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Full-Text Articles in Real Estate

The Mountain West: Affordable Housing Opportunities, Kaylie Pattni, Caitlin Saladino, William E. Brown Sep 2019

The Mountain West: Affordable Housing Opportunities, Kaylie Pattni, Caitlin Saladino, William E. Brown

Housing & Real Estate

This fact sheet provides selected data pertaining to the Mountain West region from, The Gap: A Shortage of Affordable Homes, a 2018 report by the National Low Income Housing Coalition. The report includes statistics “based on data from the 2016 American Community Survey (ACS) Public Use Microdata Sample (PUMS). THE ACS is an annual nationwide survey of approximately 3.5 million addresses.”


China's Unethical Economic Development Practices, Kimberly A. Madsen Aug 2019

China's Unethical Economic Development Practices, Kimberly A. Madsen

The Hilltop Review

The purpose of this research paper is to inform the public about some of the unethical economic development practices that China is performing with their citizens and global partners. These activities include escalating the national GDP at the detriment of their citizens through forced relocations in order to build new cities, dividing families with harmful public policies, and the imbalance between their citizens’ annual earnings and housing costs. Also discussed is the environmental pollution of the air, water, and soil, and poorly treating their international constituents when asked to provide consulting services to their nation.


Designing Single-Family Residences: A Study Of The Positive Impact Of Interior Design In Creating New Home Value, Shawn M. Falcone Aug 2019

Designing Single-Family Residences: A Study Of The Positive Impact Of Interior Design In Creating New Home Value, Shawn M. Falcone

Interior Design Program: Theses

This study seeks to demonstrate that interior designers should be included as primary stakeholders in the home construction market. The market demand for new single-family homes in America is a relative constant. The primary stake and role that land developers, architects, draftsman, home builders, bankers, appraisers, real estate agents, and buyers have in the home construction market is clear. What is less clear is the role in value an interior designer has in the home construction market. This thesis examines the impact designers have on home value when their expertise is utilized in space planning (i.e.: layout, function, room ...


Is There An Economic Case For The Olympic Games?, Chris Dempsey, Victor Matheson Jul 2019

Is There An Economic Case For The Olympic Games?, Chris Dempsey, Victor Matheson

Economics Department Working Papers

The Olympic Games are a major undertaking that promise both large costs and potentially large benefits to host cities. This paper lays out the potential economic benefits of hosting the Olympics and details how, in the vast majority of cases, these gains are unlikely to cover the costs of hosting the event. The ideas are then applied to the experience of Boston in its ultimately unsuccessful bid for the 2024 Summer Olympics.


Housing Equity And Household Consumption In Retirement: Evidence From The Singapore Life Panel, Lipeng Chen, Liang Jiang, Sock Yong Phang, Jun Yu May 2019

Housing Equity And Household Consumption In Retirement: Evidence From The Singapore Life Panel, Lipeng Chen, Liang Jiang, Sock Yong Phang, Jun Yu

Research Collection School Of Economics

We utilize data from the Singapore Life Panel© survey to empirically investigate the impact of housing equity on consumption of elderly households. Based on panel analysis, we find housing equity value has no significant impact on non-durable consumption for elderly people. The conclusion holds for a battery of robustness check. Moreover, heterogeneity analyses based on subsamples by age of household head, house type, and number of property possessed also show no significant impact of housing equity on consumption in general. Finally, we use scenario analysis to study the Lease Buyback Scheme (LBS), a novel housing equity monetization scheme which allows ...


The Influence Of Publicly-Traded Reits And Market-Based Inflation Expectations On Daily-Priced Private Commercial Real Estate Returns, Tiffany Burns Gherlone Apr 2019

The Influence Of Publicly-Traded Reits And Market-Based Inflation Expectations On Daily-Priced Private Commercial Real Estate Returns, Tiffany Burns Gherlone

Doctoral Dissertations (DBA)

Investors requiring daily Net Asset Values (NAV) represent a large and growing source of capital for the private institutional real estate asset class. Defined contribution and other daily-valued vehicles are increasing their investments into private, direct commercial real estate through funds that estimate changes to income and values in order to mark a daily NAV. Utilizing nine years of daily data from the NCREIF Fund Index – Daily Priced, we optimize a generalized autoregressive conditional heteroskedasticity model with generalized error distribution parameterization (GARCH-GED) to better understand the influence of publicly-traded real estate securities and changes in market-implied inflation expectations on daily ...


