the CBD.

Let’s examine the example Chicago presents. In the Chicago CBD there is Northwestern University School of Law, University of Chicago Graduate School of Business, DePaul University, DePaul University School of Law, Loyola University School of Law, John Marshall School of Law, Roosevelt University, Columbia College, School of the Art Institute, Harold Washington College, Spertus Institute for Jewish Studies and Rush Medical College. I am sure that I have missed a few, but the list is impressive regardless.

What is the benefit of having institutions of higher learning located in the CBD ? An influx of students, professors, administrators and all of the commercial activity they bring each day all year long. They create a need for housing, food and dining services and transportation services.

Institutions of higher learning and their students and staff being located in the CBD are within easy access of the businesses and professional service firms which draw upon their talent pool.

So, Cincinnati, why not here ???

Why not relocate the University of Cincinnati School of Law and Graduate School of Business in the Cincinnati CBD ? Why not relocate the Xavier University School of Business in the CBD ? Why not relocate The Chase School of Law in the CBD ?

The major regional corporations are in the CBD; the majority of the regions law firms are in the CBD. Having easy access to students eager and willing to work full and part time, intern and perform case studies could only create more collaboration for both the respective universities and the region’s businesses; while at the same time opening up valuable space in land locked campuses for other uses.

Holes in the CBD would quickly fill up with the needed office buildings and housing projects; not to mention the food and dining needs. One project will create the need for another and create a 24/7 community which is vibrant and complimentary to the successful effort which is transforming Over the Rhine, the Banks, Pendleton and other near in neighborhoods.

With the coming of a street car system the ease of moving about the CBD, and eventually connecting to the Clifton area, can only help the CBD become an ideal location for universities.

Cincinnati, think outside your own borders; come together as an integrated community where the institutions of higher learning affect more areas than their traditional campuses and put their talent pool in front of the businesses which are the likely employers for many of the students enrolled in your programs.

Next Hot Industry Sector

Brad Kaplan — Fri, 30 Nov 2012 18:24:18 -0600

TRANSPORTATION, LOGISTICTS, SUPPLY CHAIN MANAGMENT, INTERMODEL, TRUCKING, TRAINS, SHIPPING ok, you get it. As the economy wakes up goods being moved around the country need to make their way to ports, factories and consumers. Opportunities abound for projects and developers if they are poised to take advantage of the logistics and supply chain sectors of the Real Estate Industry.

Ohio Village Adopts State's First "Community Bill of Rights" to Prevent Shale Development

Brett Altier — Tue, 16 Oct 2012 09:08:26 -0600

Recently, the Yellow Springs Village Council voted to adopt a “Community Bill of Rights” ordinance banning shale gas drilling and related activities in the village. The Bill of Rights declares the fundamental rights of residents to clean air and water, and to protect the rights of nature.

Yellow Springs is the first municipality in Ohio to enact a local Bill of Rights and has directed toward prohibiting shale gas drilling and related injection wells. While Yellow Springs is located in southwest Ohio, away from the Utica and Marcellus shale plays in the eastern part of the State, the geological formations there are ideal for storing fracing wastewater.

Yellow Springs’ Bill of Rights is just another step toward a showdown between local versus state law in the regulation of oil and gas operations. Like our neighbors in Pennsylvania and New York, more Ohio communities are taking steps to regulate oil and gas within their borders and are putting proposals to voters this election day.

Ohio law, however, grants sole and exclusive authority to the Ohio Department of Natural Resources (“ODNR”) to regulate oil and gas activities, and provides those activities are matters of “general statewide interest” requiring “uniform statewide regulation.” Further, Ohio Revised Code Chapter 1509 and the rules adopted under it constitute a “comprehensive plan” for the regulation of oil and gas. Accordingly, ODNR’s position has been that Ohio law gives it the sole authority to regulate oil and gas wells, from the issuing of permits for new wells through the time inactive wells are plugged.

Inspired by the limited success of municipalities in Pennsylvania and New York, Ohio local governments continue to attempt to regulate through ordinances, zoning, and now a bill of rights, to attempt to limit oil and gas operations in their communities.

How successful these local regulations will be may depend upon a court decision in Preferred Fluids Management, LLC v. the City of Mansfield (N.D. Ohio Case No. 1:2012cv01804). Preferred is seeking to construct two injection wells in an industrial park in Mansfield, but was blocked by local ordinances prohibiting such wells. Preferred is alleging that the Mansfield ordinances are in direct conflict with the state’s exclusive and comprehensive authority over oil and gas operations.

A hearing is set for this case on Oct. 19 in Cleveland. Both landowners and oil and gas operators will keep an eye on this case and the polls next month in what could affect shale development in Ohio.

