Real Estate Commons^™

Center For Real Estate Quarterly, Volume 4, Number 1, Portland State University. Center For Real Estate

Center for Real Estate Quarterly

Table of Contents:
--Editor's Urban Development Journal "A Decade of Development Needs" by Will Macht (pg 3-8)
--"Portland's Real Estate Market: Public Policy" by Gerard Mildner (pg 9-16)
--"Condominium Financing: FHA Rule Change Controversy" by Cliff Hockley (pg 17-21)
--"Hayden Island: Strategic Resources for Sustainable Future?" by Shadrach Pilip-Florea (pg 22-40)
--"Office Market Analysis" by Kyle Smith (pg 41-50)
--"Industrial Market Analysis" by Kyle Smith (pg 51-54)
--"Multifamily Market analysis" by Scott Aster (pg 55-61)
--"Housing Market analysis" by Scott Aster (pg 55-61)

Split Estate, Thomas A. Ipri

Library Faculty Research

The concept of a split estate refers to the fact that owners of a property do not necessarily own the minerals and resources that reside under the property.
/="/">Debra Anderson’s Split Estate highlights the more damning aspects of this oddity by documenting how oil and gas companies are setting up shop on home
/="/">owner’s land. In some instances, oil rigs are constructing within 100 feet of people’s homes.

Roads: Leading Indicators Show Ramp-Up In Activity, Shishir Mathur, Kunal Katara

Faculty Publications, Urban and Regional Planning

No abstract provided.

Principal-Agent Conflict And Seller's Strategy Approaching Listing Contract Expiration, Zhenyu Zhang

Theses & Honors Papers

Real estate markets are excellent venues in which to study principal-agent incentive misalignments. Buyers and sellers who face relatively higher information costs rely on agents to reduce information costs and to assist their negotiation. Previous literature has focused on a typical dilemma real estate gents face - sales price versus time on market (TOM). This paper analyzes sellers' behavior when an exclusive listing contract nears unsuccessful expiration.

The 2008 Short Sale Ban: Did We Sell Price Discovery Short, Yen-Ling Chang

Finance and Real Estate Dissertations - Archive

This dissertation investigates the impact of a short sale ban on the stock market and the options market and the interrelation between the two markets during the US financial crisis of 2008. The first essay focuses on the impact of the short sale ban on financial stocks between September 18, 2008 and October 8, 2008. I examine how daily returns responded to the ban. Non-banned firms with similar sizes and standard deviations of past stock returns as the banned firms served as a control group. An event study shows significant positive cumulative abnormal returns which might indicate that the banned …

Three Essays On Real Estate Equities And Real Estate Investment Trusts, Fahad Almudhaf

Finance and Real Estate Dissertations - Archive

This dissertation consists of three distinct essays. The first essay provides initial empirical evidence on the usefulness of consumer confidence index and investor optimism index in predicting REIT price movements. I find evidence of uni-directional Granger causality from REIT returns to the change in Michigan consumer sentiment index for the period 1978 - 2008. I find a negative and statistically significant relationship between the level of Michigan consumer sentiment index in one month and the FTSE/NAREIT US REIT returns in the next one, six, and twelve months. On the other hand, I find a positive and statistically significant relationship between …

The Underlying Factors Of Regional U.S. Hotel Market Resiliency Post 9/11, Beaumont L. Heidrich

CMC Senior Theses

I was interested in researching the underlying factors that drove resiliency in regional U.S. hotel markets. I did this by conducting an empirical analysis of twenty nine different markets post September 11 and investigating general, leisure and business variables. I concluded that leisure variables were the underlying drivers of resiliency in regional U.S. hotel markets.

I then conducted an event study to try to apply my findings to stock market prices of publicly traded hotel companies. Although it was a challenge to differentiate between companies that depended more on leisure versus business customers due to their asset diversification, I categorized …

Brewery Blocks West, Ben Gates, Tom Heinicke, Jared Hendricks, Brad Johnson, Atha Mansoory, Michael Shall, Will Thier, Jonathan Winslow

Real Estate Development Workshop Projects

Students from Portland State University's Center for Real Estate produce a development plan for a site in Portland's Pearl 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.

