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12/01/04: Two unrelated numbers--or actually one number shared by two disparate industries--figure heavily in the economy this week--8.5%. First, the Federal Housing Finance Board's recent survey shows that the average price of a single - family home surged 8.5% in October. Second, Wal-Mart, which contributes to 8.5% of all non-automotive retail sales in the country, posted surprisingly disappointing sales over the Thanksgiving weekend. Coincidence? Of course. But it also underscores a key point. Two of the biggest components of a sustained economy are real estate and retail. And disparate industries though they may be, they are also related, for where homeownership grows, so grows retail. The question for the foreseeable future is not what the number is, but which direction will hold sway over the coming year.
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AZTEC CORP.
(ISELIN, NJ) Deborah Walsh has been namedprincipal at the firm, moving up from her previous role asassociate. Walsh joined Aztec in 1995 and specializes in projectmanagement and space planning.

CENDANT CORP.
(PARSIPPANY, NJ) The firm's hotel group has promoted PeterStrebel to executive vice president and chief marketingofficer. Strebel, who has been at Cendant since 2001, was formerlysenior vice president for sales and marketing. In addition, thefirm's hospitality division has promoted JeanThomas as corporate senior vice president of marketing.Thomas, a former senior vice president, joined Cendant in2002.

CB RICHARD ELLIS
(CHICAGO) The firm has promoted Samuel C. Delisias senior managing director of asset services. Delisi waspreviously managing director and has been at CBRE since its mergerwith Insignia/ESG in 2003. He had joined that firm in 1999.

MACRO CONSULTANTS
(NEW YORK CITY) Joann Galluccio has come on boardas director of project management, specializing in office fixtures,furniture and equipment. She was most recently account manager atWaldner's Business Environments.

THE TREELINE COS.
(NEW YORK CITY) The firm has tapped Howard L.Schor as vice president of strategic operations andplanning. Schor has a background in advertising and marketingservices.

CUSHMAN & WAKEFIELD
(NEW YORK CITY) Timothy Gibson has joined thefirm as senior director, specializing in office leasing. He hasleft his prior post as senior managing director at CB RichardEllis.

LEGACY PARTNERS RESIDENTIAL DEVELOPMENT
(DALLAS) Spencer Stuart Jr. has been named seniorvice president and partner, and will head the newly opened Dallasoffice. Prior to joining Legacy, Stuart was CEO of the PalladiumGroup EEIG – United States.

SWIG BURRIS EQUITIES
(NEW YORK CITY) New to the firm is Todd E.Korren, who comes in as senior vice president and directorof leasing. Korren was most recently managing director of thecommercial division at Rockrose Development.

SELECTLEADERS

InvestmentAnalyst

(ILLINOIS)

Successful candidate will prepare detailed financial modelsincluding investment assumptions, develop market analyses, manageassignments from initiation to closing in conjunction with seniorpartners and lead budgeting and cash-flow forecasting.

JP MORGAN CHASE

SeniorAcquisitions Advisor

(TEXAS)

This professional will work on all aspects of the investmentprocess, including sourcing new transactions, underwriting, duediligence and closing. He or she will structure complicatedtransactions from a debt and equity standpoint and presentopportunities to investment committee.

TISHMAN SPEYER PROPERTIES

Controller

(NEW YORK)

Appropriate applicant will prepare GAAP- and tax-based financialstatements, budgets, reforecasts, escalation billings, etc., forone to two operating properties. Candidates should have more thanfour years' experience in public accounting and/or real estateaccounting.

REIS

ResearchOperations Manager

(NEW YORK)

This position requires leadership in the operations area,including data collections systems and processes. Ideal candidatewill manage and improve employee productivity while developing andimplementing a metrics and measurement system to track operationsprocesses for productivity, quantity and quality.

K. HOVNANIAN COS.

ChiefFinancial Officer

(MARYLAND)

Successful candidate will oversee financial operations, systems,banking relationships and documents review using a minimum of fiveyears of background in equity and financial analysis, investmentbanking and real estate investment. An MBA degree is preferred.

GMAC COMMERCIAL MORTGAGE

AssetManager

(OHIO)

Ideal applicant will review and analyze property-level reportsand documentation, manage equity installment process and identifyproblem areas and issues that substantially affect the investmentperformance of assigned portfolio.

TAYLOR INVESTMENT CORP.

AcquisitionsManager

(WISCONSIN)

Ideal candidate will build successful high-level relationshipswith property owners, co-workers and the company while alsocoaching and recruiting other employees. He or she will useknowledge of market dynamics to reinforce objectives of allprojects.

SELECTLEADERS

Directorof Real Estate Development

(CALIFORNIA)

Primary responsibilities of this position include marketresearch, planning, land selection, negotiation of purchase andsale of land, product development, project budget, marketing plansand lease negotiations or sale of buildings in the Los Angelesarea.

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