Real Estate Commons^™

Preventing A Real Estate Bubble In Asia: Can Loan Securitisation Help?, Knowledge@Smu

Knowledge@SMU

Real estate is among the most highly leveraged sectors of an economy, which makes it more likely than others to precipitate a financial crisis, as happened in some Asian countries in 1997-1998. At the recent East Asian Seminar on Economics (EASE) of the National Bureau of Economic Research (NBER), held at Singapore Management University, Richard Green, Roberto S. Mariano, Andrey Pavlov and Susan Wachter presented a joint paper suggesting that asset securitisation could help reduce such risks. --------------------------------------------------------------------------------

Analyzing Construction-Related Market Trends In Apec Countries Using Gis, Low Sui Pheng, Benny Raphael, Faisal Manzoor Arain

Business Review

GIS (Geographical Information System) is a means of representing data in digital form that has been used increasingly in various domains. GIS has the ability to capture,model, manipulate, retrieve, analyze and present geographically referenced data. In managing overseas building projects, research and analysis are especially crucial. It is necessary to collect enough information of the country that is related to the rule of law, government policies, and the performance of individual economic sectors, among other things. Although GIS has been shown to be a useful tool in various types of planning and management, it has not been used so far …

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

Center for Real Estate Quarterly

Table of Contents:
--Introduction by Gerard C.S. Mildner
--National and Local Economic and Housing Update by Gerard C.S. Mildner
--"Apartment Capitalization Rates, Cash Flow and Value: A New Dynamic?" by Brian Bjornson
--"Downtown Portland Condominium Market" by Nelda Scott Newton
--"Local Housing Market Update" by PSU Center for Real Estate
--"Downtown Office Market Cycle – a Case for the Next Office Tower" by Michael Williams
--"Commercial Real Estate Update" by PSU Center for Real Estate

University Place, Todd Bouchard, Matthew Collier, David Fenwick, Justin Isle, Dan Johnson, Jeremy Mcveety, Chris Peterson, Amy Shum

Real Estate Development Workshop Projects

Students from Portland State University's Center for Real Estate produce a development plan for a recently acquired 4.03 acre property site called University Place. 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.

The Change In Financial Analysts' Forecast Attributes For Value And Growth Stocks, Pieter De Jong

Finance and Real Estate Dissertations - Archive

This research will concentrate on the changes in earnings forecasts, forecast accuracy and forecast dispersion for growth and value stocks after Reg FD. Each topic is presented in a separate essay. The first essay tests if growth and value stock returns respond more to forecasted earnings changes than they do to changes in earnings and whether these stock returns respond in a different fashion before and after Reg FD. This phenomenon is stronger for growth stock portfolio strategies than it is for value stock portfolios. After Reg FD, the overall impact of earnings expectations on stock returns is smaller, especially …

An Investigation Of Promotional Outlet Effectiveness For Ohio Real Estate Brokers, James E. Larsen, Joseph Coleman, Charles S. Gulas

Finance and Financial Services Faculty Publication

This monograph presents survey data gathered from both Ohio residents and members of the Ohio Association of REALTORS®. The results of the public survey provide interesting information that may enable real estate licensees to effectively target their promotional efforts. The results suggest that if the objective is self promotion, any advertising medium is likely to have limited effectiveness. A large percentage of respondents indicated that they located the agent who assisted them in their housing transaction via reference from a friend or relative. Referrals are so important that a licensee should make every effort to cultivate this activity. Perhaps periodic …

Two-Stage Least Squares: Simultaneous Determination Of Days On Market And Length Of Listing Contract, Matthew Joseph Davis

Theses & Honors Papers

Over eight million new and existing homes are sold each year, while every seller has a similar objective; to simultaneously maximize sales price and minimize the duration the home is on the market. There is no predetermined manner in which to select how long one should list the property with a broker, if the seller decides to not sell the property themselves, or how long a broker will need to sell the property. Numerous studies have been conducted to examine various factors affecting days on market (DOM), while no research has been conducted on the effect length of contract (LOC) …

The Experience Of A Lifestyle, Brian Lonsway

School of Architecture - All Scholarship

This essay traces the evolution of themed environment design from theme parks to a series of new architectural types – Urban Entertainment Destinations, Lifestyle Enhancement Centers, and Lifestyle Villages – as a chronicle of spatial mediation from urban décor to urban design technique. Culled partly through semiotic deconstruction and partly through ethnographic investigation, this history examines the environmental design techniques employed in these spaces in order to better understand the relationship of design practice to the cultural practices of work and leisure.

