Tornados! Fire! Ice Storms! These Real-Estate Agents Risk Life and Limb for the Sale
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Tornados! Fire! Ice Storms! These Real-Estate Agents Risk Life and Limb for the Sale

Nothing stays these brokers from the swift completion of their appointed showings

By ROBYN A. FRIEDMAN
Sun, Dec 3, 2023 7:00amGrey Clock 3 min
What is the worst weather you have ever had to contend with while showing a home?

Justin Fox, broker/owner, Re/Max Professionals, Cottage Grove, Minn.

In the summer of 2011, I was driving some buyers—a mother from out of town with her two young daughters, each under 6—to look at homes. The first two showings were uneventful, but as we headed to the third, we encountered a giant wall cloud on the road. I see wall clouds all the time, but for those not familiar with them, it’s a giant tower of clouds, and it’s very dark and ominous-looking, so it can be scary. My buyer, who claimed to have been some sort of weather watcher, started freaking out, saying things like, “That’s a wall cloud! It’s dangerous! We’re going to have a tornado!” That in turn caused the daughters to start screaming and crying hysterically. They were kicking so much in the back that they caused the threading of my leather seat to come loose. I did my best to calm them down, but then the torrential rain and thunder started, and that led to more screaming from the kids. Thank God we made it to the next house within 10 minutes. I pulled my car into the garage to avoid the hail, and we sheltered in the basement for 25 minutes until it lightened up outside. Then we went on with our showings like nothing ever happened.

Victoria Rong Kennedy, associate broker, the Corcoran Group, New York, N.Y.

I wouldn’t say this was the worst weather, but it was definitely the weirdest. On June 7, 2023, I had three private showings lined up at 2:30 p.m., 3 p.m. and 3:30 p.m. to show my listing on the Upper East Side, which was a duplex penthouse with three terraces listed for $3.3 million. That morning, Canadian wildfire smoke was blowing through the sky of Manhattan. They were telling everyone on TV and radio to stay home all day, and I kept watching my emails and texts, hoping that all three groups of buyers would cancel their showings, but no one did. By 1:30 p.m., the sky was really dark. There was almost no visibility, but, still, there were no cancellations. At 2 p.m., I searched for an old Covid mask, put it on and walked out like a hero to go on the combat field. I could barely see anything a half block away, but I walked 11 blocks and two avenues and managed to get to the building. Well, all three groups of buyers and their brokers showed up on time. We all chatted about how strange the weather was. We put our masks back on when we stood on the living room terrace, which overlooks Billionaires’ Row, but we had no visibility. The sky was red and black, and all we could see was a small circle of light in the sky. It looked like the moon behind heavy clouds. It was like a scene from a movie.

Jeffrey Decatur, broker associate, Re/Max Capital, Latham, N.Y.

Living in upstate New York, I have experienced all kinds of bad weather—snow so deep it was up to my thighs and rain so hard that I wished my shower had that much pressure. However, the worst took place in April 2017, when I was showing a home in Waterford, N.Y., a suburb of Albany. It was during a late-season blizzard that came on fast, and there had to be about 2 feet of snow. The home had a normal-size driveway, but it was a foreclosure and was not shoveled. So, my client and I trekked up the crunchy, snowy driveway and eventually got into the house. As we were walking around, complaining about the Arctic blast and blizzard, I heard the sound of babbling water. I thought it was a fountain, so my buyer and I continued to walk around the house. As we moved toward the garage and family room, the babbling got louder, and as we headed for the basement, we saw that the pipes had frozen. The basement ceiling had fallen, and water was pouring in from the ceiling and the walls. The floor had about 3 inches of water and ice. I called the listing agent and left a message, but I couldn’t just leave the water running, so I waded through the freezing cold water in the basement and turned the water off. I didn’t really think that through, because I was drenched and then had to make my way back through the house and out into the blizzard again. When I opened the front door, I nearly froze immediately, and by the time I got to the end of the porch, I was crunchy and icy. When I got to my car, parked at the end of the driveway, my hair was frozen to my face, and I could barely bend my legs or feel my hands. I was walking like the Tin Man. It took me several hours to thaw out.

——Edited from interviews



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Only 5% of U.S. Foundations Invest for Impact, Study Finds
By ABBY SCHULTZ
Sat, Mar 2, 2024 4 min

Few of the U.S.’s philanthropic foundations invest their endowment assets—totalling an estimated US$1.1 trillion—to create positive social and environmental change in addition to high returns, potentially limiting or even counteracting the good such organisations do.

