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1999

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Articles 1 - 16 of 16

Full-Text Articles in Real Estate

Recovery Of Real Estate Returns For Portfolio Allocation, John B. Corgel, Jan A. Deroos May 1999

Recovery Of Real Estate Returns For Portfolio Allocation, John B. Corgel, Jan A. Deroos

Articles and Chapters

Appraisal-based return indexes may not approximate the true real estate return distributions because of understated return volatility. Recovery of returns from reported, appraisal-based returns may be possible by evoking models to correct for appraisal-based smoothing of the second moment. Because recovery intentionally alters the volatility of the reported return distribution and the correlations among assets in the portfolio, the weights to real estate are likely affected. Our examination of the portfolio implications of altering the return distribution indicates that weights may be quite sensitive to the effects of recovery across a reasonable range of correlation regimes. A comparative analysis of ...


Real Estate War In Cyberspace: An Emerging Electronic Market?, Kevin Crowston, Rolf T. Wigand Jan 1999

Real Estate War In Cyberspace: An Emerging Electronic Market?, Kevin Crowston, Rolf T. Wigand

School of Information Studies - Faculty Scholarship

In this paper, we explore how electronic commerce, the World-Wide Web in particular, is affecting the real estate industry. Real estate is a promising setting for studying electronic commerce because it is an information-intensive and information-driven industry; transaction based, with high value and asset-specificity; with many market-intermediaries (agents and brokers who connect buyers and sellers rather than buying or selling themselves); and experiencing on-going information technology (IT) related changes. We analyze a real estate transaction to suggest where IT might change the process of buying or selling a house and discuss several current ventures in this area. This analysis suggests ...


The Secondary Retail Market - A Viable Option?, Elaine Murphy Jan 1999

The Secondary Retail Market - A Viable Option?, Elaine Murphy

Masters

The secondary retail market in Dublin has dramatically altered over the last four years. Indeed, the entire retail market in Dublin and countryside has witnessed a substantial upsurge in activity over the last four years. On Grafton Street retail Zone A rents are breaking £2,153 per square metre (£200 per square foot) barrier and premiums are in the region of £300,000 -£400,000. There is currently a shortage of good retail investment opportunities on Grafton Street, which is leading investors to turn to Dublin’s other prime street, Henry Street. Over the last year Zone A rents on ...


Interactions With Frontiers Of Financial Economic — A Research Agenda For Real Estate Finance, Kose John, Crocker H. Liu Jan 1999

Interactions With Frontiers Of Financial Economic — A Research Agenda For Real Estate Finance, Kose John, Crocker H. Liu

Articles and Chapters

[Excerpt] Recent years have seen the emergence of substantial scholarly research in real estate finance that uses the methodology and paradigms at the frontiers of financial economics. Agency theory, search theory, and signaling have appeared in several models of real estate finance (see, for example, Damodaran, John, and Liu, 1998; Damodaran and Liu, 1993; Williams, 1993a, 1993b, 1995, 1998). Continuous time-valuation models of financial options, real options, and fixed-income securities and term structure models have also been applied in a number of papers on the pricing of mortgage-backed securities with and without sophisticated prepayment structures (for example, see Dunn and ...


Real Estate Private Equity: The Case Of U.S. Unlisted Reits, John B. Corgel, Scott Gibson Jan 1999

Real Estate Private Equity: The Case Of U.S. Unlisted Reits, John B. Corgel, Scott Gibson

Articles and Chapters

Purpose - The purpose of this paper is to demonstrate how fixed-share prices, as a structural flaw in private equity funds targeted to small-unit investors, economically disadvantages those investors in favor of sponsors.

Design/methodology/approach - The theoretical model incorporates fixed share prices with continuous investment opportunity and evaluates the wealth transfer from long-term investors to marketing affiliates and soliciting dealers in the form of fees paid on the sale of shares to follow-on investors.

Findings - This result holds in the presence of high-payout dividend policy that attempts to compensate for wealth transfer.

Research limitations/implications - Should share prices be marked-to-market ...


