Real Estate Commons^™

Do Gasoline Prices Affect Residential Property Values?, Adele C. Morris, Helen R. Neill

Brookings Mountain West Publications

This paper estimates the effect of gasoline prices on home values and explores the degree to which the relationship varies across a city. Using data from 930,702 home sales in Clark County, Nevada, from 1976 through 2010, we find that gasoline prices have significantly different effects on the sales price of homes in different neighborhoods. A ten percent increase in gasoline prices is associated with changes in location-specific average home values that span a range of over $13,000. This suggests that energy policies may affect household housing wealth via gasoline prices, a heretofore unrecognized distributional outcome.

Mountain Monitor - 3rd Quarter 2014, Kenan Fikri, Mark Muro

Mountain Monitor Quarterly

As a group, the 10 major metro areas of the Mountain West outperformed the national economy during the third quarter of 2014 on all four indicators of economic vitality measured by the Mountain Monitor: employment growth, output growth, unemployment, and house prices. In the three months ending in September, the country’s large metropolitan areas were anticipating the rapid uptick in national economic growth that took hold at the end of 2014. Mountain region metro areas led the way.

All but two major metro areas in the region added jobs, and six did so at a faster rate than the …

Center For Real Estate Quarterly, Volume 8, Number 4, Portland State University. Center For Real Estate

Center for Real Estate Quarterly

Table of Contents:
--Density at Any Cost by Gerard Mildner (p. 3-23)
--The State of the Economy by Carly Harrison (p. 24-32)
--Residential Market Analysis by Scott Holden (p. 33-52)
--Multifamily Market Analysis by Scott Holden (p. 53-58)
--Office Market Analysis by Synkai Harrison (p. 59-66)
--Industrial Market Analysis by Synkai Harrison (p. 67-72)
--Retail Market Analysis by Synkai Harrison (p. 73-77)

A New Hedonic Regression For Real Estate Prices Applied To The Singapore Residential Market, Jiang Liang, Peter C. B. Phillips, Jun Yu

Research Collection School Of Economics

This paper develops a new hedonic method for constructing a real estate price index that utilizes all transaction price information that encompasses both single-sale and repeat-sale properties. The new method is less prone to specification errors than standard hedonic methods and uses all available data. Like the Case-Shiller repeat-sales method, the new method has the advantage of being computationally efficient. In an empirical analysis of the methodology, we fit the model to all transaction prices for private residential property holdings in Singapore between Q1 1995 and Q2 2014, covering several periods of major price fluctuation and changes in government macro …

Mountain Monitor - 2nd Quarter 2014, Kenan Fikri, Mark Muro

Mountain Monitor Quarterly

Economic growth returned to the 10 major metro areas of the Mountain West in the second quarter of 2014 after slippage in the first quarter of the year. The resumption of vitality progressed unevenly, however. Denver and Salt Lake City pulled ahead as the fastest-growing metro areas in the region. Ogden and Provo’s days of above-average growth appeared to be fading. Las Vegas’ economic recovery advanced strongly, but Sun Belt peers Phoenix and Tucson had more difficulty moving beyond the first quarter’s slowdown. Albuquerque, for its part, welcomed a return to employment and output growth.

Across the region’s 10 major …

Housing Policies In Singapore: Evaluation Of Recent Proposals And Recommendations For Reform, Sock Yong Phang, David K. C. Lee, Alan Cheong, Kok Fai Phoon, Karol Wee

Research Collection Lee Kong Chian School Of Business

The Singapore housing market is unusual in its high homeownership rate, the dominance of HDB housing, and the extensive intervention of the government in regulating housing supply and demand in both the HDB and private housing sectors. Recent rapid population increases in a low interest rate and high global liquidity environment has resulted in accelerated house prices increases in Singapore. Earlier this year, the government launched “Our Singapore Conversation” of which discussion on housing policies constitutes one major component. This “conversation” comes in the wake of several consecutive rounds of measures to stabilize housing prices using various instruments. This paper …

Determining The Price Of Real Estate In The Nacogdoches Area, Katelyn Windham, Kayla Burns, Priscilla Soto, Grant Bailey

Undergraduate Research Conference

No abstract provided.