Professional Sports, Hurricane Katrina, And The Economic Redevelopment Of New Orleans: Revisited, Victor Matheson, Robert Baade, Callan Henderschott Dec 2018

Professional Sports, Hurricane Katrina, And The Economic Redevelopment Of New Orleans: Revisited, Victor Matheson, Robert Baade, Callan Henderschott

Economics Department Working Papers

Hurricane Katrina devastated the city of New Orleans in late August 2005, resulting in damage to much of the city’s sports infrastructure and the temporary departure of both of New Orleans’ major league professional sports teams, the National Football League Saints and the National Basketball Association Hornets. The city spent over $500 million restoring the sports infrastructure in New Orleans, and both teams subsequently returned to the city. In addition, New Orleans has since hosted numerous mega-sporting events including the Super Bowl, NCAA Men’s Basketball Final Four, and several college football national championships. This paper examines the economic ...


The Rise And Fall (And Rise And Fall) Of The Olympic Games As An Economic Driver, Victor Matheson Dec 2018

The Rise And Fall (And Rise And Fall) Of The Olympic Games As An Economic Driver, Victor Matheson

Economics Department Working Papers

This paper traces the economic history of major sporting events focusing on the Olympics. Historically, the Olympic Games as well as other major sporting events have been considered costly events that place a burden on host cities. Only in relatively recent years, coinciding with the massive increases in the cost of hosting these events, have event organizers begun to claim that these events bring with them large economic benefits.


Point/Counterpoint: Is There A Case For Subsidizing Sports Stadiums?, Victor Matheson Dec 2018

Point/Counterpoint: Is There A Case For Subsidizing Sports Stadiums?, Victor Matheson

Economics Department Working Papers

In recent decades, governments have committed enormous public resources to subsidize construction of new stadiums, and the dollar value of taxpayer contributions for these subsidies continues to climb. Spending of taxpayer dollars includes both direct subsidies from state and local governments, as well as indirect subsidies from the use of tax-exempt bonds to finance construction. In granting stadium subsidies, governments claim that the stadiums are a public good that attracts tourists and businesses, thereby generating increased spending and job creation—benefits that flow to the community rather than to team owners. But do such benefits exist, and are they large ...


Strategic Sequential Bidding For Government Land Auction Sales – Evidence From Singapore, Sumit Agarwal, Jing Li, Ernie Teo, Alan Cheong Nov 2018

Strategic Sequential Bidding For Government Land Auction Sales – Evidence From Singapore, Sumit Agarwal, Jing Li, Ernie Teo, Alan Cheong

Research Collection School Of Economics

This paper studies the extent to which equilibrium auction prices are pushed up sequentially due to strategic bidding behaviors in government land auction sales. Using a unique dataset that covers the universe of tendering prices submitted by all developers for all residential land auction sales in Singapore, we find that a tenderer’s bids are significantly higher where there was a previous land parcel sold within two years and located within four kilometers. The elevated price margin decreases with time and geographic distance. Tracking sequential bids submitted by same developers over time, we find that the incumbent winner of a ...


Potential Crime Risk And Housing Market Responses, Seonghoon Kim, Kwan Ok Lee Nov 2018

Potential Crime Risk And Housing Market Responses, Seonghoon Kim, Kwan Ok Lee

Research Collection School Of Economics

We study how information on local (dis)amenities is transmitted and manifested in housing markets. Using nationwide data on multifamily homes in South Korea, we analyze heterogeneity in the effect of a sex offender's presence on sale prices and rents of nearby homes. Our results demonstrate that the price effect of the offender's move-in varies significantly by spatial context. People react more strongly and persistently to the move-in of the offender in places wherein indicators of social connectedness are stronger, such as places with relatively low population density. We also find that, unlike housing prices, rents do not ...


Could An Alternative Policy Design Have Produced A Stronger Mortgage Modification Outcome For Hamp?, Sean Macdonald Oct 2018

Could An Alternative Policy Design Have Produced A Stronger Mortgage Modification Outcome For Hamp?, Sean Macdonald

Publications and Research

This paper conducts a study of the relative effectiveness of the Home Affordable Modification Program (HAMP) - the primary federal mortgage loan modification program - from early 2009 through 2016. It evaluates U.S. Treasury Department and other data sources, and reviews the recent literature on the relative success of the program. The analysis suggests that HAMP’s success rate in modifying mortgage loans was likely constrained by its voluntary design, a structure that enabled lenders and servicers to prioritize the interests of investors in assessing the risks of modification. It then considers the economic issues surrounding the foreclosure issue and presents ...


