Real Estate Commons^™

Center For Real Estate Quarterly, Volume 5, Number 2, Portland State University. Center For Real Estate

Center for Real Estate Quarterly

Table of Contents:
--Summary and Editorial by Eric Fruits (p. 2-4)
--Real Estate Cycles: They Exist and are Predictable by Christopher Lee (p. 5-11)
--The Coming Mini-Boom in Real Estate by Bill Conerly (p. 12-14)
--The FASB 13 Accounting Rule and Real Estate by Brian Owendoff (p. 15-20)
--Smart Growth Policies and Carbon Emissions by Todd Litman (p. 21-30)
--Residential Market Analysis by Ngan Nguyen (p. 31-52)
--Multifamily Market Analysis by Ngan Nguyen (p. 53-59)
--Office Market Analysis by David West (p. 60-68)
--Retail Market Analysis by David West (p. 69-74)
--Industrial Market Analysis by David West (p. 75-79)

Modeling The Contagion Effect Of Foreclosures Within The Real Estate Market By Use Of Agent-Based Modeling And Simulation, Marshall William Gangel

Computational Modeling & Simulation Engineering Theses & Dissertations

Over the last several years, the US financial and real estate markets have experienced a significant recession. During this downturn, the number of real estate foreclosures rose drastically. Recent studies have empirically demonstrated a reduction in real estate values due to foreclosures. The observed reduction in the average value of real estate properties has been labeled the foreclosure contagion effect. The foreclosure contagion effect impacts healthy neighboring properties that surround the foreclosed property as a function of time and distance.

This study uses an agent-based modeling and simulation (ABMS} approach to explore the contagion effect of foreclosures. For this research, …

Cross Border Business Cycle Impacts On El Paso Real Estate: 1970-2003, Gokce Kincal, Thomas M. Fullerton Jr., James H. Holcomb, Martha Patricia Barraza De Anda

Border Region Modeling Project

There is comparatively little empirical evidence regarding the impacts of cross border business cycle fluctuations on metropolitan housing markets located near international boundaries. This study examines the impacts of economic conditions in Mexico on sales of existing single-family houses in El Paso, Texas. Anecdotal evidence suggests that these impacts are fairly notable. Annual frequency data from The University of Texas at El Paso Border Region Modeling Project are used to test this possibility. Results indicate that solid empirical evidence of such a linkage is elusive and additional analysis is warranted.

Interview With Steven Ribeiro, Aldeia Development, 2011 (Audio), Steven Ribeiro

All Sustainability History Project Oral Histories

Interview of Steven Ribeiro by John Stephenson in Salem, Oregon on February 18th, 2011.

The interview index is available for download.

Center For Real Estate Quarterly, Volume 5, Number 1, Portland State University. Center For Real Estate

Center for Real Estate Quarterly

Table of Contents:
--Compact Development and Greenhouse Gas Emissions by Eric Fruits (p. 2-7)
--Center for Real Estate Alumni Profile: Alexandra Ionescu (p. 8-9)
--Office Market Analysis by David West (p. 10-20)
--Retail Market Analysis by David West (p, 21-26)
--Industrial Market Analysis by David West (p. 27-31)
--Multifamily Market Analysis by Ngan Nguyen (p. 32-39)
--Residential Market Analysis by Ngan Nguyen (p. 40-64)

Executive Compensation And Idiosyncratic Risk, Hum Nath Panta

Finance and Real Estate Dissertations - Archive

Executive compensation is a very heavily researched area in finance, accounting and management over the last three decades. However, there are several inconclusive issues. One of them is the relationship between idiosyncratic risk and executive compensation. Prior research findings on this issue are inconclusive. In this context, this dissertation analyzes the effects of idiosyncratic risk on executive compensation. This research seeks to discover and document the role of idiosyncratic risk on all top executive compensation, CEO compensation and non-CEO executive compensation. This study will begin with an extensive review of prior studies on executive pay to identify the determinants of …

No Exit? Trying To Salvage D&H Management Llc: Parts A And B, Herbert Sherman, Adva Dinur, Daniel James Rowley

New England Journal of Entrepreneurship

In this two-part case, Richard Davis and Stephen Hodgetts, co-owners of D&H Management LLC, are trying to come to terms with changes in the real estate market—changes that have made their rental homes worth less than their mortgages and at best yielding at most a break-even cash flow. In Part A Davis and Hodgetts are weighing the following options: (1) sell all of the properties, assume a loss (walk away with nothing), and avoid the negative cash flow; (2) walk away from all of the properties, assume a loss (walk away with nothing), and avoid the negative cash flow; (3) …