Solving The Problem Of Toxic Property And Construction Loans- The Case Of Ireland's National Asset Management Agency., Thomas Power

Conference papers

Ireland experienced rapid economic growth between 1994 and 2004. This economic performance prompted the Economist magazine to coin the phrase ‘The Celtic Tiger’ to describe the Irish experience. However, during the ‘boom period’ banks did not have enough funds from deposits and had to rely on the inter-bank market for funds. Consequently with the collapse of the sub-prime market and the global banking crisis, the banking systems reliance on inter-bank lending resulted in toxic property and construction loans. In essence the property/construction bubble burst, the banks are broke and there is a need to rescue them. The government’s solution …

Site Value Tax, Tom Dunne

Articles

Tom Dunne discusses some of the issues surrounding property taxation in Ireland

Forecasting The Inland Empire's Economic Recovery, Jesse C. Franklin

CMC Senior Theses

The Inland Empire -Riverside and San Bernardino Counties - was one of the hardest hit areas in all of the United States during the Great Recession. Home prices have declined over 50%, significantly more than the 25% decline in the surrounding Los Angeles County, and housing starts have declined to over 90% from 2005. The Inland Empire has one of the highest unemployment rates in the US at 14.8%. This paper attempts to forecast the recovery for the Inland Empire. Employing univariate forecasts along with VAR(12) forecasts, focusing on housing starts and unemployment rates as the underlying variables, we find …

Determinants Of Implied Volatility Movements In Individual Equity Options, Christopher G. Angelo

Finance and Real Estate Dissertations - Archive

In this study, I introduce a parsimonious model that explains implied volatility time series for individual stock options. The current state of risk management for individual equity options still seems to lack the presence of pertinent exogenous variables. This study suggests a few easily observable variables that can be used to explain the changes in implied volatilities of stock options. These variables can be used in the risk models in order to more accurately manage option positions for individual stocks. The first chapter provides a motivation for the VIX as the primary explanatory variable for changes in implied volatility. It …

Changing Patterns Xvi: Mortgage Lending To Traditionally Underseved Borrowers & Neighborhoods In Boston, Greater Boston And Massachusetts, 2008, Jim Campen

Gastón Institute Publications

This is the sixteenth in the annual series of Changing Patterns reports prepared for the Massachusetts Community & Banking Council (MCBC) by the present author. The series is aptly named: mortgage lending since 1990 has indeed been characterized by “changing patterns.” In recent years, the major focus of the series shifted from concern for fair access to credit for traditionally underserved borrowers and neighborhoods to concern for access to fair credit for these same borrowers and neighborhoods. This reflects the extent to which the problem of redlining had become overshadowed by the problem of reverse redlining, whereby areas that …

A Survey Of Accredited Rural Appraisers, Lindy Wilson

Agribusiness

This study was undertaken to determine which skills are most important for students to learn in Cal Poly AGB Finance and Appraisal concentration courses. This report used a mail survey to determine which skills current California Chapter members of the American Society of Farm Managers and Rural Appraisers thought most important for rural appraisal students to posses. It is concluded that communication and personal skills are more important for rural appraisal student success. This conclusion is based on analysis of survey responses. On average communication skills were ranked as the most important skills for rural appraisal students to posses followed …

Housekeeping For Regulators Of Volatile Housing Markets, Knowledge@Smu

Knowledge@SMU

World housing markets have gone through a volatile period of boom and bust, triggering the financial crisis and subsequent economic downturn. While it might be tempting for governments to contemplate on housing bubbles by means of monetary policy or direct controls over housing prices, such moves are far more complicated than it seems. Housing prices are influenced by various factors and governments have a limited handle on them at best. Raising interest affects other sectors of the economy - not just housing. So what can governments do? What should be the ultimate goal of housing policy?