Three Essays On Growth, Housing Market And Inequality, Shahrzad Ghourchian Jun 2018

Three Essays On Growth, Housing Market And Inequality, Shahrzad Ghourchian

FIU Electronic Theses and Dissertations

This dissertation includes three essays on growth, the housing market, and inequality. In the first essay, I analyze the effects of government consumption and government debt on long-run economic growth by considering the economic characteristics of the countries investigated. Linear regressions reveal that government consumption has a much bigger negative impact on long-run growth compared with the negative (and sometimes insignificant) effects of government debt. Nonlinear analyses further show that such effects are highly impacted by the economic characteristics of the countries investigated.

In the second essay, I study time-series fluctuations in the United States housing market from 2010 to ...


The Economics Of The World Cup, Victor Matheson May 2018

The Economics Of The World Cup, Victor Matheson

Economics Department Working Papers

The quadrennial World Cup is perhaps the world’s most popular sporting event with millions of live fans and a worldwide television audience in the billions. It is also one of the most costly events to host with recent hosts countries such as Brazil and Russia spending around $12 billion putting on the tournament. This paper examines the costs and the benefits of hosting the World Cup with a focus on historical data and past economic impact studies.


The Real Effects Of Sharing Economy: Evidence From Airbnb, Yifei Mao, Xuan Tian, Kailei Ye Mar 2018

The Real Effects Of Sharing Economy: Evidence From Airbnb, Yifei Mao, Xuan Tian, Kailei Ye

Working Papers

Sharing economy has developed rapidly in recent years, but little is known regarding its real effects. This paper examines how a pioneer of sharing economy—Airbnb—affects local economy. Using venture capital infusions as plausibly exogenous shocks to Airbnb’s expansion into a new county, we find that Airbnb expansion leads to poorer hotel performance in the local county. Meanwhile, Airbnb expansion appears to reduce unemployment rate and increase household income. Further analysis suggests that increased employment is concentrated in industries that are complementary to Airbnb’s business and in employee groups with lower education levels. Our study sheds new ...


Essays In Real Estate Economics, Jordan Michael Martel Jan 2018

Essays In Real Estate Economics, Jordan Michael Martel

Business Administration Graduate Theses & Dissertations

My dissertation studies the role of informational and institutional determinants of house prices and liquidity.

In the first chapter, I quantify the effect of buyers' uncertainty about a home's quality on its pricing and liquidity. I first develop a parsimonious model of home sale in which buyers learn about the home's quality from a walkthrough and from the home's days-on-market. Quality uncertainty distorts prices and delays trade. As time passes, buyers become pessimistic and sale prices fall. Using transaction-level data from Denver, Charlotte, and Detroit, I structurally estimate counterfactual days-on-market and sale prices for six hundred thousand ...


The Mall Ain’T Dead Yet! An Aristotelian Argument For The Continuation Of Physical Retail Space With The Rise Of Modern Technology, Tarah Gilbreth Jan 2018

The Mall Ain’T Dead Yet! An Aristotelian Argument For The Continuation Of Physical Retail Space With The Rise Of Modern Technology, Tarah Gilbreth

CMC Senior Theses

According to Aristotle, for a human being to live their best life, that is a life that flourishes, is to live a political life. A political life is lived best in a polis , or a self - sufficient community, so therefore, the most flourishing human life is one lived in a polis . Also, for a polis to be self - sufficient, its citizens must be flourishing, so there exists a special sort of constitutive relationship between the polis and its citizens. There are certain capacities available to human beings in the polis that promote their flourishing (namely loyalty and trust) that help ...


Three Essays On The Application Of Machine Learning Methods In Economics, Abdelaziz Lawani Jan 2018

Three Essays On The Application Of Machine Learning Methods In Economics, Abdelaziz Lawani

Theses and Dissertations--Agricultural Economics

Over the last decades, economics as a field has experienced a profound transformation from theoretical work toward an emphasis on empirical research (Hamermesh, 2013). One common constraint of empirical studies is the access to data, the quality of the data and the time span it covers. In general, applied studies rely on surveys, administrative or private sector data. These data are limited and rarely have universal or near universal population coverage. The growth of the internet has made available a vast amount of digital information. These big digital data are generated through social networks, sensors, and online platforms. These data ...


Infrastructure Impacts On Commercial Property Values Across El Paso In 2013, Arturo Bujanda, Thomas M. Fullerton Jr. Jan 2018

Infrastructure Impacts On Commercial Property Values Across El Paso In 2013, Arturo Bujanda, Thomas M. Fullerton Jr.