Dublin's Future: New Visions For Ireland's Capital City, Lorcan Sirr

Books/Book Chapters

This is a book about the future of Dublin. Its authors, styles, interests and of course visions are diverse and sometimes divergent. They represent the range of competing voices, dreams, influences and ideas that weave together in a constant battle of power, persuasion, aspiration and occasionally co-operation which en mass determine the future of any cit. Each individual chapter, not only in content, but also in style, is a reflection of the way different people and groups perceive the future and how it may be determined.

The Dogs Of The Dow In China, Carol Wang, James E. Larsen, M. Fall Ainina, Marlena L. Akhbari, Nicholas Gressis

Finance and Financial Services Faculty Publication

The unique institutional environment of China's stock markets provides a rich setting to study the relationship between investors‟ behavior and market returns in the case of information inefficiency. This study extends the well documented Dogs of the Dow (Dow Dogs) strategy to China's A share stock market. We find that Dow Dogs portfolios significantly outperform the market benchmark for the period of 1994 to 2009 in China's markets. Further analysis indicates that (1) The fewer Dogs included in the portfolio, the greater the portfolio abnormal returns; (2) In general, the shorter holding period (in months), the greater the portfolio abnormal …

Why The Dogs Of The Dow Bark Loudly In China, Carol Wang, James E. Larsen, M. Fall Ainina, Marlena L. Akhbari, Nicholas Gressis

Finance and Financial Services Faculty Publication

Problem statement: The Dogs of the Dow (Dow Dogs) strategy, which has gained widespread popularity in the U.S., is found to be considerably successful in China’s stock markets. This trading strategy contradicts the well-established efficient market hypothesis. Approach: This study examines the cross-sectional variations in the magnitude of the predictive power of the Dow Dogs strategy using Chinese stocks for 1994-2009. Results: Our results suggest that (1) Significant Dow Dogs effect apply to Class A shares, but not Class B shares; (2) Stocks priced between 1and1and5 demonstrate the strongest Dogs effect among all stock price ranges; (3) Changes in share …

The Role Of The Site Selector, Andrew H. Shapiro

South Carolina Journal of International Law and Business

No abstract provided.

The Lloyd 700 Superblock, Portland State University

Real Estate Development Workshop Projects

Portland State University's Center for Real Estate Students produce a development plan for a property site in the Lloyd District. 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.

Franklin Boulevard Redevelopment Project Area Market Analysis, Joshua Chapman

Master's Theses

The following Market Analysis is an analysis of the Franklin Boulevard Redevelopment Project Area. The analysis is divided into the following four sections: ♦ Planning Context ♦ Real Estate Market Conditions ♦ Emerging Market Opportunities & Case Studies ♦ Conclusion The report serves as an opportunity to aide stakeholders of the Franklin Boulevard Redevelopment Project Area. Stakeholders include residents, business owners, the City of Sacramento, County of Sacramento, Sacramento Housing and Redevelopment Agency (SHRA), and the North Franklin District Business Association (NFDBA). The stakeholders are continually searching for data and creative examples of how to transform the area into a …

Developing A Culturally Responsive Classroom Collaborative Of Faculty, Students, And Institution, Paul J. Colbert

MBA Faculty Conference Papers & Journal Articles

Culture is integral to the learning process. It is the organization and way of life within the community of students and teachers and directs the way they communicate, interact, and approach teaching and learning. Although founded in particular values and principles, the academy, like most organizations, is impacted day-to-day by its culture. Yet, the traditional higher education institution has not been designed to operate within a racially or ethnically diverse student population. The social, political, economic, and cultural forces that support the institution influence the teaching and learning environments. To better address cultural diversity in the classroom, faculty must first …

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

Center for Real Estate Quarterly

Table of Contents:
--Summary and Editorial by Eric Fruits (p. 1-2)
--Oregon: Things May Look Different Here, But the Grass is Still Green by Randy Miller (p. 3-7)
--A Real Estate Transfer Tax Can Stall Oregon's Economy by Barry Cain (p. 8-10)
--Office Market Analysis by Kyle Smith (p. 11-18)
--Retail Market Analysis by Kyle Smith (p, 19-22)
--Industrial Market Analysis by Kyle Smith (p. 23-27)
--Multifamily Market Analysis by Ngan Nguyen (p. 28-37)
--Residential Market Analysis by Ngan Nguyen (p. 38-69)

