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2003

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Articles 1 - 30 of 33

Full-Text Articles in Real Estate

The Spatial Distribution Of Housing-Related Ordinary Income Tax Benefits, Joseph Gyourko, Todd Sinai Dec 2003

The Spatial Distribution Of Housing-Related Ordinary Income Tax Benefits, Joseph Gyourko, Todd Sinai

Real Estate Papers

We estimate how tax subsidies to owner-occupied housing are distributed spatially across the United States and find striking skewness. At the state level, the mean tax benefit per owned unit in 1990 ranged from $917 in South Dakota to $10,718 in Hawaii. The dispersion is slightly greater when benefit flows are measured at the metropolitan-area level. Even assuming the subsidies are funded in an income progressivity-neutral manner, a relatively few metro areas, primarily in California and the New York–Boston corridor, are shown to gain considerably while the vast majority of areas have relatively small gains or losses.


Changing Patterns X: Mortgage Lending To Traditionally Underserved Borrowers And Neighborhoods In Greater Boston, 1990-2002, Jim Campen Dec 2003

Changing Patterns X: Mortgage Lending To Traditionally Underserved Borrowers And Neighborhoods In Greater Boston, 1990-2002, 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 this year’s report, the geographic coverage has been further expanded t o include a total of 108 communities.

This introduction is followed by ten pages of text that identify some of the most significant findings that emerge from the extensive set of tables and charts that constitute the ...


Property Market Analysis In The Valuation Process: A Survey Of Australian Practice, Lynne Armitage, Martin Skitmore Nov 2003

Property Market Analysis In The Valuation Process: A Survey Of Australian Practice, Lynne Armitage, Martin Skitmore

Lynne Armitage

The nature of property valuation/analysis is examined in respect of the property market and, in particular, the extent of property market analysis undertaken by practitioners when carrying out property valuations. An empirical survey is described of a sample of 240 valuers throughout Australia and their practices in valuing investment grade property. It is shown that, although the valuers are fully aware of the need for property market analysis, and collect appropriate data to do the analysis, the analysis itself is seldom conducted in other than a cursory manner.

© Copyright Pacific Rim Property Research Journal, 2003


Evaluation Of The Hud Elder Cottage Housing Opportunity (Echo) Program, C Theodore Koebel, Julia Beamish, Karen A. Danielsen, Virginia Polytechnic Institute And State University Oct 2003

Evaluation Of The Hud Elder Cottage Housing Opportunity (Echo) Program, C Theodore Koebel, Julia Beamish, Karen A. Danielsen, Virginia Polytechnic Institute And State University

Public Policy and Leadership Faculty Publications

ECHO housing was introduced in the United States in the 1980s based on a program started in Australia in 1975. An ECHO unit is a small house in which an elderly person resides and which is placed near the home of a host (either relatives or close friends of the elderly person). The purpose of this arrangement is to make it convenient and efficient for the occupants of the host family dwelling to provide assistance to the elderly person residing in the smaller ECHO house.

Although ECHO housing provides a means for keeping an elderly resident close to family and ...


Network Effects, Congestion Externalities, And Air Traffic Delays: Or Why Not All Delays Are Evil, Christopher Mayer, Todd Sinai Sep 2003

Network Effects, Congestion Externalities, And Air Traffic Delays: Or Why Not All Delays Are Evil, Christopher Mayer, Todd Sinai

Real Estate Papers

We examine two factors that explain air traffic congestion: network benefits due to hubbing and congestion externalities. While both factors impact congestion, we find that the hubbing effect dominates empirically. Hub carriers incur most of the additional travel time from hubbing, primarily because they cluster their flights in short time spans to provide passengers as many potential connections as possible with a minimum of waiting time. Non-hub flights at the same hub airports operate with minimal additional travel time. These results suggest that an optimal congestion tax might have a relatively small impact on flight patterns at hub airports.