A Time-Varying Risk Analysis Of Equity And Real Estate Markets In The U.S. And Japan, Crocker H. Liu, Jianping Mei Jan 1999

A Time-Varying Risk Analysis Of Equity And Real Estate Markets In The U.S. And Japan, Crocker H. Liu, Jianping Mei

Articles and Chapters

The paper offers some new evidence which suggests that Japanese equity and real estate markets might not necessarily behave in a parallel manner to US capital markets. These results are obtained from an examination of the nature of expected and unexpected movements in the returns of Japanese assets and US assets using a present-value model which allows for a time-varying expected discount rate in conjunction with a VAR process. Based on data from 1972–92, it is found that one distinctive difference is that changes in the future expected return for Japanese real estate and stocks are less persistent over ...


Farmland Ownership And Tenure In Iowa, 1982-1997: A Fifteen Year Perspective, Charles Anthony Pieper Jan 1999

Farmland Ownership And Tenure In Iowa, 1982-1997: A Fifteen Year Perspective, Charles Anthony Pieper

Retrospective Theses and Dissertations

The 1997 Farmland Ownership and Tenure study focuses on aspects of farmland ownership and tenancy in Iowa and compares 1997 data with trends from similar studies conducted in 1982 and 1992. Agricultural landholding types considered in the study include sole ownership, joint tenancy(husband and wife only), co-ownership(other joint ownership and tenants in common), partnership (including general, limited and limited liability partnership), trusts, estates,corporations, and limited liability companies. Demographics of landowners are included in the study and encompass age, gender, education, occupation, marital status, and residency. Acquisition, anticipated transfer, and management of farmland were also analyzed. A major ...


What Does Smart Growth Mean For Housing?, Karen A. Danielsen, Robert E. Lang, William Fulton Jan 1999

What Does Smart Growth Mean For Housing?, Karen A. Danielsen, Robert E. Lang, William Fulton

Public Policy and Leadership Faculty Publications

Barely noticed amid the returns from the 1998 midterm elections was a quiet revolution that goes to the heart of how and where Americans live. While most news accounts focused on the high-profile candidate elections, voters across the nation-in Democratic and Republican areas alike-approved more than 160 state and local ballot measures intended to preserve open space and limit urban sprawl.

The coalition forming around the idea of limiting sprawl includes environmentalists, farmers, big-city mayors, and some developers. But perhaps most important, the so-called "smart growth" movement also includes many suburban voters who are fed up with growth. For example ...


A Challenge For The Next Decade: Preserving Affordable Rental Housing, Laura Burns Jan 1999

A Challenge For The Next Decade: Preserving Affordable Rental Housing, Laura Burns

Maine Policy Review

Many of Maine’s low-income families and elderly residents have been able to secure affordable housing with help from a Section 8 certificate, which allows residents to pay no more than 30 percent of their income toward rent and ensures the federal government will make up the difference. Over the years, much of the development of Section 8 housing projects has been assisted by financial incentives and agreements between private and non-profit owners and the federal government. Yet recent changes in federal legislation remove many of these incentives and the agreements that go with them. As a result, some of ...


Maine’S Future Housing Needs: An Mpr Interview With David Lakari, David Lakari Jan 1999

Maine’S Future Housing Needs: An Mpr Interview With David Lakari, David Lakari

Maine Policy Review

Since 1994, David Lakari has been director and chair of the Maine State Housing Authority. The Maine State Housing Authority is an independent state agency and a $1.5 billion financial institution. Its mission is to help Maine’s low- and moderate-income citizens obtain and maintain decent, safe, and affordable housing and services suitable to their needs. In this interview, Lakari focuses on his concerns for the future, in particular, the need to find suitable housing options for one of Maine’s fastest-growing demographic groups—the middle-income elderly. While Maine has been doing a good job of building the capacity ...


