RichMichaelTheMatrix1

__**REAL ESTATE DEVELOPMENT - GETTING AHEAD OF OURSELVES**__



One of many wasted sites, not only left to rot, but impeding development to occur in its place. Image

An inherent problem with real estate game is that it is in fact a gamble. Investments are conducted with limited information, in hopes that profits will come about one way or another.

__POSSIBLE ENVIRONMENTAL CONCERNS__ It seems that concerns are rather misdirected. In attempts to find data on the misappropriation of land in development, I only happened upon some issues when consulting a legal website, Real-Estate Lawyers, which mentions possible concerns that investors need to keep in mind when purchasing land. Issues like water quality, the use of lead paint, the presence of radon, asbestos, toxic mold, along with soil and groundwater contamination. I find it unconscionable that these pejorative qualities are simply things to avoid and not reported as veritable threats that need to be taken care of. A website completely dedicated to naming developments, www.namedevelopment.com, makes the thickheaded comment that one of the greatest growing concerns in real estate is what to name the development. Priorities need to be reevaluated in order to elevate the importance of the environment over the monetary implications of "minor problems" or the title assigned to a new community.

__THINKING AHEAD__ One major desensitization to the notion of real estate is the perception that it is just a game. Similar to the facilitation of the credit card and its deceivingly disproportionate portrayal of the money it represents. Especially with the ever-spreading communication infrastructure, it is becoming easier to purchase and sell land without directly seeing or feeling the affects. As a result, there are several failed attempts at real estate development that have degrading outcomes on a variety of scopes. Similar to the above image, some real estate ventures simply run out of steam and are left to rot. Some may say that nature is being given the opportunity to reclaim land; however the majority of the critics tend to agree with a more negative view.

In //Planning for Ecosystem Service Markets//, written by Todd BenDor and Martin Doyle, it is a strong sentiment that, at present, urban growth is unsustainable. The case study, in North Carolina portrays that even in "successful" development, our resources are being abused and the land is not being used efficiently. There is a lack of communication among developers and owners, as well as the fact that most development is only focused on instant gratification and not many are planning for the future.

A study conducted in Belstone, United Kingdom uncovers the truths behind what they coin as "Green Villages." The overarching theme is that most green initiatives tend to be far more successful in rural areas. Due to the pastoral lifestyle and the emphasis on simplicity, populations in rural communities are able to adjust to greener innovations. However, the more affluent communities are reticent to change and holding fast to their current lifestyles. (//The Green Village Project: A Rural Community's Journey Towards Sustainability//)

Oddly enough there are stories of failed ventures that somehow result in success; perhaps not from a sustainability standpoint, but at least the projects aren't abandoned completely. Case studies like the one in Phoenix, Arizona proves an interesting point. Right Place Properties is an example of a failed venture turned profit-making endeavor. In short, the original investors of the project reacted to poor sales by actually taking ownership and becoming landlords. Situations like these are not common, but it is reassuring to see that this community was able salvage an otherwise forgettable project.

__A GREENER FUTURE__ There are certainly attempts being made to instill greener tactics to our inefficient communities. //Can Real-Estate Developers Be "Green"?// grapples with the particular notion that perhaps the approach some communities are taking to sustainability may not be all that effective. The case study in New Jersey points out the successes and downfalls of certain localized projects.

Because of the environment's current situation, it seems that humanity and progress is now forced to acknowledge resource scarcity and begin proposing viable solutions. Developers are noticing that although the initial costs are high to outfitting "green" equipment, these design moves have the potential of yielding larger benefits in the long term. A large-scale sustainable neighborhood development in Tucson, Arizona, also known as "The Civano Project," is one of the more positive examples. (//Inside the Civano Project: A Case Study of Large-Scale Sustainable Neighborhood Development//)

In conclusion, it seems that developers and investors need to be more in tune with the economy--understand what kind of financial moves are possible and what purchases should wait for a more appropriate time. The implications of development, not only the financial side, is also starting to get more attention. The impact development has on the land and also the surrounding environment is a new talking point during potential transactions. Lastly, it seems that it is still too easy to abandon a faltering venture; perhaps, if responsibilities and rules were set in place to impede those kinds of decisions, less land would be wasted or used inefficiently.

__BIBLIOGRAPHY__

Anderson, J. "Failed real-estate venture turns investors into accidental landlords." //Arizona Republic// (2010): n. pag. Web. 20 Mar 2010..

Beuschel, Vanessa, and Thomas K. Rudel. "Can Real-Estate Developers Be “Green”?: Sprawl, Environmental Rhetoric, and Land Use Planning in a New Jersey Community." //Society & Natural Resources// 23.2 (2010): 97-110. //Academic Search Premier//. EBSCO. Web. 20 Mar. 2010.

BenDor, Todd K., and Martin W. Doyle. "Planning for Ecosystem Service Markets." //Journal of the American Planning Association// 76.1 (2010): 59-72. //Academic// //Search Premier//. EBSCO. Web. 20 Mar. 2010.

Buckley, Patrick G. "Inside the Civano Project: A Case Study of Large-Scale Sustainable Neighborhood Development." //Journal of the American Planning// //Association// 76.1 (2010): 127-128. //Academic Search Premier//. EBSCO. Web. 20 Mar. 2010.

"Environmental Considerations in Real Estate Sales." //Laywers.com//. Martindale-Hubbell® Lawyers.com, 2010. Web. 20 Mar 2010. .

Fonte, Diwata. "Naming Real Estate Projects Poses Special Problems for Developers." //Fresno Bee// (2009): n. pag. Web. 20 Mar 2010. .

Trier, Colin, and Olya Maiboroda. "The Green Village project: a rural community's journey towards sustainability." //Local Environment// 14.9 (2009): 819-831. //Academic Search Premier//. EBSCO. Web. 20 Mar. 2010.