--Paul F. Wendt, a co-founder of the real estate program at
the University of California, Berkeley, and one of the first
scholars to apply modern finance theory to real estate has died
at the age of 91.
one of the most important figures in real estate finance in
the past century, said Kenneth Rosen, chairman of the Fisher
Center for Real Estate & Urban Economics at UC Berkeley's
Haas School of Business.
a native of New York City who earned his PhD attending Columbia
University primarily at night while working on Wall Street,
recalled Wendt's former Haas School colleague Sherman Maisel.
Wendt served as an officer in the U.S. Navy in WWII and came
to UC Berkeley in 1946 as a lecturer.
same time, California's population was expanding quickly.
Gov. Earl Warren and University of California President Robert
Sproul agreed to a state real estate industry request to use
some funds generated by real estate license fees to support
an urban research program, along with real estate training
and education. Wendt was asked to head the program and became
its chairman in 1947, the same year he was appointed assistant
footsteps are all around the Bay Area, believe me,"
said Leon Rimov, a Berkeley resident who had Wendt on his
thesis committee while at the business school in the 1950s.
from UC Berkeley in 1972, leaving to start a similar real
estate center at the University of Georgia in Athens. He returned
to UC Berkeley in 1979, remaining until 1983 as a visiting
professor at the business school. Rosen said Wendt helped
him revive the real estate program starting in 1979, after
it had been closed for several years.
major contributions to the theory underlying appraisals, to
concepts used daily in valuing real estate investments, and
to international comparisons of housing policies, financing
and land use. He wrote more than six books and 60 articles
in major publications. He also worked on land use studies
and research for real estate organizations and government
agencies, according to Maisel, a UC Berkeley professor emeritus.
him "certainly one of the kindest and smartest and
most dynamic people we've had in the (real estate) field."
on May 14 in Chapala, Mexico, where he and his late wife Alice
had lived since 1983, dividing their time between homes in
California and south of the border.
He is survived
by his son, Peter Wendt, and daughter, Susan Shoemaker, both