The Effects Of The Housing Crisis On Labor Mobility And Unemployment, Kevin Bergy

Honors Projects

The recent housing crisis has had drastic effects on the labor market.  Falling home values have forced some homeowners to remain in their homes for financial reasons even when a move is desired because they are locked-in.  When labor cannot move freely from place to place, employment is affected.  The greater the lock-in effect, the more negative the labor market externalities.  In this paper, the relationship among homeownership, labor mobility, and unemployment is examined.  The lock-in effect, nominal loss aversion, and Oswald’s hypothesis will all be applied to the recent housing crisis in an effort to show the drastic economic …

Macroeconomic Effects Of Over-Investment In Housing In An Aggregative Model Of Economic Activity, Hian Teck Hoon

Research Collection School Of Economics

Is there a theoretical basis for the view that the end of a period of over-investment necessarily leads to a period of below-normal employment as the excess capital stock is run down? We study the repercussions of a false boom in housing driven by prior expectations of future housing prices not justified by fundamentals. When these expectations are corrected, the result is a precipitous drop in housing prices and, on that account alone, some drop in employment. There is also a bulge in the housing stock. In the closed economy case, the downward shift of the term structure of interest …

Macroeconomic Effects Of Over-Investment In Housing In An Aggregative Model Of Economic Activity, Hian Teck Hoon

Research Collection School Of Economics

Is there a theoretical basis for the view that the end of a period of over-investment necessarily leads to a period of below-normal employment as the excess capital stock is run down? We study the repercussions of a false boom in housing driven by prior expectations of future housing prices not justified by fundamentals. When these expectations are corrected, the result is a precipitous drop in housing prices and, on that account alone, some drop in employment. There is also a bulge in the housing stock. In the case of a closed economy, the downward shift of the term structure …

Is There A Link Between Money Illusion And Homeowners’ Expectations Of Housing Prices?, Lucy F. Ackert, Brian K. Church, Narayanan Jarayaman

Faculty Articles

Money illusion is a behavioral bias in which a person thinks in terms of nominal rather than real values. This paper reports homeowners’ responses to a survey designed to measure the extent of money illusion as well as homeowners’ expectations regarding home valuations. Our survey respondents suffer from money illusion, yet they have reasonable expectations of home prices. Our analysis did not identify any unique individual characteristic that correlates with homeowners’ choices and suggests that the relationship between money illusion and mispricing is subtle and multi-faceted.

Hotel Feasibility In The Recessionary Economy Of 2010: A Case Study In Reno, Nevada, Sang-Mun Cho

UNLV Theses, Dissertations, Professional Papers, and Capstones

In the aftermath of the economic crisis of 2008, it became evident that Nevada’s economy felt pains greater than that of the rest of the country. With sinking property values, opportunities may exist for the hotel investor. The purpose of this paper is to analyze the risks and benefits of acquiring a hotel property through the instrumentality of a hotel feasibility report. The literature review includes an evaluation of hotel feasibility analysis, its historical context, criticisms, and recommendations for performing effective studies. The case study part of this paper investigates the broader implications of hotel acquisition in the current recessionary …

Evaluating Point-Of-Sale Buying Decisions: Understanding Why Consumers Purchase Timeshares, Lisa Y. Thomas

UNLV Theses, Dissertations, Professional Papers, and Capstones

The timeshare industry, also known as vacation ownership, is the fastest growing segment of the hospitality industry with sales totaling $9.7 billion in 2008 (ARDA, 2010). The typical timeshare sales process is a 90-120 minute sales presentation conducted by a timeshare sales representative to customers. At the end of the sales presentation, the customers are given the option to either purchase a timeshare unit at a discounted price with first-day incentives or to purchase at a later date at the full price and without the extra incentives. This today-only sales pitch is perceived as an unsavory process by a many …

Center For Real Estate Quarterly, Volume 4, Number 3, Portland State University. Center For Real Estate