The Yellow Springs’ Bill of Rights, however, remains significant in its own right. It offers a new wrinkle to the state versus local power debate as it grants rights directly to the citizens, and not to a local government. How Ohio courts distinguish between local governments and citizens in the context of oil and gas activities, if at all, is another developing issue.

Assume You Have Been Served

Megan Roberts — Tue, 09 Oct 2012 07:43:55 -0600

Following the publicized overhaul of the Cuyahoga County Board of Revision, property owners and practitioners alike should be aware of the Board’s recent changes in procedures regarding hearing notices to Complainants, in addition to the implementation of the Board’s updated Rules of Valuation Procedure (which quietly went into effect December 2011).

When a property owner has filed a Complaint seeking a reduction in excess of $50,000 market value in valuation on their property, under Ohio Revised Code 5715.19(B), the Board of Revision must notify the affected school district of the filing of the Complaint and afford them the opportunity to file a Counter-Complaint in opposition. In contrast, there is no requirement under the ORC requiring the Board of Revision to notify the Complainant of the filing of the Counter-Complaint. Instead, in past years, the Board of Revision would “informally” notify a property owner that a Counter-Complaint had been filed by sending the property owner a copy of the hearing docket before the scheduled hearing referencing both the Complaint and Counter-Complaint.

Under their updated procedures, the County Board of Revision has stopped distributing hearing dockets to Complainants. Instead, under Section IV (C) of their updated Rules of Valuation Procedure, the Board of Revision relies upon the counsel for a Counter-Complainant to contact the Complainant. Counsel is now required to certify to the Board of Revision that they served a copy of the Counter-Complaint to the Complainant at the address as stated on the Complaint. This rule went into effect beginning with the Counter-Complaints that were filed in May 2012. Knowledge of, and compliance with, the new rule this past spring was spotty. Of course, ignorance of the pending Counter-Complaint is no excuse for a Complainant’s failure to serve the Counter-Complainant with evidence in advance of the hearing.

Property owners and practitioners seeking a reduction in value in excess of $50,000 in market value before a Board of Revision should ASSUME that they are being opposed and should contact the Board of Revision to inquire if there has been a Counter-Complaint filed in their case (http://www.bor.cuyahogacounty.us/find_complaint.asp) and should closely follow the Board’s rules.

Five Points to Consider When Leasing Construction Equipment

John Hands — Fri, 14 Sep 2012 08:10:08 -0600

As the construction industry starts to rebound from a down market, rentals of project equipment are on the rise. Whether you are an owner, principal contractor, or specialty trade subcontractor, you may very well be renting equipment for use on an upcoming project. Here are five important points to bear in mind:

1. Do not accept the equipment without thoroughly inspecting it first. Failure to do a full, visual and utility inspection on a rental product could mean that you may be held responsible for existing damages or defects in the equipment. If damage is not documented prior to acceptance of equipment, it will be your word against the lessor’s—and the lessor is likely to have favorable contract language on its side. The best way to avoid this fight is to conduct a thorough inspection while recording (perhaps by taking digital photos) every aesthetic or operational issue with the equipment. Conduct the inspection in the presence of the lessor, provide the lessor with documentation or notes of all existing damage, and retain a copy of the documentation. Also be sure to reject the equipment if it does not appear to be fully functional.

2. Be sure to obtain insurance coverage for the rental, or confirm in writing that coverage is otherwise in place. Under the lease agreement, the renter is typically charged with the duty to obtain insurance coverage for the equipment, both in the name of the renter and the lessor. Failure to have required coverage in place pursuant to the terms of a lease agreement will mean that you are responsible for casualty or loss to the equipment.

3. Make sure your operating team is well-trained on the equipment’s maintenance. Required maintenance will often be spelled out succinctly in the rental agreement. If so, be sure to train your team to abide by it. If not, ask the lessor for its suggested maintenance in writing. If you fail to conduct required maintenance, the equipment may be damaged and you will be stuck with a hefty repair bill, or worse, you may be forced to purchase it —whether you want it or not.

4. Meet the scheduled equipment return deadlines. Per most rental agreements, you will be charged an entire extra day (or week or month, depending on the duration of the rental) if you fail to return the equipment by the allotted time set forth in the contract. For large pieces of machinery, this could mean a significant price.

5. If the equipment runs on gas or diesel, return it with a full tank. Much like national car rental companies, an equipment lessor can charge you significantly enhanced amounts for fuel if you neglect to “gas up” before
you return a piece of construction equipment. These amounts can add up and hurt your bottom line if your project teams are consistently leaving the gas bill to the mercy of your lessors.

