Business Commons^™

Mortgage Refinancing In Nigeria: Prospects And Challenges, Kama Ukpai, Phebian N. Bewaji, Adigun Mustapha, Olufemi Adetunji Edun, Olubukola Adegbe, Josiah Dassah

Bullion

The paper examines the mortgage (re)finance market in Nigeria with a view to identifying its prospects and challenges. The method adopted included a review of jurisdictional experiences on mortgage refinance and thereafter draw on some lessons of experience as the Nigeria case is considered as a country in transition. Further discussions centered on the challenges of financialization of mortgages, mortgage affordability, low awareness of mortgage refinancing, macroprudential risks and moral hazard that confronts mortgage refinance in the country. The paper, further, provides considerations with regard to value-reorientation, institutional, regulatory and legal infrastructures as prerequisites for successful mortgage refinance system.

New Methodology For Constructing Real Estate Price Indices Applied To The Singapore Residential Market, Liang Jiang, Peter C. B. Phillips, Jun Yu

Research Collection School Of Economics

This paper develops a new methodology for constructing a real estate price index that utilizes all transaction price information, encompassing both single-sales and repeat-sales. The method is less susceptible to specification error than standard hedonic methods and is not subject to the sample selection bias involved in indexes that rely only on repeat sales. The methodology employs a model design that uses a sale pairing process based on the individual building level, rather than the individual house level as is used in the repeat-sales method. The approach extends ideas from repeat-sales methodology in a way that accommodates much wider datasets. …

Center For Real Estate Quarterly, Volume 9, Number 4, Portland State University. Center For Real Estate

Center for Real Estate Quarterly

Table of Contents:
-- The Gentrification Plan of Metro Portland by Gerard Mildner (p. 5-18)
-- The State of the Economy by Adam Seidman (p. 19-28)
-- Residential Market Analysis by Clancy Terry (p. 29-53)
-- Multifamily Market Analysis by Clancy Terry (p. 54-64)
-- Office Market Analysis by Alec Lawrence (p. 65-76)
-- Industrial Market Analysis by Adam Seidman (p. 77-83)
-- Retail Market Analysis by Alec Lawrence (p. 84-91)

Cointegration Of Matched Home Purchases And Rental Price Indexes: Evidence From Singapore, Badi H. Baltagi, Jing Li

Research Collection School Of Economics

This paper exploits the homogeneity feature of the Singapore private residential condominium market and constructs matched home purchase price and rental price series using the repeated sales method. These matched series allow us to conduct time series analysis to examine the long-term present value relationship in the housing market. Three key findings are obtained. First, we fail to establish a cointegrating relationship between the home purchase price and rental price based on nationally estimated indexes. Second, area-specific indexes demonstrate strong cross-correlations, invalidating the use of first generation panel unit root tests that ignore these cross-correlations. Third, Pesaran's CIPS test indicates …

Dealing With Dirty Deeds: Matching Nemo Dat Preferences With Property Law Pragmatism, Donald J. Kochan

Donald J. Kochan

Public-Public And Public Private Partnerships In Transportation, Janet K. Tinoco

Janet K. Tinoco

Graduate students at Embry-Riddle Aeronautical University (ERAU), Daytona Beach, FL partook in a research effort for the National Aeronautics and Space Administration (NASA) Kennedy Space Center (KSC), examining partnerships in real property. The students researched relevant public-private partnerships (PPPs) and public-public partnerships PuPs in space, air, rail/road, sea, and utilities -- nationally and globally.

Rent Certainty Is Not Rent Control, Tom Dunne

Reports

The housing crisis and the debate about rent control should result in a beneficial change to the regulation of the sector but the opportunity could be lost for want of clarity of thinking about the nature of rent certainty and the distinction between it and rent control. At present rent is regulated by the Residential Tenancies Act 2004 (RTA 2004) which provides that rent can only change once a year and cannot be more than the market rent. Many argue a greater degree of rent certainty is required and that rent should not be allowed to increase by more than …

Data And Analytics In Corporate Real Estate: The Importance Of Talent, Clarence Goh

Research Collection School Of Accountancy

Data and analytics are set to play a more pivotal role incorporate real estate (CRE) over the next three years.As organizations recognize that data-driven insights candramatically improve decision making across a broadrange of business functions, they are seeking to capitalizeon and incorporate data and analytics in their CREprocesses.