Center for Real Estate Quarterly

Table of Contents:
--Summary and Editorial by Eric Fruits (pgs 1-2)
--Housing and the Economy: A New Paradigm? by Randall J. Pozdena (pgs 3-10)
--Interest Rates: What Goes Up Must Come Down by John M. Petersen (pgs 11-16)
--PERS in Crisis: The Sequel by Phil Keisling (pgs 17-22)
--Developers Use Creative Strategies to Keep the Lights On by Julie Serote (pgs 23-30)
--Portland's Unreinforced Masonry Apartment Buildings: A Threatened Species? by Walter W. McMonies (pgs 31-44)
--Office Market Analysis by Greg LeBlanc (pgs 45-52)
--Retail Market Analysis by Kyle Smith (pgs 53-58)
--Portland Industrial Market Analysis by Kyle Smith (pgs …

Conway Commons, Scott Aster, Jason Clough, Amber Hyde, Michael Shall, Kyle Palmer

Real Estate Development Workshop Projects

Students from Portland State University's Center for Real Estate produce a development plan for a site in Northwest Portland known as Conway Commons.

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.

Grade Inflation In The School Of Real Estate And Construction Economics, Dermot Kehily

Articles

No abstract provided.

Building Beyond Singapore: Local Real Estate Businesses Venture Overseas, Knowledge@Smu

Knowledge@SMU

Despite the recent property and construction boom in Singapore, local players in this field have always kept an eye on overseas markets. Lured by the promise of profits and prestige, many are setting up in cities around the world. However, unlike consumer mom-and-pop shops, the size of the investment typical of property and construction companies demands an ultra careful study of the overseas market. Companies have also got to ask if they have the required skills, talents and resources to churn a good project, said industry experts at a recent SMU forum.

Center For Real Estate Quarterly, Volume 4, Number 2, Portland State University. Center For Real Estate

Center for Real Estate Quarterly

Table of Contents:
--Editor's Urban Development Journal "Questions of Value & Value of Questions" by Will Macht (pg 3-14)
--"U.S. Observations From Global Demographics" by Leanne Lachman (pg 15-22)
--"Downtown Schools & Real Estate Development" by Gerard Mildner (pg 23-30)
--"Cooperative Housing in Portland" by Atha Mansoory (pg 31-42)
--"KOIN Center History: The Paul Principle" by Eugene Grant (pg 43-52)
--"Sustainable Containers: Cost-Effective Student Housing" by Caroline Uittenbroek & Will Macht (pg 53-60)
--"Food Carts as Retail Real Estate" by April Chastain (pg 61-70)
--"Office Market Analysis" by Kyle Smith (pg 71-82)
--"Retail Market Analysis" by Kyle Smith (pg 83-87) …

Measuring Spillover Effects Of Residential Amenity Improvement Using Spatial Hedonic Approach, Shruti Tandon

Graduate Research Symposium (2010 - 2017)

Spillover externalities can be explained as influences of the prices of neighboring properties on the price of a given one. Suppose there is a price change or changes in the amenity levels in a neighborhood. The effect of this change would be experienced by properties in a close proximity and the prices of the properties in close proximity might help explain the price of the property of interest. In the context of welfare valuation, this feature of spatial price interdependence or spillover effects has only recently received attention. Spatial lag models are one of the many spatial econometric methods used …

Mass Business Report, College Of Management, University Of Massachusetts Boston

Financial Services Forum Publications

Welcome to the College of Management, UMass Boston, Financial Services Forum’s Spring 2010 report on the Massachusetts economy. The spotlight of this report is the Finance, Insurance and Real Estate (FIRE) sector in Massachusetts.

Affordable Homeownership Policy: Implications For Housing Markets, Sock Yong Phang

Research Collection School Of Economics

Affordable homeownership is a policy that is often accorded a great deal of policy attention by governments of many countries. This paper aims to examine the market implications of setting a housing price to income ratio target for a market segment by the government. The policy requires active intervention by the government with regard to the targeted sector. The paper uses a simple model of the housing market with a homeownership affordability target to derive the market implications of such targets. In the presence of uncertainty and resource constraints, the objective of homeownership affordability is achieved for the targeted group …

Climate Change And Real Estate: How Environmental Risks And Policies Impact Markets, Adele C. Morris

Brookings Scholar Lecture Series

Climate change could worsen environmental conditions that affect real estate values, such as extreme weather events and coastal erosion. But policies to prevent climate change can also affect real estate values, for example through higher energy prices and land use regulation. This lecture will examine the linkages between the climate change risks, climate policy, and real estate markets. We will also discuss the likely regional economic effects of recent proposed climate legislation.