The State Of The Region: Hampton Roads 2003, James V. Koch, Aditi Agarwal, Vinod Agarwal, John R. Broderick, Gary Chiaverotti, Chris Colburn, Vicky Curtis, Steve Daniel, Susan Hughes, Enrique T. Inclan, Tatiana Isakovski, Sharon Lomax, John R. Lombard, Trish Manthey, Grace Wu, Gilbert Yochum Sep 2003

The State Of The Region: Hampton Roads 2003, James V. Koch, Aditi Agarwal, Vinod Agarwal, John R. Broderick, Gary Chiaverotti, Chris Colburn, Vicky Curtis, Steve Daniel, Susan Hughes, Enrique T. Inclan, Tatiana Isakovski, Sharon Lomax, John R. Lombard, Trish Manthey, Grace Wu, Gilbert Yochum

Economics Faculty Books

This is Old Dominion University's fourth annual "State of the Region" report. While it represents the work of many people connected in various ways to the university, the report does not constitute an official viewpoint of Old Dominion, or it's president, Dr. Roseann Runte.

The report maintains the goal of stimulating thought and discussion that ultimately will make Hampton Roads an even better place to live. We are proud of our region's many successes, but realize that it is possible to improve our performance. In order to do so, we must have accurate information about "where we ...


Room In The Kitchen For The Melting Pot: Immigration And Rental Prices, Albert Saiz Aug 2003

Room In The Kitchen For The Melting Pot: Immigration And Rental Prices, Albert Saiz

Real Estate Papers

This paper studies the response of housing markets to immigration shocks. Following Card (1990), I examine the changes in rental prices in Miami and three comparison groups after the Mariel boatlift. This exogenous immigration shock added an extra 9% to Miami's renter population in 1980. I find that rents increased from 8% to 11% more in Miami than in the comparison groups between 1979 and 1981. By 1983 the rent differential was still 7%. Rental units of higher quality were not affected by the immigration shock. Units occupied by low-income Hispanic residents in 1979 experienced an extra 8% differential ...


A Catalog Of Responses To September 11, Ann Elizabeth Heath Jul 2003

A Catalog Of Responses To September 11, Ann Elizabeth Heath

Cornell Real Estate Review

[Excerpt]

On September 11, 2001, life as we knew it changed when a terrorist attack took the lives of thousands with the hijacking of four airplanes. Two of those planes were used to destroy the World Trade Center’s Twin Towers. Many changes have taken place since September 11. The events of September 11 have had an impact on the US office market. This paper will focus on changes to corporate real estate strategic planning and changes to urban high-rise office buildings that have emerged as a response to September 11.

Corporate strategy changes that will be discussed will focus ...


Timeshare In Mixed Use Projects: Success And Risk Factors, Jason J. Dupuis, Giles P. Patterson, Frank Y. Su Jul 2003

Timeshare In Mixed Use Projects: Success And Risk Factors, Jason J. Dupuis, Giles P. Patterson, Frank Y. Su

Cornell Real Estate Review

[Excerpt]

Mixed use projects with both a timeshare and hotel component are increasingly popular as the resort development project of choice. Given the many advantages of mixed use, the purpose of this paper is to present five keys to success as well as five risks associated with mixed use. An evaluation of these success and risk factors leads to the conclusion that the synergies and advantages of mixed use far outweigh the risks, which although must be addressed, can be properly accounted for and mitigated. Research pertaining to these keys to success and risk factors are a combination of analysis ...


Foreword, C. Bradley Olson Jul 2003

Foreword, C. Bradley Olson

Cornell Real Estate Review

[Excerpt] Dear friends, alumni and supporters of Cornell’s Program in Real Estate,

We are pleased to present Volume 2 of the Cornell Real Estate Journal. Assembled and presented by Executive Editors Chandan Banerjee and Brook Katzen (both MPS/RE ’04 candidates) you will find articles prepared by students, faculty, and friends of our Program on a wide range of topics and locations. Mixed in with articles dealing with investment opportunities in China, Responses to September 11 and Timeshare in Mixed Use Projects are papers on valuation theory and practice as well as an original case study and student response.


Real Estate Capitalization Rate Interpretations Through The Cycle, John B. Corgel Jul 2003

Real Estate Capitalization Rate Interpretations Through The Cycle, John B. Corgel

Cornell Real Estate Review

Both the numerator and denominator of real estate capitalization rates may experience different degrees of movement as markets evolve from one phase of the cycle to another. Capitalization rate interpretations become especially difficult surrounding these turning points. The issue takes two forms. First, periods of market transformation create confusion about what cap rate to apply. Opportunities may occur at turning points to introduce substantially different numerator estimates, which results in multiple capitalization rates for the same property and thus compromises the decision rules of modern investment theory. Second, simultaneous changes in its components (i.e., riskfree rate, risk premium and ...


