COVID 19, real estate and uncertainty: examining this new “normal” through the quotes of Jim Graaskamp
| DOI | https://doi.org/10.1108/JPIF-06-2020-0068 |
| Date | 19 September 2020 |
| Published date | 19 September 2020 |
| Pages | 31-37 |
| Subject Matter | Property management & built environment,Real estate & property,Property valuation & finance |
| Author | Elaine Worzala |
COVID 19, real estate and
uncertainty: examining this new
“normal”through the quotes of
Jim Graaskamp
Elaine Worzala
College of Charleston, Charleston, South Carolina, USA
Abstract
Purpose –This paper examines the current uncertainty within real estate markets through the quotes of
Dr. James A. Graaskamp, a real estate educator and researcher. Graaskamp focused his teachings on real estate
investment through the lens of risk management and risk mitigation. Using the current COVID 19 pandemic
crisis as the backdrop, the author examines how we might learn from Graaskamp to look differently at real
estate investments during these uncertain times when an external shock shakes a market, causing transactions
to stall and sometimes freeze. In addition, she explores how we might learn from today’s situation and make
long-term changes to our built environment to have a better understanding of the risks associated with the
current but also future pandemics and other uncertainties including natural disasters or climate change. The
quotes were gathered by Jim Curtis, a student, friend and colleague of Dr. Graaskamp from the late 1970s until
his death in 1988. Through these quotes, the author explores the many facets of the complex nature of the real
estate asset class particularly during these very uncertain times created by the global pandemic.
Design/methodology/approach–This is a thought piece on the current uncertainty surrounding real estate
markets around the globe caused by the COVID 19 pandemic. The author of this essay was also a student,
friend and mentee of Jim Graaskamp’s, so it is an oral history of her experiences with this well-known and iconic
real estate educator and scholar.
Findings –As a discussion piece, this is not a traditional research project with empirical findings. It is an
exploration of the current uncertain times caused by the COVID 19 pandemic and its impact on real estate
markets. The author examines how the increased risk is currently, and will also continue to, significantly
influence the fields of property investment and finance.
Practical implications –The James A. Graaskamp Collection on Teaching Materials compiled by the
Wisconsin Real Estate Alumni Association is not a widely recognized resource for real estate scholars and
practitioners yet the two CDs contain a wealth of information and knowledge from an intelligent real estate
expert. Used as the base for the discussion, this paper sheds light on the teachings and writings of
Dr. Graaskamp. It illustrates the usefulness of the materials for other researchers and educators. In particular, it
highlights Graaskamp focus on risk management and mitigation which he strongly believed were essential
skills to understanding the complicated nature of a real estate investment and for making good investment
decisions, particularly when markets are full of uncertainty as is the case during these current times of the
global COVID 19 pandemic.
Originality/value –As one of only a handful of living and still practicing doctoral students of Professor
Graaskamp, the author has a unique perspective and lens to attempt to interpret the quotes of this real estate
expert. He was a leader in real estate education, particularly as it pertains to real estate valuation, feasibility and
investment, and this essay draws out some of his more important lessons from his pithy and often humorous
quotes.
Keywords COVID 19, Pandemic, James Graaskamp, Real estate investments, Uncertainty, Risk
Paper type Viewpoint
1. Introduction
Today is uncertain. The coronavirus pandemic has made the world pause and, going
forward, there is no certainty. So how does one manage real estate and real estate investments
when there is so much uncertainty? To attempt to answer this question, I am returning to the
thoughts of one of the most influential people in my life, James A. Graaskamp. Dr. Graaskamp
was my professor in all three of my academic degrees and he was the Director of both the MS
in Real Estate Appraisal and Feasibility Analysis and the doctoral program in Real Estate
COVID 19, real
estate and
uncertainty
31
The current issue and full text archive of this journal is available on Emerald Insight at:
https://www.emerald.com/insight/1463-578X.htm
Received 17 June 2020
Revised 18 June 2020
Accepted 18 June 2020
Journal of Property Investment &
Finance
Vol. 39 No. 1, 2021
pp. 31-37
© Emerald Publishing Limited
1463-578X
DOI 10.1108/JPIF-06-2020-0068
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