The Pink Poodle, Swimming Pavilions And Miami Ice, Lynne Armitage, Shelley Burgin

Lynne Armitage

Extract: The 3 km of golden beach that lap the shores of Surfers Paradise have become synonymous with urban beaches worldwide. Its name was invented, in a stroke of marketing genius, by Jim Cavill who proposed the name 'Surfers Paradise' and pipped the previous preferred title of'Sea Glint' for this beachside hideaway. Jim Cavill also built the first hotel in Surfers Paradise, in 1933, and subsequently his Surfers Paradise Zoo. However, it was not until the late 1950s and through the 1960s that the ribbon development of the Gold Coast increased rapidly. Many motels, guesthouses and holiday homes were built …

Traditional Heritage Management: The Case Of Australia And Tanzania, Johari Hussein, Lynne Armitage

Lynne Armitage

Much has been written within and outside the heritage sector about traditional knowledge and practice. It is often characterised as an established movement that has contributed significantly to the local, national and international practice in conservation. Yet, the emergence of conservation practice has caused tremendous changes and a neglect of traditional knowledge that was critical for the survival of the Indigenous cultural heritage that exists today. The objective of this paper is to explore diverse approaches to traditional knowledge and practice that Indigenous peoples have employed to achieve management of their cultural landscape in Australia and Tanzania. The paper also …

A Historical Perspective Of The Evolution Of Australian Built Heritage And Its Management, Johari Hussein, Lynne Armitage, Linda Too

Lynne Armitage

This paper analyses the origin and parameters that contribute to the development of Australian built heritage, identifies the underlying challenges and issues that stakeholders face in their management, and thereby develops a basis for further research. A literature review was conducted on published resources related to heritage buildings in an historical context to categorise contributory parameters that have shaped Australian built environment over the past two centuries. It is perceived by researchers that modernisation, sustainability and technology are factors that help to retain built heritage values. However, this review suggests that the way in which these factors are applied often …

Center For Real Estate Quarterly, Volume 9, Number 3, Portland State University. Center For Real Estate

Center for Real Estate Quarterly

Table of Contents:
-- The State of the Economy by Adam Seidman (p. 5-12)
-- Residential Market Analysis by Clancy Terry (p. 13-38)
-- Multifamily Market Analysis by Clancy Terry (p. 39-38)
-- Office Market Analysis by Alec Lawrence (p. 49-59)
-- Industrial Market Analysis by Adam Seidman (p. 60-65)
-- Retail Market Analysis by Alec Lawrence (p. 66-71)

Singapore’S Housing Policies: Responding To The Challenges Of Economic Transitions, Sock Yong Phang

Research Collection School Of Economics

Singapore has developed its own unique state-driven housing system, with more than three quarters of its housing stock built by the Housing and Development Board and homeownership financed through Central Provident Fund savings. As a result, it has one of the highest homeownership rates amongst market economies. This paper provides a historical perspective of the main housing problems faced by successive prime ministers and their respective policy responses. Under the leadership of Prime Minister Lee Kuan Yew (1959-1990), the government established an integrated landhousing supply and housing finance framework to channel much needed resources into the housing sector to deal …

The Morrison Mercantile, Khalid Alballaa, Kevin Clark, Barbara Fryer, Carly Harrison, A. Synkai Harrison, Liz Hutchinson, Scott Kueny, Erik Pattison, Nate Raynor, Clancy Terry, Joel Thomas

Real Estate Development Workshop Projects

Students in the PSU Real Estate Development Workshop produce a development plan for 12 properties located on the Central Eastside Industrial District (CEID). These properties are owned by the Pelett Family. Their task was to produce an original development plan, including the development concept, the market analysis, the conceptual design, economic analysis, capital and operations budget, and management plan.

Mountain Monitor - 1st Quarter 2015, Kenan Fikri, Siddharth Kulkarni

Mountain Monitor Quarterly

This analysis of employment, output, unemployment, and house prices finds that the 10 major metropolitan areas of the Mountain West, despite significant economic headwinds, weathered the first quarter of 2015 with robust economic growth. Eight of the region’s 10 major metro areas advanced on all four metrics of economic performance, and the remaining two metro areas slipped only on a single front.

