Real Estate Commons^™

History In Collaboration: Equalizing The Arts And The Humanities In San Francisco, Nicole C. Meldahl

Master's Projects and Capstones

Historically, there has been a critical imbalance in the way history and preservation organizations are civically supported in comparison with the amount of funding that is available to arts organizations in the United States. To correct this imbalance in San Francisco, I propose the creation of a San Francisco Department of Culture that would place the San Francisco Arts Commission equally alongside a San Francisco History Commission within a department that absorbs responsibilities currently managed by other divisions with in city government, such as the Planning Department and the Office and Economic and Workforce Development. City government necessarily takes time …

Long Odds: Inside The Process Of Applying For Affordable Housing Through Nyc’S Lottery System, Scott Klocksin

Capstones

This story is a look at the process of applying for affordable housing through lotteries set up by the New York City Department of Housing Preservation & Development. The story follows Chris Kelly, a 36 year-old freelance writer and personal assistant, through the process of applying through the lotteries and eventually through the final stages of securing an affordable apartment.

Federal Home Loan Bank Advances And Bank And Thrift Holding Company Risk: Evidence From The Stock Market, Scott Deacle, Elyas Elyasiani

Business and Economics Faculty Publications

Using bivariate GARCH models of stock portfolio returns and risk, we find that bank and thrift holding companies that relied the most on Federal Home Loan Bank (FHLB) advances exhibited less total risk and market risk than those that relied on them the least between 2001 and 2012. When we control for differences in holding company size, stock trading volume, residential mortgage lending, and holding company type (bank vs. thrift), the most FHLB-reliant holding companies sustain the aforesaid risk advantages except during the crisis of 2007–2009, when they exhibit greater idiosyncratic risk. The latter finding suggests that investors perceived the …

Housing Policies In Singapore, Phang Sock Yong, Matthias Helble

Research Collection School of Economics

Singapore has developed a unique housing system, with three-quarters of its housing stock built by the Housing & Development Board (HDB) and homeownership financed through Central Provident Fund (CPF) savings. As a result, the country’s homeownership rate of 90% is one of the highest among market economies. At different stages of its economic development, the Government of Singapore was faced with a different set of housing problems. An integrated land–housing supply and financing framework was established in the 1960s to solve the severe housing shortage. By the 1990s, the challenge was that of renewing aging estates and creating a market …

Surveying Labour Market Trends: A Demand And Supply Analysis Of The Quantity Surveying Profession In Ireland, Roisin Murphy

Conference papers

The construction and property sectors in Ireland have undergone significant change over the past decade. From a period of sustained growth in output and employment to a recession returning to the current period of expansion. While the cyclical nature of the sector and consequential impact on the labour market is widely recognized, the impact on the quantity surveying profession specifically is comparatively less well evidenced. A widespread survey of employers was undertaken to ascertain recent employment trends and likely future demand for quantity surveyors. At the same time an analysis of current enrolments on surveying programmes across the country provided …

Zero Textbook Cost Syllabus For Res 3400 (Real Estate Capital Markets), Meagan Mccollum

Open Educational Resources

This course examines the creation and evolution of mortgage pass-through securities, real estate investment trusts (REITs), commingled real estate funds (CREFs), and commercial mortgage-backed securities (CMBSs). These developments have had profound effects on the real estate markets, including how they have led to greater flexibility and transparency in those markets, and how they have affected the valuations and pricing efficiency of markets for real estate assets. This course will help students develop a clear understanding of the workings of and opportunities in the real estate capital markets.

