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When it comes to cutting carbon emissions, the real estate industry is running out of time – CNN

Published

3 years ago

 on


Diane Hoskins is co-CEO of Gensler. The opinions expressed in this commentary are her own.

Extreme weather events — including heat waves, droughts and floods — have unfolded all over the world this summer. The grave impact of climate change is upon us and will continue to have a profound impact on human life. But there are still largely untapped actions we can take to reduce the damage.

Achieving global policy ambitions like the ones set in the 2015 Paris Agreement will require leadership from the private sector, but individual companies with strong internal climate commitments can’t go at it alone. They are hamstrung unless other businesses in their ecosystem follow through with similar pledges. To accomplish this, companies need policies that require the cooperation of external stakeholders at every step of the value chain.
For those of us in the real estate sector, the concern always seemed to be less about the cause of our manmade carbon footprint and more about cost. For years, we have seen rising sea levels and extreme weather events happening around us, putting property portfolios at risk. The economic and physical changes have affected insurance industry volatility, impacting construction and long-term investment prospects.
However, many in the industry have yet to admit that buildings are as responsible for carbon as cars. The real estate industry makes up 49% of global carbon emissions when accounting for construction and building performance. Most carbon reduction efforts in the building sector have focused on operational efficiency — energy sources for keeping buildings at an ideal temperature, lighted, ventilated and powered — so that properties consume as little energy as possible. And while these efforts have furthered the industry’s goal of getting buildings closer to net zero operationally, we can no longer ignore that building materials account for half of a building’s total lifetime carbon footprint.
We are out of time. And the real estate industry’s wait-and-see approach is no longer acceptable. Embodied carbon — emissions associated with the manufacturing, transport, construction and disposal of building materials — must become a priority for the entire industry value chain.
With commercial buildings, concrete and steel have traditionally been used for construction, along with other frequently used carbon-intensive materials like foam insulation, plastics and aluminum. However, building with structural wood has increasingly gained traction as an alternative, given that it sequesters more carbon than it emits. Developers are becoming aware of its versatility and sustainability, and if adopted on a global scale, mass timber could challenge steel and cement as the preferred materials for construction. Additionally, structural engineers have already successfully used recycled steel and low-carbon cement consisting of alternative mixtures. This, combined with using more unpolished and salvaged materials, has already proven to lower buildings’ carbon footprints.
And since nearly 75% of all raw materials in the US are used for the construction of buildings, the conscious decisions about the sourcing, construction and finishing of our development projects will have a lasting environmental impact.
At Gensler, a global architecture and design firm, we recently issued letters to our structural engineers, vendors, suppliers, construction and general contracting leaders asking for their partnership in shaping their policy to change the value chain. Together, we are developing an agreed-upon approach for specifying quality products that align with our company’s carbon neutrality promise. In early 2022, Gensler is launching new green specifications that focus on reducing high-carbon materials, using the most efficient structural solutions to reduce material quantities, sourcing materials that are extracted and manufactured locally, and minimizing waste. These specifications will be used on all of our projects. From then on, we will prioritize working with partners who meet those specifications and use materials that significantly reduce construction-related emissions, such as low-carbon concrete, steel, cross-laminated timber and alternative materials that absorb rather than emit carbon. With Gensler’s design impact and its global scale, this change in demand for sustainable materials will have an immediate ripple effect across the building sector.
If all parts of the real estate ecosystem — including architects, owners, developers, investors, constructors and material suppliers — move toward a net zero ambition, together, they could save 10 billion tonnes of CO2 from the atmosphere. This is the equivalent of removing nearly 2.2 billion gas-powered cars from the road for an entire year. There must be global net zero building standards across major market participants, investors, developers, designers and occupiers to drive demand. We must also create policies that demand energy suppliers provide access to low-carbon alternatives.
This era of reducing the embodied carbon in building materials will change construction and real estate development. We have entered a critical period for humanity. Carbon-neutral statements, science-based targets, and promises at international forums like the UN Climate Change conference will not suffice. Tangible and immediate action is the only solution.

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Toronto real estate agent puts comical spin on promoting burnt-down house – NOW Toronto

Published

27 mins ago

 on

April 18, 2024

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A Toronto real estate agent posted a picture of a $799,000 house that appears to be burnt down on TikTok saying it’s perfect for first-time homebuyers on a budget. 

The agent, Ruthie Miller, was half joking.

Miller’s real estate career has run parallel to being a stand-up comedian. She found the run-down house as she was trying to look for a place to invest in herself.

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Though she wasn’t the seller of the house, she thought posting the entertaining video on TikTok would attract more buyers to it.

