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2015

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Articles 1 - 30 of 82

Full-Text Articles in Real Estate

New Methodology For Constructing Real Estate Price Indices Applied To The Singapore Residential Market, Liang Jiang, Peter C. B. Phillips, Jun Yu Dec 2015

New Methodology For Constructing Real Estate Price Indices Applied To The Singapore Residential Market, Liang Jiang, Peter C. B. Phillips, Jun Yu

Research Collection School Of Economics

This paper develops a new methodology for constructing a real estate price index that utilizes all transaction price information, encompassing both single-sales and repeat-sales. The method is less susceptible to specification error than standard hedonic methods and is not subject to the sample selection bias involved in indexes that rely only on repeat sales. The methodology employs a model design that uses a sale pairing process based on the individual building level, rather than the individual house level as is used in the repeat-sales method. The approach extends ideas from repeat-sales methodology in a way that accommodates much wider datasets ...


Creative Capital: Financing Hotels Via Eb-5, Arian Mahmoodi, Jan A. Deroos Nov 2015

Creative Capital: Financing Hotels Via Eb-5, Arian Mahmoodi, Jan A. Deroos

Jan A. deRoos

Administered by the United States Citizenship and Immigration Service (USCIS), the EB-5 program (Employment-Based Immigration, Fifth Preference) allows foreign nationals to invest as little as $500,000 or as much as $1 million in a U.S. enterprise, in consideration of potentially receiving permanent residency in the United States. In recent years, EB-5 financing has grown exponentially and has become a highly utilized funding source for hotel development projects.1 Congress created the program in 1990 to stimulate the U.S. economy through foreign direct investment to create jobs. Despite the growth of the program, the EB-5 market is opaque ...


Center For Real Estate Quarterly, Volume 9, Number 4, Portland State University. Center For Real Estate Nov 2015

Center For Real Estate Quarterly, Volume 9, Number 4, Portland State University. Center For Real Estate

Center for Real Estate Quarterly

Table of Contents:
-- The Gentrification Plan of Metro Portland by Gerard Mildner (p. 5-18)
-- The State of the Economy by Adam Seidman (p. 19-28)
-- Residential Market Analysis by Clancy Terry (p. 29-53)
-- Multifamily Market Analysis by Clancy Terry (p. 54-64)
-- Office Market Analysis by Alec Lawrence (p. 65-76)
-- Industrial Market Analysis by Adam Seidman (p. 77-83)
-- Retail Market Analysis by Alec Lawrence (p. 84-91)


Cointegration Of Matched Home Purchases And Rental Price Indexes: Evidence From Singapore, Badi H. Baltagi, Jing Li Nov 2015

Cointegration Of Matched Home Purchases And Rental Price Indexes: Evidence From Singapore, Badi H. Baltagi, Jing Li

Research Collection School Of Economics

This paper exploits the homogeneity feature of the Singapore private residential condominium market and constructs matched home purchase price and rental price series using the repeated sales method. These matched series allow us to conduct time series analysis to examine the long-term present value relationship in the housing market. Three key findings are obtained. First, we fail to establish a cointegrating relationship between the home purchase price and rental price based on nationally estimated indexes. Second, area-specific indexes demonstrate strong cross-correlations, invalidating the use of first generation panel unit root tests that ignore these cross-correlations. Third, Pesaran's CIPS test ...


Dealing With Dirty Deeds: Matching Nemo Dat Preferences With Property Law Pragmatism, Donald J. Kochan Oct 2015

Dealing With Dirty Deeds: Matching Nemo Dat Preferences With Property Law Pragmatism, Donald J. Kochan

Donald J. Kochan

An organizing principle of the rule of law based on individualism and order is expressed by the Latin maxim nemo dat quod non habet – roughly translated to mean that one can only give what they have or one can only transfer what they own.  Yet when title disputes arise between two or more purchasers, we have accepted pragmatically that exceptions must be made to nemo dat and that, at times, we may have to, in essence, validate fraud and other dirty deeds.  The Article outlines the basic place of the nemo dat principle in our system of law, introduces the ...