With these points in mind, rent wisely and build safely, timely, and well.

Cross Laminated Timber: Will It Sell in the US ?

Brad Kaplan — Mon, 11 Jun 2012 08:43:09 -0600

Cross laminated timber or CLT, was developed in Austria in the 1990's as a structural wood building product engineered to replace steel and concrete in building construction.

What is CLT ? It is laminated sheets of wood glued together much like plywood only thicker and much stronger.

Why use CLT ? It is a renewal forest product which absorbs CO2 and can be recycled when its original purpose has been retired.

The New York Times reported on the background and use of CLT last week. Popular in Europe, in use in Austrialia, CLT is just starting to be recognized in the United States. Innovative Timber Solutions, LLC is marketing CLT products now in the US. Below is one of their instructive videos on how CLT is produced and can be used. It may be worth considering as a componant in your next project.

Fraudulent Transfer Litigation - The Eleventh Circuit Court of Appeals Deals a Blow to Lenders

Reuel Ash — Thu, 31 May 2012 10:55:39 -0600

A highly significant ruling involving fraudulent transfers recently decided by the Eleventh Circuit could have a far-reaching impact on distressed lending and investing. In Senior Transeastern Lenders v. Official Committee of Unsecured Creditors (In re TOUSA, Inc.), 2012 WL 1673901 (11^th Cir. May 15, 2012), the Eleventh Circuit Court of Appeals reversed the district court and upheld the bankruptcy court’s ruling that liens granted by TOUSA’s subsidiaries to lenders constituted fraudulent transfers. In general terms, a fraudulent transfer is a conveyance by a debtor of property to a third party to place intentionally that asset out of reach of a creditor or creditors, or a conveyance made by the debtor to a third party for less than reasonably equivalent value, which conveyance was made while the debtor was insolvent or caused the debtor to become insolvent.

TOUSA, a Florida company, and its subsidiaries were once one of the largest homebuilders in the country. TOUSA had borrowed large amounts of money during the boom years prior to the collapse in the housing market. TOUSA defaulted on its loans to its original lenders, with whom TOUSA reached a settlement with those lenders in the amount of $421 million. TOUSA borrowed $500 million of new money to pay the $421 million settlement. In conjunction with the new $500 million loan, certain of TOUSA’s subsidiaries guaranteed the new loans and provided security interests in their assets. None of those subsidiaries, however, received any of the proceeds from the new loans.

Less than six months after the new loans, TOUSA and most of its subsidiaries filed for protection under Chapter 11 of the Bankruptcy Code. The Unsecured Creditors Committee in those cases filed a lawsuit to avoid the liens and guarantees made by TOUSA’s subsidiaries, arguing that the subsidiaries’ guarantees and liens provided to the new lenders constituted fraudulent transfers because the subsidiaries did not receive reasonably equivalent value in exchange. In ruling for the Creditors’ Committee that the subsidiary liens and guarantees should be avoided, the Eleventh Circuit rejected the argument of the lenders that the subsidiaries received indirect value from providing the liens and guarantees because the new loans enabled the subsidiaries to avoid defaulting on bond and bank obligations.

The Eleventh Circuit's decision in TOUSA could have serious implications in the distressed financing industry. Transactions involving debtors with subsidiaries will need to be structured to avoid the TOUSA fraudulent transfer problems. TOUSA could chill the availability of rescue financing for distressed entitities, although the full implications of the decision will not be known for some time.

Sign of a Turnaround ?

Brad Kaplan — Mon, 21 May 2012 10:03:14 -0600

MSNBC is reporting that a parking spot in New York City just sold for $1 Million ! Could this be the sign of a real estate industry turnaround ?

Most Expensive Real Estate

Brad Kaplan — Tue, 03 Apr 2012 07:27:03 -0600

Business Insider recently published the 4th Quarter 2011 list of the cities with the most expensive real estate (follow the link to see the article). The chart is below. The list quickly underscores what an affordable environment in which we live and work in the United States.

Put That Unproductive Space to Use !

Brad Kaplan — Fri, 16 Mar 2012 09:01:57 -0600

Take a look at how the Korean's are putting previously unproductive space to use and combining internet sales with brick and mortar real estate. Good idea huh !

Where to Start with Public Infrastructure

Brad Kaplan — Thu, 08 Mar 2012 08:32:04 -0600

In order to replace aging public infrastructure assets you have to move the existing ones out of the way. See the video below on how a bridge across the Ohio River was removed to make way for a replacement. This one is for our readers who are in the demolition, road building and engineering industries. Enjoy !