08/9/05: Continuing the debate about whether there is a housing bubble or not really won't resolve anything. If there is a bubble, then it will burst. If there isn't a bubble, that will be a much better scenario for all of us. However, how does the White House look at this issue? Chairman of economic advisors (and possible future Federal Reserve chairman) Ben Bernanke recently commented that, "House prices have gone up a lot," which, in essence reflects a strong economy. Wow, really insightful. He then added, "We've never had a decline in housing prices on a nationwide basis." In other words, don't worry about a bubble because it never happened before. Pardon me, but there are many things that haven't happened before, and history is littered with the flotsam of such economic events. (Remember the dot-com meltdown?) This isn't to say that the housing market will burst, however, only that this applied logic--from the nation's most important economic advisor--seems rather shallow.

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	NAI HUNNEMAN (BOSTON) The firm promoted Jim Boudrot, Tom Aitken and Jon Gifford to senior vice president, while bumping Noah Hano up to vice president and Sarah Puglia up to associate in its brokerage services area. Boudrot and Aitken specialize in the Route 128 submarket, while Gifford targets Downtown Boston.
	FINARD & CO. (BURLINGTON, MA) Alicia Bouthillette has been named vice president of property and asset management, moving up from her prior position as senior property manager in the company’s Needham, MA office. Bouthillette joined the company in 2000.
	DICKINSON DEVELOPMENT CORP. (QUINCY, MA) Taryn Warren has been tapped as vice president of the firm’s newly expanded development services division. Warren had been project manager for the Crossings at Walkers Brook, the firm’s 33.5-acre retail center in Reading, MA.

	TACONIC INVESTMENT PARTNERS (NEW YORK CITY) Gregory Knoop has joined the firm as senior vice president of real estate, with responsibility for asset management. Knoop was most recently first vice president and director of agency services at CB Richard Ellis, where he spent seven years and managed a seven-million-sf office portfolio.
	JER INVESTORS TRUST INC. (MCLEAN, VA) Tae-Sik Yoon will take over as chief financial officer here as of next month. He will remain in his post as chief financial officer and managing director of J.E. Robert Co. Inc. and its affiliate JER Commercial Debt Advisors LLC.
	EQUIS CORP. (WASHINGTON, DC) Junius Tillery and Steve Ross have joined Equis Corp. from Trammell Crow, where they served as a team specializing in tenant representation in the northern Virginia region. Tillery is joining as senior vice president and Ross has been appointed vice president.
	AVALONBAY COMMUNITIES (ALEXANDRIA, VA) New to the company is Walter A. Rebenson, who joins as vice president of development. Rebenson was most recently chief operating officer at the Fordham Co. in Chicago. In his new role, he will lead AvalonBay’s Chicago operations.
	KIMPTON HOTELS & RESTAURANTS (SAN FRANCISCO) The company has named Jim Alderman senior vice president of acquisitions and development. Alderman was previously senior vice president of development in North America for Starwood Hotels and Resorts Worldwide.

ROCKWOOD CAPITAL

Financial Analyst – Asset Management & Acquisitions

CONNECTICUT

Ideal candidate will perform analysis including project underwriting, due diligence, monthly reporting of operations, sell/hold decisions, potential dispositions, cash flow management and leases. He or she will also assist in compiling packages and memoranda for investment committee, and in conducting ad hoc analysis and reporting.

SELECTLEADERS

Senior Financial Analyst

ILLINOIS

The primary responsibilities of this position include financial underwriting, investor property inspections, due diligence review and marketing brochure preparation for presentation to prospective clients and investors. Suitable candidate will use quantitative ability and understanding of real estate and capital market fundamentals to accomplish these objectives.

UBS GLOBAL ASSET MANAGEMENT

Research Analyst

CONNECTICUT

Most qualified applicant will provide economic, capital markets and other analyses for acquisitions and dispositions, while also offering research support for all business groups and assisting in production of market outlook reports. He or she will gather information and prepare reports for clients, presentations or special projects.

CONNOLLY REALTY SERVICES INC.

Vice President – Residential Unit

SOUTH CAROLINA

Reporting directly to the president, ideal candidate will be responsible for evaluation of existing and new markets for expansion and potential acquisitions. He or she will also manage and negotiate land acquisitions, perform land use and financial analysis, execute purchase agreements and oversee due diligence/feasibility.

HIMES ASSOCIATES LTD.

Vice President/Director of Operations

VIRGINIA

In this position, suitable applicant will be responsible for overseeing multiple projects from design through completion of construction and final occupancy. Duties include internal resource scheduling and management and involvement in business development presentations and proposals, as well as client consulting and account management.

AIG

Real Estate Analyst – Mortgage Finance

FLORIDA

Using background in finance or accounting, analyst will assist in underwriting, analysis and negotiation of real estate transactions with senior staff involvement; perform or assist in site and market inspections; gather and analyze economic and demographic data; and become knowledgeable of all relevant market factors.

CITIGROUP

Senior Asset Manager

GEORGIA

Ideal candidate will have direct management responsibility for certain cards operations and Citibank sites. He or she will coordinate staffing and strategic planning with business partners, including budgeting and forecasting $20 million annually. This also entails oversight of 1 million-plus square feet of portfolio, all building operations and staff support.

CORNERSTONE REAL ESTATE FUNDS

Managing Director – Eastern Region

UNITED STATES

Managing director will oversee business activities in the eastern region, which includes sourcing acquisition and development opportunities, coordinating due diligence, supervising asset management of properties acquired, and growing and leading regional office. He or she must have extensive knowledge of these markets.

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