Real Estate Commons^™

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.

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.

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 …

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, …

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.

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.

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.

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 …

Center For Real Estate Quarterly, Volume 9, Number 1, Portland State University. Center For Real Estate

Center for Real Estate Quarterly

Table of Contents:
--Density at Any Cost, Revisited by Gerard Mildner (p. 5-19)
--The State of the Economy by Carly Harrison (p. 20-26)
--Residential Market Analysis by Clancy Terry (p. 27-54)
--Multifamily Market Analysis by Clancy Terry (p. 55-66)
--Office Market Analysis by A. Synkai Harrison (p. 67-74)
--Industrial Market Analysis by A. Synkai Harrison (p. 75-80)
--Retail Market Analysis by A. Synkai Harrison (p. 81-87)

Mission Impracticable: The Impossibility Of Commercial Impracticability, Jennifer Camero

The University of New Hampshire Law Review

[Excerpt] “Residents of Chicago’s Streeterville neighborhood certainly cannot forget the recent financial crisis thanks to a gaping hole in their midst. That hole is to be the home of the Spire, the tallest building in the Northern Hemisphere, at 2,000 feet high with 1,194 residences ranging in price from $750,000 for a studio to $40 million for the penthouse. The developer, Shelbourne Development Group, Inc., began construction in 2007 using its own funds. It also obtained “starter” funds from Bank of America via a loan agreement that required Shelbourne to demonstrate proof of a construction loan by November 1, 2008. …

Industry Career Guide Ownership Dwellings And Real Estate, Ma. Concepcion G. Latoja, Denise Serrano

Angelo King Institute for Economic and Business Studies (AKI)

This industry career guide on Ownership Dwelling and Real Estate (ODRE) aims to inform readers of the range of career options that are open to those who want to work in the industry. By presenting an array of occupations typically found in this field, the reader is informed of the basic requirements to land a specific job in this industry, the associated job environment and possibilities for job movement either in terms of promotion and/or moving laterally from one type of job to another within the industry. In the context of discussing job prospects, it lays out the issues surrounding …

Quantitative Study Of Housing Price Based On Huff Model And Hedonic Method, Yuan Li, Lang He, Junfeng Jiao, Guoqiang Shen

Research Collection College of Integrative Studies

Using Hedonic and Huff model, we conduct empirical study of the ordinary commercial housing price’s spatial pattern in Xiamen City, China. This paper mainly focus on the following three issues: (1) Exploring the 21 potential factors that influence spatial distribution of housing price; (2) The relationship between commercial size and housing price; (3) Quantitative analysis about the five primary factors’ mode of action and saliency characteristics. In the numerous variables, allocation of educational resources and the distance between housing and shopping malls and supermarkets based on Huff model have Significant impact on housing price.

The Exchange, Adam Boehm, Jurie Lewis, Bryce Payne, Bob Sassa, Jason Wald

Real Estate Development Workshop Projects

For this proposal, we assumed the position of respondents to the RFP that PSU will be releasing for the subject property. This proposal begins with an overview of the context of the site historically, spatially. We analyze the neighborhood and features that will help make the development fit within the broader context. Then, we analyze the outlook for each property type and make assumptions about achievable rents, occupancies, etc. Then, we determine what the vision of the development will be based on the foregoing analysis. Finally, we apply that vision to create a development program and determine financial feasibility. We …

Spacial Analysis Of Foreclosure And Neighborhood Characteristics In Miami Metropolitan Area, Florida, Adejoh Emmanuel Ogbe

Dissertations and Theses @ UNI

In 2013, the State of Florida had 13 of the top 20 metropolitan statistical areas (MSA) with the highest foreclosure rate in the country. Despite the high ranking, extensive research on foreclosure has yet to be carried out within the Miami-Fort LauderdalePompano Beach MSA. This research is a foray into an uncharted territory to understand the relationship between foreclosure and neighborhood characteristics in the Miami metropolitan area (MMA) within Miami-Dade County. The study was conducted in two phases: The first phase was to identify the foreclosure pattern in the MMA from 2010- 2013 by implementing the use of spatial analysis …

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 …