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Full-Text Articles in Business
Using Agent-Based Modeling To Simulate The Foreclosure Contagion Effect, Andrew J. Collins, Michael J. Seiler
Using Agent-Based Modeling To Simulate The Foreclosure Contagion Effect, Andrew J. Collins, Michael J. Seiler
Engineering Management & Systems Engineering Faculty Publications
A foreclosed property can have a negative impact on the prices of other properties within its neighborhood and these reduced property prices can lead to further foreclosures within the neighborhood; this is known as the foreclosure contagion effect. This effect has been demonstrated, within the real estate literature, to occur. Traditionally, real estate research have used statistical regression to analysis this issues. The application of Agent-based Modeling and Simulation (ABMS) has risen in the last 15 years and has successfully been used to model complexity situations, e.g., the real estate market. ABMS offers a way to explore the impact of …
Club Good Influence On Residential Transaction Prices, J. Andrew Hansz, Darren K. Hayunga
Club Good Influence On Residential Transaction Prices, J. Andrew Hansz, Darren K. Hayunga
Finance Faculty Publications
We examine residential real estate transactions in a market where an additional property right to a club good may have an influence on prices. We find that for single-family property, the market capitalizes approximately 50% of the full value of the extra property right. For condominiums, the amount reduces to approximately 25%. While these amounts are positive, they clearly are significantly lower than full value.
The Value Of "Green:" Evidence From The First Mandatory Residential Green Building Program, Ramya R. Aroul, J. Andrew Hansz
The Value Of "Green:" Evidence From The First Mandatory Residential Green Building Program, Ramya R. Aroul, J. Andrew Hansz
Finance Faculty Publications
There has been recent interest in green building and development practices and research. Resulting from growing environmental awareness and concerns, mandatory residential green building programs have been implemented nationally at the municipal level and Texas has passed legislation to create a statewide program. However, the impact of greenness on residential property values has not been rigorously evaluated. This study examines residential transaction prices in two cities and finds a statistically significant premium associated with "green" properties. Additionally, there is evidence of a larger premium associated with green properties located in Frisco, Texas which has the nations first mandatory green building …