Center For Real Estate Quarterly, Volume 8, Number 3, Portland State University. Center For Real Estate

Center for Real Estate Quarterly

Table of Contents:
--The State of the Economy by Carly Harrison (p. 4-16)
--Residential Market Analysis by Scott Holden (p. 17-36)
--Multifamily Market Analysis by Scott Holden (p. 37-42)
--Office Market Analysis by Synkai Harrison (p. 43-49)
--Industrial Market Analysis by Synkai Harrison (p. 50-55)
--Retail Market Analysis by Synkai Harrison (p. 56-61)

Dynamic Pricing In The Singapore Condominium Market, Eric Fesselmeyer, Haoming Liu

Research Collection College of Integrative Studies

Dynamic pricing strategies are likely an important consideration of Singapore condominium developers because of the durability of condominiums, price transparency, and the long sales period. While we do not observe any systematic relationship between the new sale prices and time of purchase, we do find that quality-adjusted price increases and the quality of units purchased decreases over the new sale period. These results suggest that condominium developers allow early buyers to purchase high quality units at discounted prices but do not extend the price discount to later buyers of low quality units. (C) 2014 Elsevier B.V. All rights reserved.

Dynamic Pricing In The Singapore Condominium Market, Eric Fesselmeyer, Haoming Liu

Research Collection College of Integrative Studies

Dynamic pricing strategies are likely an important consideration of Singapore condominium developers because of the durability of condominiums, price transparency, and the long sales period. While we do not observe any systematic relationship between the new sale prices and time of purchase, we do find that quality-adjusted price increases and the quality of units purchased decreases over the new sale period. These results suggest that condominium developers allow early buyers to purchase high quality units at discounted prices but do not extend the price discount to later buyers of low quality units. (C) 2014 Elsevier B.V. All rights reserved.

1631 Nw Thurman, James Wang, Jovan West, Jana Faro, Jason West, Maddie Mcmonies, Tom Remmers

Real Estate Development Workshop Projects

Students in the PSU Real Estate Development Workshop produce a development plan for a property site in Portland's Pearl District. 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.

The Effects Of Demographics On The Real Estate Market In The United States And China, Henry Li

Honors College Theses

This paper focuses on the demographic and economic factors that affect the changes in prices of the housing market. The study focuses on the United States housing market after its recent collapse due to the US financial crisis of 2008. It also looks at the Chinese housing market based on the determinants that are observed in the United States. It will also examine the after effects of the One Child Policy enacted in 1979 on the housing prices. The study will look at the current situation with the Chinese housing market and its similarities to the United States housing market …

Mountain Monitor - 1st Quarter 2014, Kenan Fikri, Mark Muro

Mountain Monitor Quarterly

The quarter’s Mountain Monitor finds that the rate of economic recovery in the major metropolitan areas of the Mountain West is no longer impervious to national trends.

The previous edition of the Mountain Monitor observed that the regional rate of recovery seemed to be converging toward that of the nation. This edition of the Mountain Monitor suggests that the trend has progressed further.

The rate of economic recovery broadly slowed across the region from the fourth quarter of 2013 to the first quarter of 2014, just as it did nationally. The national headlines in the first three months of the …

City Of Los Angeles Arts District Form-Based Code, Ryan Jupiter Banuelos

Master's Theses

Los Angeles is experiencing a loss of inventory with Industrial land due to adaptive reuse and property conversion. The primary factors behind the conversions are

inconsistent land use regulations and a strong market

demand for residential property. In an effort to streamline land use regulation,

the city will create a new zoning code. In conjunction with the zoning update,

the purpose of this project will be to develop a form-based code for the Los

Angeles Arts District. The new land use regulation will explore methods to

preserve job producing industrial space and accommodate the growing

residential market in the area. …

Real Estate Investment By Bank Holding Companies And Their Risk And Return: Nonparametric And Garch Procedures, Scott Deacle, Elyas Elyasiani

Business and Economics Faculty Publications

We investigate the association between real estate investment by US Bank Holding Companies (BHCs) and their return, risk and risk-adjusted returns. Three portfolios are formed of BHCs according to whether they do or do not invest in real estate, strictness of the regulation on real estate investment and the ratio of real estate investment to assets. Wilcoxon tests of differences in portfolio returns, risk, risk-adjusted returns and value at risk between each pair of portfolios are conducted to determine how engagement in real estate, stricter regulation and increased real estate investment affect BHC performance. These effects are also investigated within …

Center For Real Estate Quarterly, Volume 8, Number 2, Portland State University. Center For Real Estate