The Yorkdale-Glen neighbourhood home is placed on a 25 x 130 ft. lot and the listing includes pictures of burnt down areas in the home. 

Miller posted the video a week ago, but now the price is currently over $1 million on Realtor.ca.  

“This house did have a fire and probably needs a lot of work. If you’re anything like me and you think to yourself, ‘Oh, I can fix him. All he needs is a little bit of TLC. He’s just had some bad relationships in the past,’ then you might be into this one,” Miller said in the video. 

Some viewers were confused and wondered if the video was a parody. 

“​​LOL genuinely can’t tell if this is a joke or not … a budget? Your gonna need another 200k to fix it it’s not even livable,” one person commented.

When asked if she thought her comedic approach to real estate could mislead people, Miller said, “I don’t know.” 

Miller told Now Toronto that she was joking about some parts, especially about the house being suitable for a first-time homebuyer because of the structural issues. 

Miller believes she’s bringing attention to real estate regardless of the method and people are going to look at the listing and request more information if they want to. 

“I’m a comedian also, so why not mesh the two? It’s a clever way of doing it,” Miller challenged. 

Miller believes Toronto’s real estate market always has room for humour. 

“I personally like it. I hope I’m not breaking any rules with my professionalism. I like blending comedy with real estate. It’s easy to make fun of realtors because they’re usually advertising multi-million dollar properties when most of the city can’t afford rent.”

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Former HGTV star from Los Gatos sentenced in $10M real estate fraud case – CBS San Francisco

Published

9 hours ago

 on

April 17, 2024

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LOS GATOS – A Los Gatos man who starred in a real estate reality show was sentenced to jail and ordered to pay back nearly $10 million to his victims after being convicted of real estate fraud, prosecutors said Tuesday.

According to Santa Clara County District Attorney Jeff Rosen’s office, 58-year-old Charles “Todd” Hill received a four-year sentence. Hill starred in the HGTV show “Flip It to Win It“, which featured teams buying dilapidated homes and fixing them, before selling them for a profit.

The show aired in 2014.

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Prosecutors said Hill was convicted in Sep. 2023 after admitting to grand theft with aggravated white-collar enhancements for committing real estate and financial fraud against 11 victims. Hill was indicted in 2019 following an investigation by the DA’s office.

“Some see the huge amount of money in Silicon Valley real estate as a business opportunity,” Rosen said in a statement. “Others, unfortunately, see it as a criminal opportunity – and we will hold those people strictly accountable.”

According to the DA’s office, Hill engaged in “multiple fraud schemes”, with some scams dating back before the HGTV show.

Prosecutors said in one instance, he diverted construction money for his personal use. In another, Hill created a Ponzi scheme by taking money intended to buy homes from an investor and spending it on a lavish lifestyle instead. He hid the theft by creating false balance sheets and used fraudulent information to obtain loans, according to prosecutors.

In a third case, prosecutors said an investor who provided $250,000 to remodel a home toured the property, only finding it to be a “burnt down shell” with no work performed.

Hill had used the money on a rented apartment in San Francisco along with spending on hotels, vacations and luxury cars, prosecutors said.

In addition to jail time, Hill was ordered to pay back $9,402,678.43 in restitution and serve 10 years probation. Hill has been remanded into custody, the DA’s office announced.

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Unlocking success in real estate with Glenn Zdrill – paNOW

Published

12 hours ago

 on

April 17, 2024

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Since Zdrill is well versed in all aspects of the real estate industry, you’ll have answers to questions before you even think to ask them – like, “How does mortgage loan insurance work?” or “How much will I need for closing costs?”

“Closing costs typically range from 1.5 to four per cent of the home’s purchase price and include things like legal and administrative fees, your home inspection, appraisal fees and more. So, you need to budget for this. Its my job to make sure you’re asking all of the right questions and I’m giving you the information you need to make informed decisions.”

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As a licensed realtor with RE/MAX P.A. Realty, Zdrill has the option to show any property on the Multiple Listing Service (MLS) database. He prides himself on understanding the market and current trends including property prices and the community.

“Prince Albert continues to have a lot of things happening with the construction of the new hospital, swimming pool and rinks. When I got into real estate over a year ago, I believed Prince Albert was a community on the verge of a boom and we’re starting to see that come to fruition.”

Selling or buying a home involves a multitude of moving parts, from negotiations to closing procedures and Zdrill is committed to helping his clients navigate the complexities with confidence.

Contact Glenn Zdrill through the RE/MAX P.A. Realty office at 2370 – Second Ave. W or give him a call at 306-961-5767.

*Please note, this article is not intended to solicit any properties already listed for sale.

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**This content was created by paNOW’s commercial content division.

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