The Repeal Of Rent Control In Malaysia, Saeko Atsumi Jul 2003

The Repeal Of Rent Control In Malaysia, Saeko Atsumi

Cornell Real Estate Review

[Excerpt] Policy Background

A newspaper reported that the Federal Government of Malaysia had indicated its intention of repealing the Control of Rent Act 1966 since the beginning of the 1980s (Kathirasen, 1997), when the current prime minister, Mahathir, took over that position after seeing the economic expansion of the 1970s. Throughout the decades of Mahathir era, the Malaysia Incorporated Policy1 has been intensified to achieve competitive and robust economy moving towards globalization, one that emphasizes the productive relationship between private and public sector. The key concept of this policy is to focus on the liberalization of the Malaysian economy, pursuing ...


Letter From The Editors, Chandan Banerjee, Brook Katzen Jul 2003

Letter From The Editors, Chandan Banerjee, Brook Katzen

Cornell Real Estate Review

[Excerpt] Dear Readers,

Welcome to the latest issue of the Cornell Real Estate Journal! Our goal for the Journal is to produce a publication that is a mix of the “state-of-the-art” and the “state-of-the-practice.” We hope that we have been successful in our endeavor.


Investment Value Depends On Investment Value, Jan A. Deroos, John B. Corgel Jul 2003

Investment Value Depends On Investment Value, Jan A. Deroos, John B. Corgel

Cornell Real Estate Review

Users of discounted-cash flow models for estimating real estate investment values encounter the following problem: the unknown value being estimated depends on inputs to the model that rely on the unknown value. The models, therefore, produce biased estimates of investment value unless iterative or simultaneous solutions are found. The market value literature addresses this problem by invoking simultaneous solutions. Parallel approaches for estimating investment value are hampered by complications resulting from the need to incorporate income tax effects. As shown in this paper, serious estimation bias results from first-run solution models in modern real estate text books and commercially available ...


Investment Opportunities In China’S Real Estate Market, Jackie Yan Gong, Philip Hei Tung So Jul 2003

Investment Opportunities In China’S Real Estate Market, Jackie Yan Gong, Philip Hei Tung So

Cornell Real Estate Review

This paper is a comprehensive introduction to China’s real estate market. After briefly reviewing the reforms and macro political and economic environment in China, the paper gives a general overview of the market, and then goes on to discuss the benefits, opportunities, potential problems and risks.

After joining the WTO, China will continue the transition to a free and competitive market. Investors, especially international investors, may soon discover exciting investment opportunities in China’s real estate market. For example, the emerging secondary market in real estate financial products and real estate non-performing loans may provide investors lucrative business opportunities ...


Model State Land Use Legislation For New England, New England Environmental Finance Center, Muskie School Of Public Service Jul 2003

Model State Land Use Legislation For New England, New England Environmental Finance Center, Muskie School Of Public Service

Legislation

Sprawl is neither the ordained nor the inevitable outcome upon the New England landscape. A coordinated response to sprawl by the public and private sectors is possible, and could dramatically improve land use patterns and reduce the cost of local government. For the New England states, such a response would include, among other elements, legislation to eliminate existing gaps in the land use laws of each state – gaps that presently encourage or sanction sprawling development. It would also include incentives for municipalities to think beyond their borders and to act with greater efficiency and effect. It is the purpose of ...


Case Study: Blue Heaven Science And Technology Campus, C. Bradley Olsen, Byung Gweon Kim, Chul Hwan Kwon, Chun-Ju (Vivian) Lin, Philip Hei Tung So Jun 2003

Case Study: Blue Heaven Science And Technology Campus, C. Bradley Olsen, Byung Gweon Kim, Chul Hwan Kwon, Chun-Ju (Vivian) Lin, Philip Hei Tung So

Cornell Real Estate Review

[Excerpt] A regional light rail authority (“Authority”) in a large metropolitan area is involved in major extension of its services and is facing a funding shortage. The Authority has elected to raise additional funds from the sale or joint development of properties immediately adjacent to proposed light rail stations. One site under consideration is a 9.2-acre site adjacent to the Blue Heaven Station on its B-Line. The Authority issued a Request for Proposals (RFP) for development of the site by private developers, to include multi-modal transit facilities, 1,000 parking spaces for transit riders and appropriate related uses. In ...