The national economic slowdown that arrived in early 2015 did not entirely bypass the Mountain West, but the region resisted the drag better than any other. As U.S. economic output contracted by 0.3 percent in the first quarter, …

National Culture And Business Resilience: An Exploratory Study Of Two Chinese Construction Firms Operating In Singapore, Low Sui Pheng, Gao Shang, Teo Wee Kiat Ken

Business Review

The study of national culture focuses on differences in values and beliefs among people of different nationalities. With the increasing globalization of economies around the world, the construction industry is inherently exposed to risk at an unprecedented level. This is particularly true for Chinese construction firms, which are aggressively setting up subsidiaries and branches all around the world as they partake in large-scale complex projects overseas. With the liberal foreign trade policies adopted by China after its reforms, domestic construction firms in China also face immense pressure from the international players that are now able to enter the Chinese construction …

The Tectonic Forces Of Global Real Estate, David J. Lynn

David Lynn

[Excerpt] There are major shifts underway in the fundamental structure, or the underlying tectonic plates, of the global commercial real estate industry. These massive plate movements are creating an entirely new landscape within real estate and challenging long-held assumptions about commercial real estate investment, development, and ownership. The industry is transforming from a highly localized, deal-driven business to an international market characterized by lower transactions costs, abundant information, lower risk premiums, and increasing sophistication. Even the perception of real estate as an investment class is changing—investors increasingly see real estate as a stable, secure investment, producing solid returns with less …

Corruption: Case Studies Of Vietnam And Italy, Thuy-Tien T. Vo

Global Honors Theses

Corruption is morally and legally wrong. Despite many governmental policies and strategies designed to combat corruption, it still persists in most parts of the world. To understand why corruption is so persistent and pervasive, it is necessary to recognize the perceptions of the beneficiaries and victims of the issue and to comprehend the extent to which cultural biases influence individuals’ decisions to give in to corruption. Acquiescence to dishonest and fraudulent behavior can foster political corruption in many countries. Vietnam and Italy were selected as case studies for this paper. Using the case studies of these two different countries will …

A Royal Problem: Planning Induced Supply Constraints In London, Elizabeth P. Armstrong

Lawrence University Honors Projects

We explore the impact of regulatory supply constraints on house price levels following boom and bust periods in London. We hypothesize that when regulatory restrictiveness increases during a boom period, house prices will be higher in the following year compared to house prices in less restricted areas. We also hypothesize that when regulatory restrictiveness increases during a bust period, house prices will be lower in the following year compared to house prices in less restricted areas. We empirically test our hypothesis using a multilevel mixed-effects model with a panel data set of 32 boroughs of London, ranging from 2001 to …

Renting Trouble: Current Government Policy Of Relying On The Private Rented Sector To Deliver Social Housing Is Unlikely To Succeed, Tom Dunne

Reports

A review of the history of housing in Ireland shows that owner occupancy and social housing were policy choices by successive governments. Owner occupancy was heavily supported through a system of grants and tax breaks and social housing was directly provided through local authorities at subsidised rents. In recent years policy has changed and tenure neutrality is now guiding the government’s attitude to housing. This is a significant change which has not been sufficiently discussed and has consequences which are not appreciated. Relying on the market to provide rental housing for people on low incomes and who may be in …

Heir Property In The African American Community: From Promised Lands To Problem Lands, Roy W. Copeland

Professional Agricultural Workers Journal

Abstract

African American landowners have been reluctant to take advantage of intergenerational succession laws which provide for an orderly transfer of property from one generation to the next. This reluctance has led to a prevalence of heir property. Heir property is created when a person dies intestate. Heir property has created an impediment to wealth accumulation and has contributed to African American land loss in America. Partition actions are a byproduct of heir property which has operated to accelerate the loss of real property in the African American community. The Uniform Partition of Heir Property Act provides for procedural safeguards …

Center For Real Estate Quarterly, Volume 9, Number 2, Portland State University. Center For Real Estate

Center for Real Estate Quarterly

Table of Contents:
--Oregon's Marijuana Future by A. Synkai Harrison and Carly Harrison (p. 5-18)
--The State of the Economy by Carly Harrison (p. 19-25)
--Residential Market Analysis by Clancy Terry (p. 26-47)
--Multifamily Market Analysis by Clancy Terry (p. 48-55)
--Office Market Analysis by A. Synkai Harrison (p. 56-62)
--Industrial Market Analysis by A. Synkai Harrison (p. 63-68)
--Retail Market Analysis by A. Synkai Harrison (p. 69-74)

Residential Property Values And Historic Districts: A Kalamazoo Case Study, Curtis Aardema