Border Region Modeling Project

Real estate property value analysis is used for municipal taxation and budgeting. Commercial properties make up a large percentage of the property tax base in many, if not most, taxing jurisdictions. Data constraints limit the number of analyses conducted on commercial property value patterns. This study employs a fairly extensive data set to address that problem in the context of El Paso in 2013. The sample contains data for 105,611 commercial real estate parcels. Empirical analysis is conducted using geographically weighted regression analysis. Results confirm that parameter estimation for the commercial property data in this sample should be conducted ...


The Impact Of The Cost Of Car Ownership On House Price Gradient In Singapore, Naqun Huang, Jing Li, Amanda Ross Jan 2018

The Impact Of The Cost Of Car Ownership On House Price Gradient In Singapore, Naqun Huang, Jing Li, Amanda Ross

Research Collection School Of Economics

This paper examines the extent to which a change in the cost of car ownership affects the house price gradient with respect to distance from the central business district (CBD). Theory suggests that if the cost of car ownership increases, then people will shift towards other modes of transportation, thus reducing house prices farther away from the CBD. However, the cost of car ownership is likely to be endogenous and correlated with various unobserved factors that also contribute to a change in the house price gradient. To obtain causal effects, we exploit a unique feature of Singapore’s car registration ...


In Brownsville, A Struggle For Revitalization Without Displacement, Katherine Warren Dec 2017

In Brownsville, A Struggle For Revitalization Without Displacement, Katherine Warren

Capstones

As many parts of Brooklyn buzz with a startling rate of economic resurgence, Brownsville seems like a neighborhood left behind.

Struggling with poverty, poor health statistics, unemployment and high crime rates, and with the highest concentration of public housing in the city, it has not seen the same commercial and real estate revival as Williamsburg, Bushwick, Crown Heights and other areas of Brooklyn.

“In Brownsville, which has had challenges battling negative perceptions of this community, most of the residents are lower income and investors in the past have deemed this community as not being as good as an investment as ...


Determinants Of Urban Land Supply In People's Republic Of China: How Do Political Factors Matter?, Wen-Tai Hsu, Xiaolu Li, Yang Tang, Jing Wu Sep 2017

Determinants Of Urban Land Supply In People's Republic Of China: How Do Political Factors Matter?, Wen-Tai Hsu, Xiaolu Li, Yang Tang, Jing Wu

Research Collection School Of Economics

This paper explores whether and how corruption and competition-for-promotion motives affect urban land supply in the People's Republic of China. Conditional on demand-side factors, we find that corruption is highly correlated with an increase in land supply. The corruption effects are strongest for commercial land, followed by residential land, and then industrial land. To shed light on the competition motives among prefectural leaders, we examine how the number of years in office affects land supply and distinguish among different hypotheses. Our empirical results show robust rising trends in land sales. These results are consistent with the hypothesis that among ...


A Cross-Sectional Exploration Of Household Financial Reactions And Homebuyer Awareness Of Registered Sex Offenders In A Rural, Suburban, And Urban County., John Charles Navarro Aug 2017

A Cross-Sectional Exploration Of Household Financial Reactions And Homebuyer Awareness Of Registered Sex Offenders In A Rural, Suburban, And Urban County., John Charles Navarro

Electronic Theses and Dissertations

As stigmatized persons, registered sex offenders betoken instability in communities. Depressed home sale values are associated with the presence of registered sex offenders even though the public is largely unaware of the presence of registered sex offenders. Using a spatial multilevel approach, the current study examines the role registered sex offenders influence sale values of homes sold in 2015 for three U.S. counties (rural, suburban, and urban) located in Illinois and Kentucky within the social disorganization framework. Homebuyers were surveyed to examine whether awareness of local registered sex offenders and the homebuyer’s community type operate as moderators between ...


Determinants Of Urban Land Supply In China: How Do Political Factors Matter?, Wen-Tai Hsu, Xiaolu Li, Yang Tang, Jing Wu Mar 2017

Determinants Of Urban Land Supply In China: How Do Political Factors Matter?, Wen-Tai Hsu, Xiaolu Li, Yang Tang, Jing Wu

Research Collection School Of Economics

This paper explores two political factors for their potential effects on urban land supply in China: corruption, and competition for promotion. We find that standard urban economic predictions hold in the sense that both population and income increases are strongly significant determinants for the increase in urban land supply. Conditional on these demand-side factors, we find that the usage of two-stage auctions (as a proxy for corruption) is highly correlated with the increase in land supply. The corruption effects are strongest for commercial land, followed by residential land and then industrial land. To shed light on the competition motives among ...


