| September 20, 2001 |
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I have been writing about environmental issues affecting real estate for about ten years. I have covered many areas, from toxic mold to dirty water. But, I never gave much consideration about why it is that people want real estate. What does real estate mean to those who own it? Or occupy it? Or trade it? In law school I learned that if a contract seller refuses to convey title, a purchaser can go to court and seek "specific performance," which means a purchaser can ask a court to force the seller to sell. Even if the seller no longer wants to sell. Real estate transactions gone bad are one of the few areas where a plaintiff can obtain specific performance They taught us in law school that the reason a purchaser can obtain this unique remedy called specific performance is because each piece of property is deemed by the courts to be unique. So unique that merely getting paid for the value of the deal is not enough. If you want to, you can force the seller to sell. That is an extreme remedy, and it is indicative of the extent that we as a society value property. Property means wealth. But it also means psychological attachment, it can be a place for self-expression. For example, many of us love our homes. Not just because they may have increased in value since we purchased them, but because people can be emotionally connected to them. They say that our home is our castle. That is not a financial concept, it is a mental and visceral concept. The World Trade Center was built when I was 13 years old. I remember that time very well because my father was employed by its owner, the Port of New York and New Jersey Authority. He worked in one of the Twin Towers for many years . I was proud of that fact. I saw the 1976 Op Sail from one of the higher floors and had a better view than most New Yorkers ( I am from New Jersey). When I passed the state bar exam, we celebrated at Windows on the World, a restaurant located on top of one of the Towers. There was so much pride associated with those structures. Pride that extended beyond the value of the real estate, or the cost of construction, or the amount the tenants paid to occupy the buildings, or the cash flow generated from the rentals. First, they were at the time the tallest structures in the world. Second, they were so strong. We did not know about terrorism back then. And, we were told they could withstand any then-known calamity. There was a sense of pride associated with the enduring qualities of those buildings. When you were in them, the Towers actually moved to accommodate the strong winds from the harbor. It was a strange sensation to be in a building that literally moved (the Sears Tower also moves), but it was re-assuring because you knew they would never fall. They moved in order to remain upright; the Twin Towers could never fall. And they were a magnificent and permanent part of the New York skyline. One of the "must sees" for visitors. I often travel to New York and always was comforted by their ever-presence. Not only were the Towers beautiful and magnificent, but they were always so busy. As the hub of the nation's financial district, people moved about them rapidly and with a purpose. Just three weeks ago I sat outside one of the Towers, awaiting a ride back to New Jersey. I ate a locally purchased sandwich and enjoyed watching everyone pass by -- so busy and so involved. People with families, kids in Little League, moms who carpooled. Many of those people may no longer be alive today. All of us who lived in the New York area, and many beyond, had some emotional attachment with those buildings. By far first and foremost, their destruction meant the immediate loss of completely innocent lives. Those who worked in the buildings, and those who tried to rescue them. For all of them, their only mistake that day was to come to work and support themselves and their families. In addition, the destruction of the Twin Towers, which after all was really a piece of prime, improved real estate, drove a stake into all of our hearts. The everlasting symbol of New York that could not come down, did. And all of us changed forever. For more articles by Stuart Leiberman, please press here. |
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