Center for Real Estate Quarterly

Table of Contents
--Evolution of Portland's Central Eastside by Angela Guo (p. 2-11)
--The State of the Economy by Angela Guo (p. 12-25)
--Residential Market Analysis by Scott Holden (p. 26-44)
--Multifamily Market Analysis by Scott Holden (p. 45-50)
--Office Market Analysis by Geoff Falkenberg (p. 51-56)
--Industrial Market Analysis by Geoff Falkenberg (p. 57-59)
--Retail Market Analysis by Geoff Falkenberg (p. 60-63)

Is Geographic Diversification Associated With Increased Risk? Evidence From The Spanish Banking Crisis, Briana Anderson

Business and Economics Honors Papers

This paper examines the association between geographic diversification and Spanish savings bank (caja) failure. The paper focuses on the geographic expansion of cajas between 2002 and 2012 and failure of several cajas between 2008 and 2011 during the Spanish banking crisis. Employing financial statement and branch location data collected from the CECA, logit models were used to test the association between failure and geographic and cultural diversification. This paper finds that, depending on the model estimated, geographic and cultural diversification of cajas either reduced or had no effect on the odds ratio of failure, suggesting that the benefits …

Exploring The Neighborhood Preferences Of A Segment Of Millennials In Omaha, Nebraska, Aaron Kloke

Community and Regional Planning Program: Professional Projects

In 2010, Millennials, or those between 18 and 34, surpassed the Baby Boomers in population size. Today, Millennials, also known as Generation Y, make up over 25 percent of the United States’ population. In Omaha, they make up 26.9 percent of the population. The next largest generation in Omaha, the Baby Boomers, make for 19.2 percent of the population. Clearly, this emerging demographic has the ability to change the way we create and design our built environment if it so chooses.

To review how this generation may choose to change the way we design our future neighborhoods, national trends were …

Location, Location, Location, The Impact Of Registered Sex Offenders On Home Sale Prices: A Case Study Of Mclean County, Illinois, John C. Navarro, Cara Rabe-Hemp

Graduate Research - Criminal Justice

Borrowing from the broken windows theory, this paper addresses the impact of sex offenders’ residences on neighborhood’s property values in McLean County, Illinois. Three data sets were combined to explore the relationship: the addresses of registered sex offenders (RSOs) in McLean County, Illinois, the location and property characteristics of homes sold in McLean County between December 2012 to December 2013, and variables from the 2010 U.S. Census. ArcGIS was utilized to create buffers up to 0.2 of a mile around a sold home to measure the concentration of RSOs and sexual predators (SPs) and to calculate the distance from the …

Further Evidence On The Spatio-Temporal Model Of House Prices In The United States, Badi H. Baltagi, Jing Li

Research Collection School Of Economics

Holly, Pesaran, and Yamagata (Journal of Econometrics 2010; 158: 160–173) use a panel of 49 states over the period 1975–2003 to show that state-level real housing prices are driven by economic fundamentals, such as real per capita disposable income, as well as by common shocks, such as changes in interest rates, oil prices and technological change. They apply the common correlated effects estimator of Pesaran (Econometrica 2006; 74(4): 967–101), which takes into account spatial interactions that reflect both geographical proximity and unobserved common factors. This paper replicates their results using a panel of 381 metropolitan statistical areas observed over the …

Like, Retweet, Repeat: Social Media's Impact On Real Estate Marketing, Emily Kendall

Masters Theses

With the advent of Facebook and Twitter, people from all walks of life in all parts of the world have the ability to connect electronically, impersonally, and constantly. Small businesses are just beginning to unlock the power of social media marketing, specifically real estate professionals. Shelly Chaiken created the Heuristic Systematic Model of persuasion, the descendant of the Elaboration Likelihood Model. This study applies the tenets of Chaiken's HSM to the methods of persuasion employed by real estate agents via Facebook and Twitter. Fifty participants were surveyed by the researcher in order to gauge their activity, interest level, and motivation …

How To Achieve Right Of Way Success, Dawn Haecker, Michael B. Jett, Jim Crall, Kathy Heistand, Nicolette Mendenhall, Todd Clift

Purdue Road School

The Real Estate Division of INDOT will provide an overview of the Right of Way process and key factors that affect time and expenditures. Panel discussion and Q&A session will include established best practices, new developments, lessons learned, and factors resulting in improved customer service and efficiency in terms of time and money for project delivery.

Mountain Monitor - 4th Quarter 2013, Kenan Fikri, Mark Muro

Mountain Monitor Quarterly

The quarter’s Mountain Monitor finds that the pace of economic recovery in the Mountain West region’s major metropolitan areas converged toward that of the rest of the nation in the last quarter of 2013.

