Real Estate Commons^™

Lessons For Nama From Valuation Practices, Thomas Power

Other Resources

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.

A Multi-Factor Analysis Of Areit Returns, Jaime L.P. Yong

Research outputs pre 2011

Since 1990, the Australian Real Estate Investment Trust (AREIT) sector has experienced substantial growth and popularity. While the AREIT sector had benefit from the increased flow of funds from institutional investors during the 1997 Asian financial crisis, the recent impact of the 2008 global financial crisis has been a negative one. In this paper, we examine the sensitivities of annualised AREIT returns against a set of seven firm-specific variables and four market-wide risk variables. Balanced and unbalanced panel regressions are conducted on three sub-periods during 1990 – 2008 corresponding to the major phases in evolution of the AREIT sector. Our …

Las Vegas: The Perils Of Deception Fueled Growth, William J. Smith, Ahmad Safi

Public Policy and Leadership Faculty Research

There are two types of deception – the deception of others and self-deception. Las Vegas thrives on both. Many would be aware of the importance of the first type of deception for the health of the Las Vegas economy, as they would for Macau, Monte Carlo, etc. Without the symbol of wealth to achieve elite global tourism status, and the ‘moth to the flame’ illusion of the likelihood of visitors to get ‘lucky’ and win great wealth, there would be no Las Vegas as it is known today. There is no other major reason to come to the city. There …

The Effects Of Gaming On Residential Real Estate Prices And Sales: A Case Study Of Las Vegas: 1990--2008, Christopher Alan Miller

UNLV Theses, Dissertations, Professional Papers, and Capstones

This dissertation empirically investigates the effects of the gaming industry on a local economy, specifically housing prices and sales in the city and surrounding areas of Las Vegas. This study explores many of the economic effects that Las Vegas' relatively unrestricted gaming industry has on surrounding home prices and sales and analyzes the specific forces and the issues they involve. As of this writing, little to no research has used seminal economic theories to analyze the effects of the performance of a locale's gaming industry on the surrounding residential real estate market. This study addresses this gap by examining the …

Perspectives On Timeshare Ownership: An Exploratory Study Of Markets In China, Kai-Li Chi

UNLV Theses, Dissertations, Professional Papers, and Capstones

This study aims to explore the attitudes of prospective customers in China about timeshares, and to identify potential marketing opportunities for timeshare companies targeting China. This exploratory study is the first of its kind and it intends to provide valuable information about the consumer potential for the timeshare industry in China. The findings indicate that consumer acceptance of timeshares in China is high. Six socio-demographic variables were identified as keys in predicting those with statistically significant likelihood of purchasing a timeshare within the next three years: age, occupation, marital status, annual household income, vacation frequency, and attendance at a previous …

Effect Of Suburban Transit Oriented Developments On Residential Property Values, Shishir Mathur, Christopher Ferrell

Faculty Publications, Urban and Regional Planning

No abstract provided.

Profit Or Growth: Can Singapore's Building And Construction Industry Attain Both?, Knowledge@Smu

Knowledge@SMU

Singapore’s building and construction industry accounts for about 4% of gross domestic product. Working closely with the country's Building and Construction Authority (BCA), the Singapore Management University (SMU) recently launched a SMU-BCA advanced joint management programme to develop strategic management capabilities of senior executives in the sector. Six panelists comprising industry leaders participated afterwards in a discussion on “Profit or Growth – How to Attain Both”, moderated by SMU’s dean of executive and professional education, Annie Koh.

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

Center for Real Estate Quarterly

Table of Contents:
--"Shifting Urban Development Paradigms: Credit Crisis Stimulates Shifts" by Will Macht
--"Green Building Operation & Management: Average Building Improvements Can Outperform LEED Stars" by David Pogue
--"Developing The Nines: Challenges & Solutions" by Donald Eggleston
--"Downtown Condominiums Revisited" by Greg LeBlanc
--"Luxury Apartments: Challenging the Market" by Greg LeBlanc
--"Housing Market Analysis" by Elizabeth Warren
--"Retail Market Analysis" by Elizabeth Warren
--"Office Market Analysis" by Greg LeBlanc
--"Industrial Market Analysis" by Greg LeBlanc

Dublin 7., Irish Independent Newspaper

Media

Proximity to the new DIT campus at Grangegorman is one of the principal attractions of a new development which goes on view for the first time tomorrow between 2-4pm.