From spatialized branding strategies to the neo-urbanist configurations of location-based entertainment, leisure/entertainment ventures use these narratively motivated techniques …

Housing Silicon Valley: A 20 Year Plan To End The Affordable Housing Crisis, Shishir Mathur, Alicia Parker

Faculty Publications, Urban and Regional Planning

No abstract provided.

High-Speed Rail Projects In The United States: Identifying The Elements Of Success Part 2, Allison Decerreno, Shishir Mathur

Faculty Publications, Urban and Regional Planning

No abstract provided.

The Impact Of Property Flipping On Single Family Detached Home Prices, Wesley H. English

Finance and Real Estate Theses - Archive

In 2003 HUD ruled that flipped properties, which are defined as recently acquired properties that have been resold, often within days, and for a substantial profit, are ineligible for FHA insured mortgage financing. This research uses the HUD ruling as the basis for this study. Their ruling was based on the perception that property flipping had a negative effect on home prices among other things. The study uses hedonic modeling to empirically determine if houses that have previously flipped have any influence on value when compared to the non-flipped properties in the same market. Through a regression analysis, it is …

Moving Window Unit Root Test: Locating Real Estate Price Bubbles In Seoul Apartment Market, Shuping Shi

Dissertations and Theses Collection (Open Access)

Bubbles are characterized by rapid expansion followed by a contraction. Evans (1991) shows that stationarity tests suggested by Hamilton and Whiteman (1985) and Diba and Grossman (1988) are incapable of detecting periodically collapsing bubbles. Phillips, Wu, and Yu (2006) advanced the forward recursive unit root test which improves the power significantly in the presence of periodically collapsing bubbles. In this paper, we consider rolling window unit root test with a pre-selected optimum window. A combining use of conventional unit root test and forward recursive unit root test is suggested from the results of power comparison. Furthermore, we apply those three …

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

Center for Real Estate Quarterly

Table of Contents:
--The National Economy" by Gerard Mildner
--"The Local Economy"
--"National Housing Market"
--"Local Housing Market Overview"
--"Local Housing Market Forecast" by Jerry Johnson
--"National Commercial Market"
--"Portland Office Market"
--"Portland Industrial Market"

Default Prediction For Commercial Mortgage Backed Securities, James Scott Dudley

Finance and Real Estate Theses - Archive

Commercial mortgage default has become a topic of interest for a large number of parties due to the emergence and continued growth of the secondary mortgage market. With the multitude of parties holding a vested interest, it is important to develop a highly efficient method of monitoring collateral performance and ultimately be able to confidently predict or anticipate default. This study shows the correlation between appearance of a loan on a Watchlist and its potential to become delinquent in the future. While testing this hypothesis, a model is created that incorporates several other variables readily used to predict collateral performance …

Real Estate Mutual Funds: A Style Analysis, Crystal Lin, Kenneth Yung

Finance Faculty Publications

We find that the characteristics of real estate related securities are different from those of the general common equities. To help investors understand better the products offered by real estate mutual funds, we develop style descriptors that are specifically created for real estate related securities. Among the universe of real estate securities, we find real estate funds tilt toward large stocks and favor growth moderately over value. Growth managers outperform value mangers in this sector by 1.51% to 2.30% per year. However, there is evidence of shifts in the investment style among the funds. Our results help investors in evaluating …

An Impact Study Of Local Historic District Overlays On Property Values In Fayette County, Ky, Suzann Vogel

MPA/MPP/MPFM Capstone Projects

Beginning with Fayette County’s first historic district in 1958, the process of assigning historic zoning status to qualifying neighborhoods was seen as a viable option for preserving local built cultural resources. More than a communicative symbol, H-1 districting limits dramatic exterior changes and the demolition of structures certified as contributing to the unique character of Lexington, KY. Guided by the Lexington-Fayette Urban County Government’s Division of Historic Preservation and Board of Architectural Review, the program currently encompasses 1,851 buildings over 14 districts.

