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- Historic Buildings and Rehabilitation Expenditures: A Panel Data Approach
- This paper examines the relationship between the characteristics of buildings and their assessed value in a historic area in Winnipeg, Manitoba Canada. Using a unique panel data set, this paper uses a hedonic model to examine the factors that have affected the market value assessments of a set of historic...
- White papers 2005-07-09
- Environmental Determinants of Housing Prices: The Impact of Flood Zone Status
- This study examines the valuation of homes located within 100 year flood plains. Utilizing a database of 29,887 property transactions, the results of this investigation suggest that comparable characteristic homes located within a flood zone sell, on average, for less than homes located outside flood zones. Interestingly, the price differential...
- White papers 2001-01-19
- Repair Expenses, Selling Contracts, and House Prices
- This paper examines the impact of repair expenses on the selling price of a house. Using data from settlement statements, the paper investigates the frequency and extent to which performance of major repairs is part of the sales contract. It finds that most homes are restored to a "normally maintained"...
- White papers 2000-10-04
- Hedonic Estimates of Regional Constant Quality House Prices
- It is has been shown that regional housing price indexes reported by the National Association of Realtors NAR misstate price change over time due to failure to control for variation in housing quality. However, the erroneous assumption that implicit housing characteristic prices are invariant across regions of the United States...
- White papers 2000-05-02
- Impact of Ranch and Market Factors on an Index of Agricultural Holding Period Returns
- This study develops nominal and real holding period return indices for operating ranches. The indices contain two components, monthly ranch operating profit and capital appreciation. A regression model that determines the effect of various attributes on total market value is used to estimate capital appreciation, and a second model determines...
- White papers 2000-04-04
- Projections in the Industrial Property Market Using a Simultaneous Equation System
- A three-equation simultaneous system is used to model the industrial property market in Great Britain. Strong relationships are found between new industrial building supply and both real rents and construction costs, and between rents, industrial floorspace availability and the gross domestic product. The performance of ex post simulations of new...
- White papers 2000-04-04
- The Effect of Residential Investment on Nearby Property Values: Evidence From Cleveland, Ohio
- This study analyzes the effect of both new and rehabilitation residential investment on nearby property values in Cleveland, Ohio. The methodology used is hedonic price regression with spatial lagged variables that are generated applying geographic information systems. The effect of investment on property values is geographically limited. New investment has...
- White papers 2000-04-04
- Industrial Land Values-A Guide to Future Markets?
- The study provides empirical evidence of industrial land prices as a factor explaining variations in industrial rents in local markets. Evidence is obtained from the estimation of a regression model of rents in six markets in the United Kingdom using King Sturge data. The conclusion is that industrial land values...
- White papers 2001-01-19
- Interdependence Effects of Housing Abandonment and Renovation
- This study uses a methodology for analyzing the interdependence effects of abandonment and renovation for profit-maximizing landlords. After using a Prisoner's Dilemma game of abandonment to establish the existence of the interdependence phenomenon between internal rates of return, a Stackelberg framework is employed to model the interdependence effects of abandonment...
- White papers 2003-11-04
- Strategic Significance of the Inner City to the Property Discipline
- Central to strategies for and involvement in the inner city real estate market is their ability to attract people. A central part of the overall metropolis of a place, the inner city is the mechanism that mediates the larger top-down global concerns and the more intimate, personal concerns of day-to-day...
- White papers 2003-11-04
- A Frequency Domain Analysis of Common Cycles in Property and Related Sectors
- This paper examines cycles and common cycles in property and related sectors in the frequency domain. The frequency domain approach is empirically more effective in revealing cycle and common cycle features. It describes the closeness of two time series using coherence and phase as against correlation and leads/lags in the...
- White papers 2003-07-22
- Ski Resort Real Estate: Does Supply Prevent Appreciation?
- This paper examines the behavior of ski resort property in a major New England market over the last 25 years. A property price series is constructed for the Loon Mountain resort, which is believed to be quite typical of New England Ski areas. This series reveals that nominal prices are...
- White papers 2003-12-10
- Point of View: REIT Joint Venture Use is on the Rise
- This report examines the joint ownership of properties held by public real estate investment trusts REITs. It uses a detailed property database of real estate firms maintained by SNL Securities, which included more than 18,600 properties owned or partly owned by 171 firms. The findings indicate that rather than reducing...
- White papers 2004-04-20
- The Devaluation of Capital Budgeting in Real Estate Development Firms
- The capital budgeting process in real development firms is a vital part of their regular operations. Developers invest large amounts of money in this process. Their finance departments frequently hire highly paid staffs to conduct studies of proposed projects. Under the best of conditions, capital budgeting for real estate development...
- White papers 2004-01-19
- Corporate-Owned Real Estate Represents a Substantial Investment Universe
- Corporate-owned real estate is a much more significant component of the real estate investment universe than is broadly recognized. In this article the results of recent research concerning the magnitude of the investment universe represented by corporate-owned real estate is presented, and the implications of the significance of corporate real...
- White papers 2003-11-04
- Point of View: Styles of Higher Return Strategies
- This paper identifies four broad categories of investment strategies with which to further subdivide the universe of funds pursuing greater-than-core return objectives. These categories, defined as wealth creation, value added, income enhancement, and incremental risk, represent four distinct approaches to generating excess returns. Clearly, fund managers can and often do...
- White papers 2000-12-29
- The Evolution of Real Estate in the Economy
- While the economy as a whole has been rapidly changing in response to technological innovation, real estate has evolved from a depository of wealth for households and assets for corporations into a major force in the debt and equity markets. In contrast, the role of real estate as a contributor...
- White papers 2001-07-16
- Economic Analysis Suggests That REIT Investment Characteristics Are Not as Advertised
- Commercial real estate is a cyclical asset with partial inflation-hedging characteristics. Investment characteristics of regulated investment companies are shaped by two sets of economic attributes: investment portfolio characteristics and legal constraints on the companies. Both sets of real estate investment trust REIT attributes differ from corresponding attributes of regulated funds...
- White papers 2001-07-16
- Mature and Yet Imperfect: Real Estate Capital Market Arbitrage
- The familiar boom-and-bust pattern of the real estate market has been tempered recently by an increased amount of discipline administered by the capital markets, and by the debt markets in particular. Additionally, due to the emergence of the public REIT and CMBS markets in the 1990s, and the accompanying proliferation...
- White papers 2002-03-11
- The Use of GIS & OLAP for Accurate Valuation of Developable Land
- The purpose of this study is to describe a beginning of best practice technique for the valuation of brownfields that incorporates business cycle as well as market analysis. This study examines approaches to market analysis and illustrates how technology can provide more accurate results. It suggests a reference scope of...
- White papers 2002-03-11
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