Blue Heaven Case Response, Brian Maxwell Mings Jun 2003

Blue Heaven Case Response, Brian Maxwell Mings

Cornell Real Estate Review

[Excerpt] The issue at hand regarding The Science and Technology Campus being developed by Blue Heaven Technology Partners, LLC (BHTP) is how to deal with several problems that have arisen since the developer was awarded the exclusive right to negotiate the acquisition and development of the site. These problems significantly change the cost, profitability, and risk profile of the project and need to be analyzed carefully to determine the appropriate course of action. In addition, key questions need to be answered about the initial financing arrangement for the project and whether or not the arrangement was fair and equitable to ...


Miscellaneous Frontmatter Jun 2003

Miscellaneous Frontmatter

Cornell Real Estate Review

Table of Contents


A Monte Carlo Analysis Of Hedonic Models Using Traditional And Spatial Approaches, Helen R. Neill, David M. Hassenzahl, Djeto D. Assane Jun 2003

A Monte Carlo Analysis Of Hedonic Models Using Traditional And Spatial Approaches, Helen R. Neill, David M. Hassenzahl, Djeto D. Assane

Public Policy and Leadership Faculty Publications

Hedonic regression analysis of single family homes typically includes structural variables, locational variables and neighborhood quality characteristics. When nearby properties are related, Dubin (1988) reports that error terms are spatially autocorrelated. Estimation methods for these spatially autocorrelated error terms or hereafter, spatial approaches, include maximum likelihood estimation (MLE) and kriging techniques such as kriged maximum likelihood estimation (KMLE). Unfortunately these spatial methods require massive computer resources and are limited to significantly fewer observations than traditional ordinary least squares (OLS). This paper investigates the combination of spatial approaches and Monte Carlo analysis, a method that approximates large data sets. A question ...


The Future Of Office Property, Janine Irons, Lynne Armitage Jan 2003

The Future Of Office Property, Janine Irons, Lynne Armitage

Lynne Armitage

The following paper considers the question, where to office property? In doing so, it focuses, in the first instance, on identifying and describing a selection of key forces for change present within the contemporary operating environment in which office property functions. Given the increasingly complex, dynamic and multi-faceted character of this environment, the paper seeks to identify only the primary forces for change, within the context of the future of office property. These core drivers of change have, for the purposes of this discussion, been characterised as including a range of economic, demographic and socio-cultural factors, together with developments in ...


Impossible, Impracticable, Or Just Expensive? Allocation Of Expense Of Ancillary Risk In The Cmbs Market, Georgette Chapman Phillips Jan 2003

Impossible, Impracticable, Or Just Expensive? Allocation Of Expense Of Ancillary Risk In The Cmbs Market, Georgette Chapman Phillips

Real Estate Papers

No abstract provided.


Nnp “Nowhere Near Perfect”, Thomas Power Jan 2003

Nnp “Nowhere Near Perfect”, Thomas Power

Other Resources

The aim of this essay is to examine two views and conclusions on the now commonly recognised inadequacies of Net National Product as an indicator of aggregate national well-being. It outlines Dasgupta’s simplified model of the effect of environmental losses on NNP and reviews Douthwaite’s treatment of NNP.


Redefining Realtor Relationships And Responsibilities: The Failure Of State Regulatory Responses, Ann Morales Olazábal Jan 2003

Redefining Realtor Relationships And Responsibilities: The Failure Of State Regulatory Responses, Ann Morales Olazábal

Business Law Articles and Papers

For much of the twentieth century, residential real estate transactions conformed to a "traditional" model--the seller engaged a broker, who listed the home in a multiple listing service, where it was noticed and purchased by a buyer, with a commission paid to the broker by the seller from the sale proceeds. While the listing/selling broker model endured for decades, it was laden with problems--it left the buyer unrepresented, created agency relationships that were counterintuitive to the parties, and often left both the consumer and realtor unsure of the precise nature of their legal relationship. Over the last fifteen years ...