In order to carry out the goal of preservation, historic districting in Lexington is applied in a blanketing …

Do Property Assessors In Kentucky Value Residential Property At Fair Market Value?, Brian Smith

MPA/MPP/MPFM Capstone Projects

Assessors are required, as mandated by the Kentucky State Constitution and KRS 132.690, to assess property at 100 percent of fair market value. Fair market value is defined as the price a seller would expect to receive in an open and competitive market. Evidence from data and analysis in this paper indicates that property is under-assessed by approximately 25 percent. Though urban areas assess at a slightly higher rate, this is offset by rural areas, which do a significantly poorer job. This has important implications for local communities in Kentucky that depend on property tax revenue in order to provide …

The Singapore Model Of Housing And The Welfare State, Sock Yong Phang

Research Collection School Of Economics

While Singapore is not generally regarded as a welfare state, the provision of housing welfare on a large scale has been a defining feature of its welfare system. The extensive housing system has played a useful role in raising savings and homeownership rates as well as contributing to sustained economic growth in general and development of the housing sector in particular. Few would dispute the description of Singapore’s housing policies as 'phenomenally successful' (Ramesh, 2003). Singapore’s economic growth record in the past four decades has brought it from third world to first world status (Lee, 2000), with homeownership widespread at …

Variations In Dropout Rates Across Virginia, Joshua K. Bowser

Undergraduate Theses and Capstone Projects

Using Ordinary Least Squares (OLS) regression analysis, this study attempts to capture variation in dropout rates across Virginia counties and cities. With the respective dropout rates as the dependent variable, seven independent variables are used accordingly in order to provide as much explanatory power as possible. At the 10 percent significance level, four of seven variables are statistically significant with an adjusted R2 of .374. Important policy implications can be derived from the model and its statistically significant variables. The model finds that the percentage of blacks in the population, university access, the unemployment rate and single female-headed households to …

Going Up: Real Estate Is On The Rise Again In Japan, Knowledge@Smu

Knowledge@SMU

Nothing symbolizes Japan's bubble economy, or its subsequent long slump, more than real estate. Now, after dropping by as much as 70%, real estate prices are ticking up, signaling a renewed Japanese economy. A major restructuring of the nation's financial system, along with an injection of foreign capital and the introduction of publicly traded real estate investment trusts, are driving the real estate revival, according to Wharton faculty and real estate analysts working in Tokyo.

Global Hotspots In The Real Estate Business, Knowledge@Smu

Knowledge@SMU

Emerging real estate markets in India and China, along with recovering property industries in Germany and Japan, are among the top destinations for global real estate investors, according to panelists at the Samuel Zell and Robert Lurie Real Estate Center's fall meeting. During a session titled, "Global Hot Spots -- How to Think about Hot Foreign Markets," Wharton real estate professor Peter Linneman called on each panelist to describe the markets they find most intriguing.

Changing Patterns Xiii: Mortgage Lending To Traditionally Underserved Borrowers And Neighborhoods In Greater Boston, 1990-2005, Jim Campen

Gastón Institute Publications

The present study is the latest in a series of annual updates of the original report, Changing Patterns: Mortgage Lending in Boston, 1990-1993. Beginning in 1998, the reports’ geographic scope was expanded to include an examination of mortgage lending patterns in 27 cities and towns surrounding the city of Boston. In 2003, the report’s geographic coverage was further expanded to include a total of 108 communities. This year’s report extends coverage to all counties, regional planning areas, and federally-defined metropolitan areas in Massachusetts.

The text that follows this introduction highlights some of the most significant findings that emerge from …

Bienes Raíces En La Comuna De Pucón, Brendan Hayes

Independent Study Project (ISP) Collection

This investigation provides an in depth analysis of real estate development in the comuna of Pucón, Chile. The author begins by explaining the sentiment of real estate investment in Chile and continues by providing readers with a detailed background about the municipality of Pucón and its touristic economy. Next the author provides information about current property values in Pucon and what it is that drives the values of properties in the comuna most. By providing information about zoning law, tax law, Volcán Villarrica, infrastructure in the area, and the public’s perception of increased growth the author virtually targets all aspects …