Subprime Lending: Did It Lead To The Real Estate Boom And Bust?, Knowledge@Smu

Knowledge@SMU

Is there a link between the availability of aggressive home loan lending and the price of homes? In a paper presented at the Far East and South Asian Meeting of the Econometric Society 2008, hosted by the Singapore Management University, Wharton professors Susan Wachter and Andrey Pavlov show that it is the fluctuation in the use of aggressive instruments which exacerbates the market downturns, and not the fact that such instruments generate higher default rates.

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

Center for Real Estate Quarterly

Table of Contents:
--"Editor’s Urban Development Journal: Overlapping Urban Networks" by Will Macht
--"Retail Condominiums: A New Frontier of Portland Retailing" by Jacob Becker & Matthew Johnson
--"Scissor Stairs: Origins Development & Contemporary Use" by Samir Mokashi
--"Housing Market Downturn: Why Has It Not Decimated Oregon’s Economy?" by Tom Potiowsky
--"Housing & Hotel Market analysis" by Elizabeth Warren
--"Office, Industrial & Multi-Family Market analysis" by Greg LeBlanc

Brunswick Me: De-Militarizing The Bnas, Anne Holland, Brett Richardson, Richard Barringer

Planning

Closure of the Brunswick Naval Air Station in 2011 will have profound economic impacts on the entire mid-coast Maine region of Maine, with an estimated loss of 6,500 jobs and $330 million annual income. Throughout the Base Realignment and Closure process, Brunswick, the region, and the State of Maine followed federal rules and developed the federally-funded Brunswick Local Redevelopment Authority (BLRA) to plan for reuse of the 3300 acre base. In its planning process, the BLRA adhered to a number of well thought-out Guiding Principles, including the use of extensive public participation and the consideration of “smart growth” principles and …

The Impact Of The Sarbanes-Oxley Act Of 2002 On The U.S. Financial Markets, Sheryl-Ann Kathleen Stephen

Finance and Real Estate Dissertations - Archive

This dissertation examines the impact of the Sarbanes-Oxley Act (SOX) on the U. S. financial markets by investigating three topics: security analysts' performance, security analyst monitoring activity and firm value, and the cost of equity capital. Each topic is presented in a separate essay. In the first essay, the impact of SOX on security analysts' performance is investigated. The findings indicate that security analysts' forecasting performance has deteriorated post-SOX for both large and small firms. In addition, this deterioration in forecasting performance holds across industries. Security analysts have also become pessimistic in their earnings forecasts post-SOX. The second essay examines …

Comparative Determinants Of International Equity Diversification, Ying Zhang

Finance and Real Estate Dissertations - Archive

This study provides a comprehensive, simultaneous comparison of the country and sector determinants of international diversification. Specifically, it bridges the theory between the cointegration methodology and diversification by linking market integration, cointegration and portfolio diversification. Cointegration tests are conducted to both analyze the stationarity of country and industry index covariances and to dissect the diversification contributions of each component. Portfolios comprised of market indices independent of cointegrating relations produce, on average, better risk-return profiles than those constructed from cointegrated market indices. Although country and sector allocations both contribute to independent market portfolio gains, the diversification determinants have differential impact on …

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

Center for Real Estate Quarterly

Table of Contents:
--Editor's Urban Development Journal: "Crossings Corridors & Urban Networks" by Will Macht
--"Growth Along Corridors: Another Strategy For Portland's Growth" by Robert Liberty
--"Portland's Streetcar-Development Connection" by Eric Hovee
--"Valuation of Urban Amenities" by Jerry Johnson
--"Portland Neighborhood Retail Corridors" by Karen Thalhammer
--"Housing Market Analysis" by Karen Thalhammer
--"Office & Industrial Market Analysis" by Greg LeBlanc