Dividend Pricing Models And Reits, Jarl G. Kallberg, Crocker H. Liu, Anand Srinivasan Jan 2003

Dividend Pricing Models And Reits, Jarl G. Kallberg, Crocker H. Liu, Anand Srinivasan

Articles and Chapters

Dividend pricing/present value models relate current stock prices to expectations of future dividends. In this study we apply the West and Campbell–Shiller tests of the dividend pricing relation to an index of real estate investment trusts (REITs). REITs provide a unique test of these models since, during our study period, REITs were mandated to pay out at least 95% of taxable income as dividends. While our results complement previous research which finds that the dividend pricing model cannot be rejected if share repurchase is included as part of dividends, our data contain a much less significant amount of ...


Retailing At The Periphery: An Analysis Of Dublin’S Tertiary City-Centre Shopping Streets (1972-2002), Edmund O'Callaghan, Don O'Riordan Jan 2003

Retailing At The Periphery: An Analysis Of Dublin’S Tertiary City-Centre Shopping Streets (1972-2002), Edmund O'Callaghan, Don O'Riordan

Articles

This research examined changes in Dublin’s tertiary city centre shopping streets over a thirty year period to 2002. An observational study of the occupancy of the city’s tertiary streetscape was undertaken in the summer of 2002 and compared with historical data. Results indicate significant change over the period examined: an increased vacancy rate, a very low survival rate, a considerable incidence of non retail specific activities, a decline in traditional retail offerings and the emergence of new categories of retailer. The paper concludes by suggesting a proactive approach is required by present day retailers in the tertiary streets ...


Large Retail Developments In Ireland: An Overview, Edmund O'Callaghan Jan 2003

Large Retail Developments In Ireland: An Overview, Edmund O'Callaghan

Conference proceedings

This paper illustrates the Irish public policy response to the location and development of large stores, through new planning guidelines issued in 2001. These guidelines provide the basis for a framework to guide local authorities in preparing development plans, in line with the broad principles of ‘sustainable development’. The context against which the new planning guidelines were deemed necessary is outlined. The paper concludes that the new guidelines will not seriously hinder non-food formats, nor disadvantage potential new international or national entrants. While it will limit large food-store development, average food-store size will continue to increase and existing operators will ...


Deconstructing The Construction Industry: The Effects Of Labor Law 240/241 On The Home Building Industry In New York State, David E. Hay Jan 2003

Deconstructing The Construction Industry: The Effects Of Labor Law 240/241 On The Home Building Industry In New York State, David E. Hay

Seton Hall University Dissertations and Theses (ETDs)

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Vacating The City: An Analysis Of New Homes Vs. Household Growth, Thomas Bier, Charles Post Jan 2003

Vacating The City: An Analysis Of New Homes Vs. Household Growth, Thomas Bier, Charles Post

Urban Publications

The high price of housing on the coasts, population growth in the large metropolitan areas of the south, southwest, and west, and the issue of affordability for low- and moderate-income households across the country fueled the view that housing production was insufficient and that the shortfall was contributing to rising prices and limited housing choice. Indeed, underlying all of the housing-related changes and issues of the 1990s were the factors of supply and demand. The nation grew by 13.5 million households while 13.2 million building permits were filed. Nationally, housing supply was just about in balance with population ...


Housing Analysis For Cleveland Lakefront Development, Thomas Bier, Charles Post, Rick Seifritz Jan 2003

Housing Analysis For Cleveland Lakefront Development, Thomas Bier, Charles Post, Rick Seifritz

Urban Publications

The Center for Housing Research & Policy conducted this survey and analysis of housing on Cleveland’s lakefront for the Cleveland Lakefront Partners, which is composed of the city of Cleveland, Cleveland Tomorrow, the Greater Cleveland Growth Association, and the Cleveland Neighborhood Development Corporation. The report includes both the results of the survey of residents in the multi-county Cleveland region and a comparative study of waterfront populations in the cities of Milwaukee, Chicago, Portland, and Baltimore. The survey results showed that at least 6,000 and possibly up to 9,000 middle and upper-income households would be interested in living on the lakefront if housing were available. Planners have determined that altering the location and configuration of the city’s Shoreway would make available land that could accommodate 10,000 units of new housing. If five percent (10,000) of Cleveland’s households lived on its lakefront, that percentage would be well within the range of the waterfront populations of comparable cities (Portland, 9.7 percent; Chicago, 7.1 percent; Baltimore, four percent; and Milwaukee, 1.8 percent). The report’s results have played a significant role in the city of Cleveland’s plans for lakefront redevelopment.