While quarterly performance on the Monitor’s four indicators of economic recovery—employment, output, the unemployment rate, and house prices—varied considerably across the 10 major metro areas of the region, their combined performance broadly slowed to track with the rate of national economic recovery. The quarter’s average job growth remained unchanged in the region at 0.4 percent as the national economy caught up. The gap between the national …

Reverse Mortgages Can Help Fund Retirement, Singapore Management University

Perspectives@SMU

But a well-designed contract and the education of retirees are important if they are to reap the benefits.

Center For Real Estate Quarterly, Volume 8, Number 1, Portland State University. Center For Real Estate

Center for Real Estate Quarterly

Table of Contents:
--Summary and Editorial by Eric Fruits (p. 2-3)
--The State of the Economy by Angela Guo (p. 4-15)
--Residential Market Analysis by Scott Holden (p. 16-35)
--Multifamily Market Analysis by Scott Holden (p. 36-41)
--Office Market Analysis by Geoff Falkenberg (p. 42-47)
--Industrial Market Analysis by Geoff Falkenberg (p. 48-52)
--Retail Market Analysis by Geoff Falkenberg (p. 53-56)

Ohio's Current Agricultural Use Value Program: Eligibility, Recoupment And Current Issues, Allen Prindle

Business, Accounting and Economics Faculty Scholarship

This paper examines several issues related to Ohio’s Current Agricultural Use Value (CAUV) Program. Based on data from 2002-10, an average of $6.6 million was collected in recoupment payments per year, because the land was no longer eligible for the benefits of lower real estate taxation. The year with the maximum recoupment payments was 2005. Data from Ohio Department of Taxation appear to be incomplete and to underestimate the actual payments. Other issues related to CAUV eligibility were introduced to update readers and policy makers.

Renting In Ireland, Lorcan Sirr

Books/Book Chapters

As part of the overall housing sector, renting has seen a considerable increase in the first 14 years of the twenty-first century. Numbers renting are now similar to those of the 1950s, when Ireland was a very different place economically and socially. Today renting is driven by forces ranging from necessity to choice to ongoing urbanisation: it is becoming the tenure of preference for many, while remaining the tenure for others with no choice. Governing legislation, providers of rental accommodation and the various rental sectors’ economic value and importance are all in flux. The traditional divide between state-supplied social housing …

Reassessing Anomalies And Puzzles, Keming Li

Finance and Real Estate Dissertations - Archive

While standard asset pricing models assume a frictionless environment and investors are risk-averse individuals who maximize their utility based on all the available information in real time. The asset pricing literature has empirically documented numerous anomalies and puzzles, which cannot be explained by the traditional finance theory. Investors are exposed to these entire abnormal phenomenons, but at the same time investors do not fully understand them. This problem motives numbers of recent publications and also my dissertation.My dissertation is consisting of three essays. The first essay looks at the components of information uncertainty. Specically, I decompose information uncertainty into fundamental …

In Times Of Financial Distress: Perspectives From Valuation, Information Asymmetry And Returns, Ramya Rajajagadeesan Aroul

Finance and Real Estate Dissertations - Archive

The dissertation addresses unanswered questions in asset valuation through the lens of financial distress in three different asset markets namely equity market, residential property market and REITs market. The first two essays explore the valuation impact of financial distress in equity and residential property markets while the third essay examines the role of information asymmetry in REITs market around credit rating announcements. In the first essay, I investigate why highly distressed firms earn low returns. By employing a direct misvaluation measure, I find that distressed firms with substantial overvaluation earn negative returns. I also further study the characteristics of the …

Cointegration, Causality And Price Discovery In The Nafta Markets: A Study Of Sector Indices And Trade Flow Data From The Perspective Of Us Markets, Aamir Khan

Finance and Real Estate Dissertations - Archive

This dissertation examines the long-run linkage among the equity markets and sectors of the NAFTA economies by employing Cointegration and Vector Error Correction Model (VECM) framework. In addition, I also seek to identify the short-run & long-run causality and the direction of adjustment factor among the sectors of the US, Canadian and Mexican markets. Furthermore, I develop a multivariate model to examine the long-run impact of exchange rates on the linkage among the NAFTA markets & sectors. In addition, I also investigate the impact of US trade flow on the causal relationship it has with that of the Canadian & …