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. In this paper, we 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. We use 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 at …

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

Center for Real Estate Quarterly

Table of Contents:
--Editor's Urban Development Journal "Greening the Ratings: Weed LEED & SEED" by Will Macht (pages 3-12)
--"Deleveraging Commercial Real Estate: Equity Investment Market Dynamics" by Mike Kingsella & Chris Longinetti (pg 13-26)
--"Salem Multifamily Report" by Jamie Martinson (pg 27-31)
--"Salem Retail Report" by Jennifer Martin (pg 32-33)
--"Big Box Reuse" by April Chastain (pg 34-38)
--"Retail Market Analysis" by April Chastain (pg 39-42)
--"Office Market Analysis" by April Chastain (pg 43-51)
--"Hotel Market Analysis" by April Chastain (pg 52-53)
--"Industrial Market Analysis" by April Chastain (pg 54-57)
--"Apartment Market Analysis" by Scott Aster (pg 58-62)
--"Housing …

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

Center for Real Estate Quarterly

Table of Contents:
--"Downtown Portland Retail: A New Renaissance?" by David Leland & Katherine Krajnak (pages 21-33)
--"Tax Increment Financing: Comparing Approaches in Northwest States," by Read Stapleton (pages 34-49)
--"Housing Market Analysis," by Scott Aster (pages 50-62)
--"Apartment Market Analysis," by Scott Aster (pages 63-66)
--"Office Market Analysis," by April Chastain (pages 67-74)
--"Industrial Market Analysis," by April Chastain (pages 75-77)
--"Downtown Retail Parking Market Analysis," by April Chastain (pages 78-81)

Lincoln High School, April Chastain, Tyler Clark, Gonzo Grasis, Eric Hayes, Robert Pile, Jonathan Winslow

Real Estate Development Workshop Projects

Students from Portland State University's Center for Real Estate produce a development plan for Lincoln High School.

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.

Why Should Investors Stay Positive On The Asian Real Estate Markets?, Knowledge@Smu

Knowledge@SMU

Asia’s real estate market has weakened in tandem with lower equity prices. Singapore is no exception. Gone (for now) is the frenzied buying that marked 2007 and 2008, as everyone hunkers down for a possible protracted slump in the global economy. Many property buyers are caught with assets declining in value. Should investors thus stay away from Asia’s property market? What are the challenges facing the industry players, and is there a recovery on the horizon?

Center For Real Estate Quarterly, Volume 3, Number 2, Portland State University. Center For Real Estate

Center for Real Estate Quarterly

Table of Contents:
--"Coliseum Choices: An Asset Too Valuable to Demolish," by Professor Will Macht (pages 3-22)
--"The Credit Crisis in Commercial Real Estate," by Christopher Longinetti (pages 23-34)
--"Bursting Bubbles: Portland's Distressed Housing Market," by Tom Heineke (pages 35-48)
--"Housing Market Analysis," by Elizabeth Warren (pages 49-62)
--"Office Market Analysis," by April Chastain (pages 63-69)
--"Industrial Market Analysis," by April Chastain (pages 70-72)
--"Multifamily Market Analysis," by April Chastain (pages 73-77)

Center For Real Estate Quarterly, Volume 3, Number 1, Portland State University. Center For Real Estate

Center for Real Estate Quarterly

Table of Contents:
--"An Adams Agenda? New Directions for Urban Development," by Professor Will Macht (pages 3-14)
--"Green Leasing: Implementing Sustainability Concepts in Commercial Leases," by Dominic Coletta (pages 15-23)
--"Workforce Housing: New Tools for Solving the Affordable Housing Dilemma," by Eugene Grant (pages 24-34)
--"Office Market Analysis," by April Chastain (pages 35-40)
--"Industrial Market Analysis," by April Chastain (pages 41-43)
--"Apartment Market Analysis," by April Chastain (pages 44-47)
--"Housing Market Analysis," by Elizabeth Warren (pages 48-60)

Origins And Resolution Of Financial Crises: Lessons From The Current And Northern European Crises, Finn Østrup, Lars Oxelheim, Clas Wihlborg

Business Faculty Articles and Research

Since July 2007, the world economy has experienced a severe financial crisis that originated in the U.S. housing market. Subsequently, the crisis has spread to financial sectors in European and Asian economies and led to a severe worldwide recession. The existing literature on financial crises rarely distinguishes between factors that create the original strain on the financial sector and factors that explain why these strains lead to system-wide contagion and a possible credit crunch. Most of the literature on financial crises refers to factors that cause an original disruption in the financial system. We argue that a financial crisis with …

The Blocks At Northgate, Caroline Uittenbroek, Stephen Smith, Carly Ritter, Kate Chavez, John Patton, David Blindheim, Eugene Nucci Jr.