Center For Real Estate Quarterly, Volume 10, Number 3, Portland State University. Center For Real Estate

Center for Real Estate Quarterly

Table of Contents:
-- In Search of the Missing Condos: An Analysis of Condo Development in the Portland Area by Adam Seidman (p. 3-21)
-- Cross Laminated Timber: The Future of Mid-Rise Construction by Andrew Crampton (p. 22-26)
-- State of the Economy by Andrew Crampton (p. 27-37)
-- Residential Market Analysis by Alex Joyce (p. 38-52)
-- Multifamily Market Analysis by Marc Strabic (p. 53-64)
-- Office Market Analysis by Melissa Beh (p. 65-74)
-- Industrial Market Analysis by Andrew Crampton (p. 75-81)
-- Retail Market Analysis by Melissa Beh (p. 82-90)

Union Park, Kristina Benson, Tyler Dubois, Chad Encinas, Mackenzie Kisiel, Colin Kelley, Andrew Lords, Daniel Silvey, Deb Scott, Joseph Welliver

Real Estate Development Workshop Projects

The following report is our development proposal for the 14-acre site currently owned by the US Postal Service, as well as several surrounding properties owned by PDC including Union Station. Our plan builds off of the 2015 Broadway Corridor Framework Plan, produced by the Portland Development Commission (PDC). The report is intended to provide the PDC with inspiration and lay the groundwork for a future public master plan.

Merger Means Of Payment And Analyst Biases Around Merger Announcement Date, Yiling Zhang

Finance and Real Estate Dissertations - Archive

I find strong evidence that analysts report downward-biased earnings estimates on acquiring firms when the earnings announcement date is within a 60-day window prior to the merger and acquisition (M&A) announcement date. Acquiring firm stocks have a greater positive realized forecast error in cash only transactions on the earnings announcement date compared to acquirers involved in pure stock transactions. In addition, analysts are more likely to upgrade their recommendations of acquirer stocks in cash only transactions compared to pure stock transactions within a 90 day window of the M&A announcement date. Finally, an increase in the market-to-book ratio leads to …

Fear And The Housing Market, Sergiy Saydometov

Finance and Real Estate Dissertations - Archive

In this dissertation, I use Google search frequency to construct a new measure of housing market-level sentiment and analyze its relation with housing prices. I term this measure as the Home Price Fear Index, or Fear Index or Fear for short. The Fear Index is based on Google Search volume for certain real estate and economic terms, such as foreclosure, recession, and market value. In the first essay, I examine the relation between the Fear Index at the national level and the Case/Shiller National Home Price Index. I find this relation to be inverse, with an increase in Fear predicting …

Cost Of Debt And Federal Home Loan Bank Funding At U.S. Bank And Thrift Holding Companies, Scott Deacle, Elyas Elyasiani

Business and Economics Faculty Publications

We investigate the relationship between the cost of debt issued by bank holding companies (BHCs) and thrift holding companies (THCs) and their use of Federal Home Loan Bank (FHLB) advances. Cost of debt is used as a measure of bank riskiness for the first time in a FHLB study. A two-equation model of FHLB advances and cost of debt is estimated. Three main results are obtained. First, greater reliance on advances by BHCs and THCs is associated with lower cost of debt in the pre-crisis period, and more strongly so during the crisis, because granting of advances sends a positive …

Thought Leaders: Faculty Who Shape Business Theory And Practice Through Research

Business Exchange

Profiles of seven DePaul professors and the research they are conducting in areas as diverse as work-life balance and investor behavior: James D. Shilling, Real Estate Studies; R. David McLean, Investment Management; Kelly Richmond Pope, Accountancy; Andrew Gallen, Marketing; Alyssa J. Westring, Management; William Sander, Economics; and Misty Johanson, Hospitality Leadership.

Examining The Feasibility Of Implementing A Deconstruction Nonprofit In East St. Louis, Il, David M. Hoag Jr.

All Capstone Projects

Background: According to an environmental justice case study by Kozol (2005), East St. Louis is considered the country's most distressed city. It has suffered from environmental and economic misfortunes for several decades. Many residents of the city have left due to the economic conditions of the city, which resulted in a loss of tax base. According to Hou (2010), the loss of tax base has had a severe impact on the community; the city that once had flourishing parks, streets, and businesses has now become blighted with condemned, abandoned, and foreclosed structures. Poor maintenance and neglect has led to decay …

Sand States And The Us Housing Crisis, Hyunsoo Choi, Harrison G. Hong, Jeffrey D. Kubik, Jeffrey P. Thompson

Research Collection Lee Kong Chian School Of Business

The excesses of the historic US housing cycle of the 2000s were concentrated in the Metropolitan Statistical Areas (MSAs) of Arizona, California, Florida and Nevada. Even controlling for leading explanations of this housing cycle, these Sand State MSAs had more than double the mortgage originations, defaults and price fluctuations than other MSAs. We show that these excesses can be explained by Sand State MSAs having an abnormally low supply of publicly traded firms headquartered there relative to total income. Households in these MSAs are more likely to purchase investment homes nearby rather than stocks, amplifying the housing cycle there.