Exactly how few isn’t precisely known. But Bridgespan Social Impact, a subsidiary of the New York-based Bridgespan Group along with the Capricorn Investment Group, a Palo Alto, Calif.-based investment firm founded by Jeff Skoll , the first president of eBay, and the Skoll Foundation, also in Palo Alto, attempted to “get the conservation started,” with a study of 65 foundations with a total of about US$89 billion in assets, according to Mandira Reddy, director at Capricorn Investment Group.

The top-line conclusion: 5% of the primarily U.S.-based foundations surveyed invest their assets for impact. Most surprising is that 92% of these organisations, which have assets ranging from US$11 million to US$16 billion, are active members of impact investing groups, such as the Global Impact Investing Network and Mission Investors Exchange.

“If there’s any pool of capital that is best suited for impact investing, it would be this pool of capital along with family office money,” Reddy says.

The study was also conducted “to draw attention to the opportunity,” she said.

“We want to redefine what philanthropy can achieve. There is massive potential here just given the scale of capital.”

Foundations are required by the U.S. Internal Revenue Service to grant 5% of their assets each year to charity; in practice they have granted slightly more in the last 10 years—an average of 7% of their assets, according to Delaware-based FoundationMark, which tracks the investment performance of about 97% of all foundation assets.

The remaining assets of these foundations are invested with the intention of earning the “highest-possible risk-adjusted financial returns,” the report said. Those investments allow these organizations to grant funds often in perpetuity.

Capricorn and Bridgespan argue that more foundations, however, need to “align their capital with their missions,” and that they can do so while still achieving high returns.

“Why wait to distribute resources far into the future when there are numerous urgent issues facing the planet and communities today,” argue the authors of a report on the research, which is titled, “Can Foundation Endowments Achieve Greater Impact.”

The fact most of the foundations surveyed are very familiar with impact investing and yet haven’t taken the leap “highlights the persistently untapped opportunity,” the report said. It details some of the barriers foundations can face in shifting to impact, and how and why to overcome them.

Hurdles to making a shift can include “beginner’s dilemma”—simply not knowing where to start—and a misperception on the part of large foundations that impact investing is “too niche,” offering opportunities that are too small for the amount of capital they need to allocate. Other foundations are too stretched and don’t have the resources to add capabilities for making impact investments, the report said.

One of the biggest concerns is financial performance. Some foundation leaders, for instance, worry impact investments lead to so-called concessionary returns, where a market rate of return is sacrificed to achieve a social or environmental benefit. Those investments exist, but there are also plenty of options that offer financial returns.

The authors make a case for foundations to “go big,” into impact to realize the best outcomes, and to take a portfolio approach, meaning integrating impact principles into how they approach all investments. To make this happen, foundations need to incorporate impact into their investment policy statements, which determine how they allocate assets.

It will be difficult for foundations that want to shift their assets to impact to pull out of investments such as private-equity or venture-capital funds that can have holdings periods of a decade. But with a policy statement in place, a foundation’s investment team can reinvest this long-term capital once it is returned into impact investing options, she says.

“The transition doesn’t happen overnight,” Reddy says. “Even if there is a commitment for an established foundation that is already fully invested, it takes several years to get there.”

The Skoll Foundation, established in 1999, revised its investment policy statement in 2006 to incorporate impact. According to the report, the foundation initially divested of investments that were not in sync with its values, and then gradually, working with Capricorn Investment, began exploring impact opportunities mostly in early-stage companies developing solutions to climate change.

“As the team gained more knowledge and experience in this work, and as more investment opportunities arose, the impact-aligned portfolio expanded across different asset classes, issue areas, and fund managers,” the report said.

As of 2022, 70% of the Skoll Foundation’s assets are in impact investments addressing climate change, inclusive capitalism, health and wellness, and sustainable markets.

Capricorn, which manages US$9 billion for foundations and institutional investors through impact investments, constructs portfolios across asset classes. In private markets, this can include venture, private equity, private credit, real estate, and infrastructure. There are also impact options in the public markets, in both stocks and bonds.

“Across the spectrum there are opportunities available now to do this in an authentic manner while preserving financial goals,” Reddy says.

Of the foundations surveyed, about 15, including Skoll, have 50% or more of their assets invested for impact. Others include the Lora & Martin Kelley Foundation, the Nathan Cummings Foundation, the Russell Family Foundation, and the Winthrop Rockefeller Foundation.

Though not part of the study, the California Endowment just announced it was going “all in” on impact. The organisation has US$4 billion in assets under management, which likely makes it the largest foundation to undergo the shift, according to Mission Investors Exchange.

Although the researchers looked at a fairly small sample set of foundations, Reddy says it provides data “that is indicative of what the foundation universe” might look like.

“We cannot tell foundations how to invest and that’s not the intent, but we do want to spread the message that it is quite possible to align their assets to impact,” she says. “The idea is that this becomes a boardroom conversation.”

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