Inattention To Deferred Increases In Tax Bases: How Michigan Homebuyers Are Paying For Assessment Limits, Sebastien J. Bradley Feb 2017

Inattention To Deferred Increases In Tax Bases: How Michigan Homebuyers Are Paying For Assessment Limits, Sebastien J. Bradley

Sebastien J Bradley

The Michigan property tax system gives rise to wide variation in taxable basis across comparable homes due to the application of acquisition-value based assessment limits. Exploiting the fact that the resulting differences in property tax liability are temporarily inherited by new homebuyers, I estimate the degree of capitalization of these largely-idiosyncratic tax differences in a setting free of many of the econometric problems that typically plague estimation of property tax capitalization in order to evaluate whether homebuyers understand the tax implications of their home purchases. Consistent with anecdotal evidence, I find that homebuyers are woefully inattentive to the temporary nature ...


The Economic Impacts Of Forest Timber Methods In Washington State: A Hedonic Approach, Kaleb Javier Jan 2017

The Economic Impacts Of Forest Timber Methods In Washington State: A Hedonic Approach, Kaleb Javier

All Master's Theses

Washington State is one of the nation’s leaders in timber production. This paper establishes literature gap regarding the economic impacts of forest timber management methods. In this research, I employ a data set of 170,141 home sales across eleven counties of western Washington to estimate the impact that even-age and uneven-age forest cutting methods have on the local real-estate market. I estimate two sets of hedonic fixed effect regression models to control for omitted variable bias and spatial autocorrelation. The results show statistically significant impacts on property values for both cutting methods, adding important information for forest managers.


Partial Takings, Abraham Bell, Gideon Parchomovsky Jan 2017

Partial Takings, Abraham Bell, Gideon Parchomovsky

Faculty Scholarship at Penn Law

Partial takings allow the government to expropriate the parts of an asset it needs, leaving the owner the remainder. Both vital and common, partial takings present unique challenges to the standard rules of eminent domain. Partial takings may result in the creation of suboptimal, and even unusable, parcels. Additionally, partial takings create assessment problems that do not arise when parcels are taken as a whole. Finally, partial takings engender opportunities for inefficient strategic behavior on the part of the government after the partial taking has been carried out. Current jurisprudence fails to resolve these problems and can even exacerbate them ...


Community Land Trusts: A Help Or Hindrance To Community Development In The United States, Andrew Kuka Jan 2017

Community Land Trusts: A Help Or Hindrance To Community Development In The United States, Andrew Kuka

Stevenson Center for Community and Economic Development to Stevenson Center for Community and Economic Development—Student Research

The availability of affordable housing in the United States continues to be an issue for Americans who are on the brink of homelessness, rely on housing subsidies, or struggle to pay their mortgages or rents. These issues, as well as the gentrification threat that community development poses to low-income residents can have deleterious effects on democratic participation and community development efforts. One proposed solution to these problems is the implementation of more community land trust programs nationally. This paper will assess the practicality of CLTs, and what such an implementation would mean for individuals, government entities, community members, and community ...


Agent Intermediation And Racial Price Differences, Adam Nowak, Patrick S. Smith Jan 2017

Agent Intermediation And Racial Price Differences, Adam Nowak, Patrick S. Smith

Economics Faculty Working Papers Series

Most housing transactions are brokered wherein the buyer and seller do not meet in person. In which case the buyer’s race is not revealed to the seller, so the seller cannot discriminate based on race. Despite this observation, previous studies find racial price differentials based on the race of the buyer. We provide evidence that these estimates suffer from an omitted variable bias attributable to the time-varying attributes of the house. After controlling for the time-varying attributes of the house, we find that minority (black and Hispanic) and non-minority (white) buyers pay a similar price for comparable housing. We ...


Some Remarks On Real Estate Pricing, Crocker H. Liu, Adam Nowak, Patrick S. Smith Jan 2017

Some Remarks On Real Estate Pricing, Crocker H. Liu, Adam Nowak, Patrick S. Smith

Economics Faculty Working Papers Series

This paper develops a framework for addressing the omitted variable bias that plagues most real estate research. We incorporate qualitative information from text to control for property attributes that are generally unobserved. The textual information is entered by real estate agents for every property sold on a Multiple Listing Service (MLS). The agents, who arguably have the most local market and property specific knowledge, use the unstructured text to highlight important information that is not clearly conveyed in other areas of the listing. Although the framework can be applied universally in real estate research, we demonstrate its effectiveness in the ...