Center For Real Estate Quarterly, Volume 10, Number 2, Portland State University. Center For Real Estate

Center for Real Estate Quarterly

Table of Contents:
-- Portland's Seismic Retrofit Project by Walt McMonies (p. 5-13)
-- The State of the Economy by Adam Seidman (p. 14-25)
-- Residential Market Analysis by Alex Joyce (p. 26-50)
-- Multifamily Market Analysis by Marc Strabic (p. 51-63)
-- Office Market Analysis by Alec Lawrence (p. 64-73)
-- Industrial Market Analysis by Adam Seidman (p. 74-81)
-- Retail Market Analysis by Alec Lawrence (p. 82-89)

The Kelsey, Jennifer Arnold, Scott Holden, Lisa Wise, Cameron Brown, Alec Lawrence, Marc Strabic, Darrin Brightman, Alex Joyce, Kerry Steinmetz, Cameron Chester, Adam Seidman, Jeff Hubbard

Real Estate Development Workshop Projects

Master in Real Estate Development Program students produce a development plan for a property site in Bellevue Washington. They form a real estate development team and 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 students' plan demonstrates and applies mastery of the development concepts and tools learned through their Master of Real Estate Development (MRED) coursework. The Center greatly appreciates the support of the National Association of Industrial and Office Properties (NAIOP), the Building and Owners Management Association (BOMA), and numerous private sponsors …

Housing Policies In Singapore, Sock Yong Phang, Matthias Helble

Research Collection School Of Economics

Singapore has developed a unique housing system, with three-quarters of its housing stock built by the Housing & Development Board (HDB) and homeownership financed through Central Provident Fund (CPF) savings. As a result, the country’s homeownership rate of 90% is one of the highest among market economies. At different stages of its economic development, the Government of Singapore was faced with a different set of housing problems. An integrated land–housing supply and financing framework was established in the 1960s to solve the severe housing shortage. By the 1990s, the challenge was that of renewing aging estates and creating a market …

Understanding The Contribution Of Curb Appeal To Retail Real Estate Values, Julia Freybote, Lauren Simon, Lauren Beitelspacher

Business Faculty Publications and Presentations

The concept of curb appeal and its impact on property values has been largely neglected in the real estate literature. In the context of retail real estate, curb appeal represents the general attractiveness of a store viewed from the sidewalk or parking lot that is expected to affect consumer patronage decisions and consequently property values. We develop a measurement instrument for curb appeal and assess the validity of our measure using exploratory and confirmatory factor analysis. Our results suggest that curb appeal is multi-dimensional and consists of an atmospheric, architectural and authenticity dimension. Using transaction data and a spatial autoregressive …

Are House Prices Driven By Capital Flows? Evidence From Singapore, Hwee Kwan Chow, Taojun Xie

Research Collection School Of Economics

This paper investigates whether real house price appreciations can be attributed to the surge in real capital inflows into Singapore. We proxy capital flows by using the amount of foreign direct investments (FDI) to real estate capturing the foreign purchases of property in Singapore which we deflate by the private residential property price index. Notwithstanding the absence of a cointegrating relationship, our results support the hypothesis that lagged short term fluctuations in capital inflows are positively associated with the growth rates of house prices over the last decade. We also provide evidence that macroprudential measures implemented by Singapore reduced the …

Center For Real Estate Quarterly, Volume 10, Number 1, Portland State University. Center For Real Estate