Real Estate Development Workshop Projects

Students from Portland State University's Center for Real Estate produce a development plan for a property site in Seattle's Northgate 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.

From Corporate Social Responsibility To Corporate Responsible Behaviour: A Futures Approach: Proposing A New Conceptual And Operational Framework To Foster Responsibility Within The Commercial Property Industry, Gillian O'Brien

Doctoral

This research examines corporate responsible behaviour (CRB) and the role of Futures Studies, as both a philosophy and a critical research methodology in fostering a culture of responsibility within the commercial property industry in the UK. More specific objectives are to critically evaluate CRB and its role in business; to explore the potential role, effects and implications of futures in the development of CRB policy and practice; to propose an integrative conceptual and operational framework for guiding the commercial property industry in formulating systematic, executable CRB policies and practices; and to build a set of propositions that may influence the …

Price Discovery Of Credit Risk, Yibing Du

Finance and Real Estate Dissertations - Archive

This study investigates financial markets' price discovery for credit risk across the stock, bond, and credit derivatives markets. This study also examined what factors affect financial market's price discovery for credit risk. Four factors are studied: liquidity, transaction cost, credit ratings and maturities. Using weekly equity, bond and credit default swap market data from January 2000 to October 2007, it is found that stock market and bond market, credit derivative market and bond market are cointegrated for long term credit risk price discovery. In short term, both stock market and credit derivatives market lead the bond market for credit risk …

Going Green - Impact On Residential Property Values, Ramya Rajajagadeesan Aroul

Finance and Real Estate Theses - Archive

Hedonic pricing model is generally used to empirically understand the relationship between various housing characteristics and the housing values. In the past hedonic studies have looked at the relationship between the housing prices and structural features, environmental amenities, neighborhood characteristics, time variables and even financing. But real estate researchers have greatly overlooked to study the impact of greenness on residential properties though there has been a huge interest among the researchers and practitioners on green buildings. This study poses the primary question of if any potential relationship exists between greenness and property values. This study further extends the research question …

Lessons For Nama From Valuation Practices, Thomas Power

Articles

By adopting accounting values and not economic value, auctioneers and valuers contribute to property market inefficiency. The reaction to this global financial and real asset meltdown is for tighter regulation. But the difficulties now being experienced in global asset markets are not new– it’s just that it is much bigger. The common denominator is accounting based valuations.

Nama Versus Nationalization – How To Deal With The Banks’ Toxic Loans?, Thomas Power

Articles

Banks are indispensible to the efficient functioning of the economy. Right now they are unable to carry out their normal functions (e.g. providing lines of credit to individuals and business) because they are underfunded. They are rationing credit because they do not have enough funds. The funds they need to lend to borrowers come from deposits, equity and bonds. During the ‘boom period’ banks did not have enough funds from deposits and had to rely on the inter-bank market to borrow the funds they needed in order to lend. According to the Central Bank ‘net foreign liabilities’ of commercial banks …

Changing Perceptions Of Homesteading As A Policy Of Public Domain Disposal, Richard Edwards

Great Plains Quarterly (through 2013)

The inspiring story of homesteaders claiming free land and realizing their dreams became one of the enduring narratives of American history. But scholars who have studied homesteading have often been much more ambivalent, even harshly negative, about how successful it was in practice. While the public often views our history differently from scholars, in this case the disparity appears both substantial and persistent. Perhaps it is time to revisit homesteading and reassess whether homesteading really was a good idea or not.

Certainly homesteading once powerfully fired the American imagination. The promise of free land was such a startling idea that …