LinkedIn Article (04.28.2025) 🔗

This article discusses the author's experience relocating from Ithaca to Rochester, where they chose to rent rather than buy after encountering Rochester’s unique "delayed negotiations" system. In this process, sellers set a future date to review all offers simultaneously, creating intense competition and often driving sale prices above listing values. The article explains how this structure can lead to emotional overbidding and financial risks for buyers. Motivated by this observation, the author and colleagues conducted a study analyzing over 14 million housing transactions across 30 states, finding that homes purchased through bidding wars tend to deliver lower annualized returns and higher rates of mortgage default—an example of the "winner’s curse." The research further highlights that these risks are especially pronounced among low-income, less-educated, younger, and minority buyers, thereby exacerbating existing disparities in housing access and financial stability.

LinkedIn Article (04.26.2025) 🔗

This article reflects on the critical role of contingency clauses—particularly co-tenancy provisions—in commercial real estate leases, highlighted by the Mall of America’s legal battle over Sears' $10-per-year lease. It shows how once-attractive anchor tenant agreements can become liabilities when market conditions change, emphasizing the importance of carefully structured leases. Drawing from the author's dissertation and a co-authored research paper, it argues that strategic lease terms are essential tools for managing risk and maintaining shopping center value over time.