Center for Real Estate Quarterly

Table of Contents:
-- Portland's Affordable Housing Challenge by Clyde Holland (p. 5-18)
-- The State of the Economy by Adam Seidman (p. 19-29)
-- Residential Market Analysis by Alex Joyce (p. 30-53)
-- Multifamily Market Analysis by Marc Strabic (p. 54-64)
-- Office Market Analysis by Alec Lawrence (p. 65-74)
-- Industrial Market Analysis by Adam Seidman (p. 75-80)
-- Retail Market Analysis by Alec Lawrence (p. 81-86)

Repeated Planning Applications By Developers Under Statutory Zoning: A Hong Kong Case Study Of Delays And Design Improvements In Private Residential Development, Lawrence W.C. Lai, Daniel Chi Wing Ho, K.W. Chau, Mark H. Chua

Faculty of Design & Environment (THEi)

Delays in obtaining development approvals have been advanced as a major reason for shortages if not also increase in cost of housing. This paper is the first systematic attempt to examine whether the apparently long period of time taken to obtaining statutory planning permissions by developers for major development projects under Comprehensive Development Area (CDA) zoning is due to Town Planning Board rejections or developers’ strategy to hoard land or improve building design. Publicly available Town Planning Board data obtained from the Planning Department, property transaction records kept by the Land Registry, property market statistics released by the Rating and …

Predicting Intake Of Applications For First Registration In The Property Registration Authority, Orlaith Mernagh

Dissertations

The motivation for this dissertation is rooted in a real business need. The Property Registration Authority is the state organisation tasked with maintaining a register of land ownership on the island of Ireland. The PRA currently faces a series of challenges; a high level of staff retiring and the inherent loss of knowledge associated with this trend, a lack of recruitment in recent years and a large increase in lodgement of applications for first registration as a result of legislation. The organisation therefore requires a reliable system for predicting future intake. Prior to this project, there has also been a …

Silence Is Golden: Railroad Noise Pollution And Property Values, Jay K. Walker

Economics Faculty Publications

This paper uses a unique dataset containing property values and manually collected noise measurements in Memphis, Tennessee to estimate the impact of train noise pollution on commercial and residential property values. Results show that a residential property exposed to 65 decibels or greater of railroad noise results in a 14 to 18 percent decrease in property value. Once a 65 decibel measure is included, there is no additional impact on price of distance to the closest railroad crossing. For commercial property, neither crossing proximity nor noise level significantly affect property value. The results provide evidence of a negative externality that …

Center For Real Estate Quarterly, Volume 10, Number 4, Portland State University. Center For Real Estate

Center for Real Estate Quarterly

Table of Contents:
-- Can Rent Control and Rent Stabilization Solve Portland's Housing Affordability Problem? by Mackenzie Kisiel (p. 5-19)
-- State of the Economy by Andrew Crampton (p. 20-27)
-- Residential Market Analysis by Alex Joyce (p. 28-53)
-- Multifamily Market Analysis by Marc Strabic (p. 53-66)
-- Office Market Analysis by Melissa Beh (p. 67-76)
-- Industrial Market Analysis by Andrew Crampton (p. 77-81)
-- Retail Market Analysis by Melissa Beh (p. 82-91)

The Liquidity Crisis, Investor Sentiment, And Reit Returns And Volatility, Daniel Huerta, Peter V. Egly, Diego Escobari

Economics and Finance Faculty Publications

The real estate investment trust (REIT) industry experienced a liquidity crisis resulting from reduced access to credit commitments as banks were restoring their balance sheets during the 2007–2009 financial crisis. Employing generalized autoregressive conditional heteroscedasticity (GARCH) models, we examine the impact of the liquidity crisis and investor sentiment on REIT returns and volatility over the December 2001 to February 2013 period. We find that the liquidity crisis negatively impacts REIT returns and helps explain increases in volatility; this finding is robust to multiple specifications. We show that investor sentiment is a significant factor in the REIT return-generating process with institutional …

Oregon College Of Art And Craft (Ocac), Scott Holden, Alex Joyce, Nate Raynor, Bob Sassa

Real Estate Development Workshop Projects

Students in the PSU Real Estate Development Workshop produce a development plan for the Oregon College of Art and Craft (OCAC). Their task was to produce an original development plan, including the development concept, market analysis, conceptual design, economic analysis, capital and operations budget, and management plan.