Essays On Asset Pricing And Growth Effect, Wikrom Prombutr

Finance and Real Estate Dissertations - Archive

This dissertation comprises two essays on growth effects and opportunities experienced by companies and their implications for asset pricing models. In the first essay, I develop and test a model to explain the empirically observed value-growth stock return effect using real options theory. I simulate results from a real options model for two firm types. One type, the "value" firm, has a single growth opportunity. The other type, the "growth" firm, has infinitely repeated growth opportunities. Growth firms: (1) invest sooner, (2) pursue less lumpy investment paths, (3) have lower book-to-market ratios, and (4) generate lower rates of return than …

Motorists Will Have To Pay For The Cost Of Congestion, Thomas Power

Articles

The available road space (the scarce resource) is currently allocated by one’s willingness to sit in traffic jams. The costs incurred in sitting in traffic jams benefits no one – it is pure deadweight loss. The solution is to get the motorist to pay the social cost (marginal congestion cost). By pricing the cost of this traffic congestion in euro, this money could be collected and put to good use, perhaps on improving public transport.

Changing Patterns Xiv: Mortgage Lending To Traditionally Underseved Borrowers & Neighborhoods In Boston, Greater Boston And Massachusetts, 2006, Jim Campen

Gastón Institute Publications

This is the fourteenth in the annual series of Changing Patterns reports prepared for the Massachusetts Community & Banking Council (MCBC) by the present author. This year’s report, for the first time, includes the analysis of subprime lending that was previously presented in a separate annual series of Borrowing Trouble reports. The report presents information for the city of Boston, for Greater Boston, and for Massachusetts, as well as for each of the state’s fourteen counties and each of its thirty-three largest cities and towns.

The analysis is based on federal Home Mortgage Disclosure Act (HMDA) data for 2006, as …

Center For Real Estate Quarterly, Volume 2, Number 1, Portland State University. Center For Real Estate

Center for Real Estate Quarterly

Table of Contents:
--Editor's Urban Development Journal: "An Invisible Urban Development Agenda" by Will Macht
--"From Habitat To Inhabit: iMods For the Creative Class" by Will Macht
--"Portland's High-Performance Green Building Policy: Carbon Feebate Options" by Peter Hurley
--"Transit Mall Revitalization: Block-By-Block" by Tad Savinar & Eric Jacobson
--"Public/Private Commercial Condominiums: The Vanport Square Case" by Cheryl Twete & Bernie Kerosky
--"Housing Market Analysis" by Karen Thalhammer
--"Office & Industrial Market Analysis" by Greg LeBlanc

Two-Stage Least Squares: Simultaneous Determination Of Days On Market, Length Of Contract, And Percentage Overpriced, Caitlin Hooe

Theses & Honors Papers

In this paper, we examine the simultaneous determination of time on market (TOM), length of listing contract (LOC) and percentage overpriced (POP) of residential real estate listings. Our fundamental speculation is that overpriced properties and those that have extended listing contracts will incur a longer TOM. The finding of this research confirms that the more a property is overpriced, the longer it will take to sell. Similarly, as LOC increases so does the expected TOM. This may be helpful knowledge for a potential seller in determining the listing contract duration assuming realistic price expectations. These findings assume the absence of …

The Yale Blocks, Brad Smith, Courtney Koehler, Kerry Hughes, Matt Stein, Pat Monaghan, Staci Beck

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 South Lake Union 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.

Neighborhood Crime And Non-Auto Mode Choice, Shishir Mathur, Christopher Ferrell, Emy Mendoza

Faculty Publications, Urban and Regional Planning

No abstract provided.

The Sky Isn’T Falling Everywhere, Brian Mikelbank, Charlie Post, Ivan Maric

All Maxine Goodman Levin School of Urban Affairs Publications

This report looks at the consequences of treating Cuyahoga County’s housing market as “one market” versus a shrinking but relatively price stable market and a submarket plagued by abandonment and foreclosure. Brian Mikelbank was interviewed about the study on WCPN. org on Tuesday, November 11, 2008.