Strategic Exercise Of Options On Non-Traded Assets And Stochastic Volatility In An Incomplete Market: Indifference Pricing And Entropy Methods, Singru Hoe

Finance and Real Estate Dissertations - Archive

The first study explores optimal investment policies for strategic option exercise when the underlying project is not traded. A duopoly model captures strategic interactions, while a partial spanning asset models market incompleteness. The option value to invest is obtained through indifference pricing, i.e., certainty equivalent value. I find that incompleteness narrows the gap between leader and follower entry dates. The follower enters much sooner, and the leader delays slightly compared to classic real options models. Modeling investment income stream as an Arithmetic Brownian motion is a better fit than Geometric Brownian motion, while reducing the necessary numerical approximations for obtaining …

Thermal Performance Of Low Approach Evaporative Cooling Systems In Buildings, Ben Costelloe, Donal Finn

Conference Papers

Meteorological enthalpy analysis of temperate and maritime climates above 45˚N suggests that the water-side evaporative cooling technique has considerable unrealised potential with contemporary "high temperature" building cooling systems - such as chilled ceilings. As low approach conditions are the key to exploiting the cooling potential of the ambient air, thermal performance at such conditions needs to be investigated. To address the research issues a test rig, based on an open cooling tower and plate heat exchanger and designed to maximise evaporative cooling potential, has been constructed at DIT. A combination of experimental measurement and analysis is used in the investigations. …

Housing Price Determinants In The Lynchburg, Virginia Area, Benjamin L. Ferguson

Undergraduate Theses and Capstone Projects

The effect of certain variables on the price of a house is a subject that has been very widely studied. This paper attempts to generate a pricing model for houses in the Lynchburg VA, area using the physical characteristics of a home and other locational variables. The model will attempt to create a representation of the housing price equation for the market in the area. The results of the equation will allow the ability to predict future housing prices in the market, given certain physical and locational values that are similar for the area. 3

An Analysis Of Usaf Aircraft Noise And Hedonic Property Values, Melissa R. Johnson

Theses and Dissertations

The primary purpose of the research was to evaluate whether there was a significant difference in housing values of those affected by the noise of USAF aircraft. The secondary purpose was to evaluate whether there was a significant difference in housing values located near USAF bases with and without aircraft noise and to evaluate whether type of aircraft changed the results created by the aircraft noise. This research effort found that homes located within the 65 dB DNL contour of US Air Force installations showed a significant negative impact due to the presence of aircraft noise when studied with the …

The Rise In House Prices In China: Bubbles Or Fundamentals?, Jianying Hu, Liangjun Su, Sainan Jin, Wanjun Jiang

Research Collection School Of Economics

The dramatic rise of house prices in many cities of China has brought huge attention from both the governmental and academic circles. There is a huge debate on whether the increasing house prices are driven by market fundamentals or just by speculation. Like Levin and Wright (1997a, 1997b), we decompose house prices in China into fundamental and non−fundamental components. We also consider potential nonlinear feedback from the historical growth rate of house prices on the current house prices and propose a semiparametric approach to estimate the speculative components in the model. We demonstrate that the non−fundamental part contributes a relatively …

Minimizing Market Duration: The Strategic Selection Of The Listing Brokerage Firm, David L. Ellis Jr.

Theses & Honors Papers

Approximately five million homes are sold each year with every seller having similar objectives; to minimize the duration of the marketing period while simultaneously maximizing sales price. Once the decision to sell has been made, individuals are faced with the dilemma of marketing and selling the property themselves or acquiring the services of a real estate professional to assist in the sale of their property. It is logical to speculate that homeowners wishing to acquire the services of a real estate broker or salesperson will desire to select a salesperson that can help achieve the optimization objective of minimizing time …

Global Macroeconomic Trends, Thomas Power

Articles

The business of real estate is but a subset of the wider investment markets and macroeconomic trends will significantly shape the way real estate investment decisions are made. The McKinsey Institute is a global economic consultancy firm providing cutting-edge research on a wide range of macroeconomic and business trends. This article reviews macroeconomic trends that they believe will transform the global economy. McKinsey research show that “over two-thirds of organic growth of western companies can be attributed to being in the right markets and geographies” and “companies that ride the tide succeed and those that swim against it usually struggle” …