Masters Theses

Historic districts have been a point of contention in political, economic and community circles since their inception in the early twentieth century, but their impact has grown since the 1966 passage of the National Historic Preservation Act. Often cited by proponents as a productive tool for preserving the cultural and physical elements of the American built environment, historic districts are alternately branded as burdensome and regressive to future development by critics. In order to provide a quantitative assessment of the economic impact of historic districts, this project compares property values from 1990, 2000 and 2010 in both a historically designated …

A Process For Optimal Resource Allocation For Integrated Resorts, Benjamin Mammina

UNLV Theses, Dissertations, Professional Papers, and Capstones

For anyone involved in the development of casinos or Integrated Resorts the process of planning a successful project can be rather cumbersome, arbitrary and lacking of business data to make sound financial decisions. This study will organize that process to reduce those difficulties and identify those Resources needed to provide optimal results for return on investment (ROI), total investment (TI) and overall size of the project (SF).

To determine the size of an Integrated Resort (IR) owners and developers tend to look at the building characteristics of competing or admired projects and then set their Resource parameters such as: 2000 …

Residential Property Values And Historic Districts: A Kalamazoo Case Study, Curtis John Aardema

Research and Creative Activities Poster Day

Often cited by proponents as a productive tool for preserving the cultural and physical elements of the American built environment, historic districts are alternatively branded as burdensome and regressive to future development by critics. In order to provide a quantitative assessment of the economic impact of historic districts, this project compares property values from 1990, 2000 and 2010 in both a historically designated and a non- designated neighborhood in Kalamazoo, Michigan. Through tedious sampling techniques and statistical analysis, the results of the project indicated a link between historic districts and higher property values.

Home Prices And Inequality: Singapore Versus Other Global Superstar Cities, Sock Yong Phang

Research Collection School Of Economics

The Global City concept originates from the work of sociologist Saskia Sassen, which dates back to the 1980s. In an age of globalisation, division of labour is international in scope and production activities are distributed across the world. A global city is a significant point where the internationally oriented financial and producer services that make the global economy run choose to agglomerate.

Mountain Monitor - 4th Quarter 2014, Kenan Fikri, Mark Muro

Mountain Monitor Quarterly

With the national economy gaining steam, the 10 major metro areas of the Mountain West ended 2014 with another quarter of strong economic performance. On the four indicators of economic vitality measured by the Mountain Monitor—employment growth, output growth, changes in unemployment, and house price growth—with only a few exceptions, every metro area registered advances on every indicator. Such widespread progress heretofore eluded the region, where recovery from the Great Recession has been characterized by unevenness.

In aggregate, the 10 Mountain metro areas ended 2014 with their fastest quarter of job growth of the year. Employment increased by 0.8 …

On The Effectiveness Of Housing Purchase Restriction Policy In China: A Difference In Difference Approach, Jerry X. Cao, Bihong Huang, Rose Neng Lai

Research Collection Lee Kong Chian School Of Business

The Chinese government imposed the purchase restriction policy to rein in the housing bubble in 2010. Using a two-stage difference-in-difference approach and a comprehensive dataset covering the real estate markets across 70 cities, we find that the policy triggered substantial decline in the property price and transaction volume. Cities having higher reliance on real estate sector for fiscal revenue and economic growth experienced greater decline in housing prices following the policy implementation. However, the policy had no measurable effects on the nationwide construction boom, hinting the ineffectiveness of the policy to correct the housing bubble.

Public-Public And Public Private Partnerships In Transportation, Janet K. Tinoco

Publications

Graduate students at Embry-Riddle Aeronautical University (ERAU), Daytona Beach, FL partook in a research effort for the National Aeronautics and Space Administration (NASA) Kennedy Space Center (KSC), examining partnerships in real property. The students researched relevant public-private partnerships (PPPs) and public-public partnerships PuPs in space, air, rail/road, sea, and utilities -- nationally and globally.

Reconciling The Characteristics Vs. Factors Models For Explaining Stock Returns, Brian C. Payne Lt Col, Jeffery Scott Bredthauer

Finance, Banking and Real Estate Faculty Publications

Daniel and Titman (DT) (1997) disclaim the Fama-French three factor model in favor of a firm characteristics based model to explain stock returns. Davis, Fama, and French (2000) find this characteristics-based model outperforms their model only for the 20.5 year time period from July 1973-December 1993, but the three factor model is robust for the 68-year period from 1929- 1997. We find the DT period represents a unique macroeconomic environment in that significant interaction effects exist between the default (and term) risk premia innovations and returns. Incorporating these effects into a traditional three-factor model help explain the 1973-1993 “characteristics model …