Ua96/2 Southern Normal School Board Of Directors, Wku Archives

WKU Archives Collection Inventories

Records created by and about the Southern Normal School Board of Directors. Series includes certificates of incorporation, meeting minutes, financial records, construction records, contracts, correspondence and scrapbooks.

Tax Treatment Encourages Residential Investment, Thomas Power

Articles

The economic survey on Ireland by the OECD (issue 5 2008) proposed phasing out policies that distort the housing market, which in turn could help to dampen future housing cycles and maintain competitiveness in the economy.

Specifically it suggests that tax breaks favouring owner occupation contributes to making housing expensive and that these effects could be reduced either by “limiting mortgage tax relief… or by implementing a property tax”.

Housing In The Nation’S Micropolitan Areas: A First Look, Robert E. Lang, Karen A. Danielsen

Public Policy and Leadership Faculty Research

Micropolitan area is a newly defined unit of analysis for examining housing affordability. Before the creation of micropolitan areas in 2003, U.S. counties were categorized as either metropolitan or nonmetropolitan. The category of micropolitan area allows for a more detailed analysis of housing affordability conditions in areas with populations less than metropolitan areas but more than nonmetropolitan areas. Variables examined in this analysis of micropolitan areas include demographic and housing characteristics. A policy section highlights how the findings from this analysis may be applied to micropolitan geography.

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

Center for Real Estate Quarterly

Table of Contents:
--Editor's Journal: "An Urban Development Journal" by Will Macht
--"Infrastructure: Toward Smarter Regional Solutions" by David Bragdon
--"Importance of Multi-Block Underground Parking" by Will Macht
--"Industrial Development Trends" by Roger Qualman
--"Outside Investor Trends" by Lisa LaManna
--"U.S. Economy & Housing Market Review" by Gerard Mildner
--"Downtown Condominium Analysis" by Greg LeBlanc
--"Housing, Office & Industrial Market Reviews" by Karen Thalhammer

Mortgage Lending In The Dallas Ft. Worth Metroplex: Screening For Racial Bias Using Hmda Data, Seanna Wesson

Finance and Real Estate Theses - Archive

This study will look at loan data to screen for potential lending discrimination in the Dallas-Ft. Worth Metroplex. The data used for screening purposes is the 2003 Home Mortgage Disclosure Act (HMDA) Loan Application Register (LAR). HMDA data does not provide a complete picture of an applicant's creditworthiness. It lacks important information such as an applicant's employment and credit histories. As a result, this study cannot make a conclusive finding of racial bias in mortgage lending in the Dallas-Ft. Worth Area. However, this study can determine if there are any indicators of racial bias that would warrant deeper investigation.

Diversification Benefits Of Real Estate Assets And Equity Assets In A Regional And Global Perspective, Nafeesa Yunus

Finance and Real Estate Dissertations - Archive

The primary purpose of this dissertation is to utilize recently available and reliable high frequency transactions based data provided by FTSE EPRA/NAREIT and employ modern day time series techniques and recently developed diagnostic tests to evaluate the degree of long-run integration and short-run dynamics among major public property markets (in terms of market capitalization) over a period beginning January 2000 and ending March 2006 to evaluate diversification possibilities from the perspective of the US investor. Both Asia and Europe are investigated. A secondary objective is to examine the long-run and short-run interaction among the corresponding major international equity markets to …

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

Center for Real Estate Quarterly

Table of Contents:
--Introduction by Gerard C.S. Mildner
--"The US Economy and Housing Market" by Gerard C.S. Mildner
--"How Will Measure 37 Affect Real Estate Markets in Oregon?" Sheila Martin
--"Economic Analysis of Oregon's Measure 37 and its Reform" by Gerard C.S. Mildner
--"Housing Price Appreciation in the Portland Region: A 25-Year Retrospective by PSU Center for Real Estate
--"Local Housing Market Update" by PSU Center for Real Estate
--"Portland Area Retail Market Overview" by W. Grant Norling
--"Portland Office and Industrial Real Estate Update" by PSU Center for Real Estate