Ten Years Of Affordable Housing Policy: Is Maine Making Progress-- A Symposium, Elizabeth H. Mitchell, Dennis P. King, James B. Hatch, Jay Hardy Jan 1999

Ten Years Of Affordable Housing Policy: Is Maine Making Progress-- A Symposium, Elizabeth H. Mitchell, Dennis P. King, James B. Hatch, Jay Hardy

Maine Policy Review

In December 1987 Governor McKernan appointed a 30-member, statewide task force to address the issue of affordable housing in Maine. The task force was charged with investigating the quality and cost of affordable housing for lower- and middle-income families, and recommending a set of actions to improve the quality of existing housing as well as to increase the supply of housing. In September 1998 the Task Force issued a report that prescribed a number of local and regional—as well as private and public—solutions to the problem of affordable housing. More than ten years later Maine housing advocates note ...


The Importance Of Moderately Priced Rental Housing To Continued Economic Growth (Or, Portland’S Rental Housing Plight), Erin Maclean Jan 1999

The Importance Of Moderately Priced Rental Housing To Continued Economic Growth (Or, Portland’S Rental Housing Plight), Erin Maclean

Maine Policy Review

Currently, the Greater Portland, Maine area is experiencing a significant shortage in both subsidized rental housing and moderately priced, market-rate rental housing. According to Erin MacLean, the problem is that even with heightened demand, historically low interest rates, and historically high rents, developers are finding that new, market-rate housing is too expensive to build in Portland. The lack of moderately priced housing has affected local business owners as well, who report they are finding it difficult to hire workers in the $8 to $15 range. Their efforts to recruit and retain workers place an upward pressure on wages, which can ...


Community Land Trusts: Permanently Affordable, Resident-Controlled Housing, Fred Stocking Jan 1999

Community Land Trusts: Permanently Affordable, Resident-Controlled Housing, Fred Stocking

Maine Policy Review

Since 1997 Maine has enjoyed one of the highest levels of home ownership in the country. As Fred Stocking points out, homeownership contributes to community stability and provides a sense of security to families. Yet not all of Maine families are able to achieve their dream of homeownership. Community Land Trusts (CLTs) represent an attempt to build community and solve an affordable housing problem for Maine’s low-income residents. CLTs are non-profit organizations that require the joint involvement of residents and non-residents in the housing development and management, and resale price restrictions that keep the housing affordable indefinitely. In this ...


Appreciating The House: Housing As An Investment, Miriam Wasserman Jan 1999

Appreciating The House: Housing As An Investment, Miriam Wasserman

Maine Policy Review

A house is both a provider of services that its occupants consume and a long-lived asset that can fluctuate in value. Although homes offer both consumption and investment benefits, most prospective homebuyers give priority to a house’s consumption aspects. As Miriam Wasserman points out, for many buying a home represents the fulfillment of a lifelong dream. Homes become the stage for daily routines and major life events; they give families a sense of achievement and the hope of a secure future. However, the problem with buying a house is that you can’t buy a small share of it ...


Funding Maine’S Mortgage Market (Or, Who Sets Mortgage Rates, Anyway?), Chris Pinkham Jan 1999

Funding Maine’S Mortgage Market (Or, Who Sets Mortgage Rates, Anyway?), Chris Pinkham

Maine Policy Review

Some have argued that the state of Maine sits in a far away corner of the nation’s transportation system, and others feel that map makers have slighted our state in terms of its northern and eastern boundaries to accommodate large, flat maps of the country. Maine’s mortgage market may well be the opposite situation as both rates and a bank’s funding sources are not uniquely positioned as transportation or cartography may be. Rather, the mortgage business is part of a complex web of international markets that, for all practical purposes, has taken rate-setting away from Maine lenders ...


Housing Policies In Maine: A Historical Overview, Frank O’Hara Jan 1999

Housing Policies In Maine: A Historical Overview, Frank O’Hara

Maine Policy Review

Frank O’Hara traces the evolution of Maine’s housing policies from Maine’s settlement after the Revolutionary War to the current era, where concerns about sprawl and the preservation of communities have come to the fore. In doing so, O’Hara points out that the approach to housing has always reflected more than a desire to ensure every person has adequate shelter. Rather, it reflects core values and beliefs about society, our sense of beauty, and our relationship to the environment and one another. O’Hara urges policymakers to keep these broader constructs in mind when addressing Maine’s ...