Using Cash Flow Dynamics To Price Thinly Traded Assets, Walter I. Boudry, Crocker H. Liu, Tobias Mühlhofer, Walter N. Torous Oct 2015

Using Cash Flow Dynamics To Price Thinly Traded Assets, Walter I. Boudry, Crocker H. Liu, Tobias Mühlhofer, Walter N. Torous

Working Papers

Are cash flows informative and predictive in valuing thinly traded assets? We investigate the extent to which cash-flow and discount-factor information plays a role in pricing thinly traded assets. We focus on pricing the various traded tranches in commercial mortgage-backed securities (CMBS) by developing an adaptation of the Campbell-Shiller dynamic Gordon growth model, which we term a Self-Propagating Rolling-Window VAR. We apply this to cash flows and actual bond prices. In contrast to stocks, we find that cash flows are informative in valuing thinly traded assets. Our predicted cash flow yields closely resemble ex-post realized transaction yields, and these predicted ...


Public-Public And Public Private Partnerships In Transportation, Janet K. Tinoco Oct 2015

Public-Public And Public Private Partnerships In Transportation, Janet K. Tinoco

Janet K. Tinoco

Graduate students at Embry-Riddle Aeronautical University (ERAU), Daytona Beach, FL partook in a research effort for the National Aeronautics and Space Administration (NASA) Kennedy Space Center (KSC), examining partnerships in real property. The students researched relevant public-private partnerships (PPPs) and public-public partnerships PuPs in space, air, rail/road, sea, and utilities -- nationally and globally.


Rent Certainty Is Not Rent Control, Tom Dunne Oct 2015

Rent Certainty Is Not Rent Control, Tom Dunne

Reports

The housing crisis and the debate about rent control should result in a beneficial change to the regulation of the sector but the opportunity could be lost for want of clarity of thinking about the nature of rent certainty and the distinction between it and rent control. At present rent is regulated by the Residential Tenancies Act 2004 (RTA 2004) which provides that rent can only change once a year and cannot be more than the market rent. Many argue a greater degree of rent certainty is required and that rent should not be allowed to increase by more than ...


Third Quarter 2015: Have Hotel Prices Peaked?, Crocker H. Liu, Adam D. Nowak, Robert M. White Oct 2015

Third Quarter 2015: Have Hotel Prices Peaked?, Crocker H. Liu, Adam D. Nowak, Robert M. White

Cornell Real Estate Market Indices

The price of large and small hotels appears to have peaked, based on our Standardized Unexpected Price (SUP) metric. Hotel investment based on operating performance is in the black (breakeven). Indicators that hotel prices should start to level off or decline include the historical cycle analysis, a continued rise in cost of debt financing, a widening of the relative risk premium for hotels, higher total risk for hotels relative to other commercial real estate, and continued declines in the hotel REIT index, business confidence index, and the architecture billings index. This is report number 16 of the index series.


Data And Analytics In Corporate Real Estate: The Importance Of Talent, Clarence Goh Oct 2015

Data And Analytics In Corporate Real Estate: The Importance Of Talent, Clarence Goh

Research Collection School Of Accountancy

Data and analytics are set to play a more pivotal role incorporate real estate (CRE) over the next three years.As organizations recognize that data-driven insights candramatically improve decision making across a broadrange of business functions, they are seeking to capitalizeon and incorporate data and analytics in their CREprocesses.


The Pink Poodle, Swimming Pavilions And Miami Ice, Lynne Armitage, Shelley Burgin Aug 2015

The Pink Poodle, Swimming Pavilions And Miami Ice, Lynne Armitage, Shelley Burgin

Lynne Armitage

Extract: The 3 km of golden beach that lap the shores of Surfers Paradise have become synonymous with urban beaches worldwide. Its name was invented, in a stroke of marketing genius, by Jim Cavill who proposed the name 'Surfers Paradise' and pipped the previous preferred title of'Sea Glint' for this beachside hideaway. Jim Cavill also built the first hotel in Surfers Paradise, in 1933, and subsequently his Surfers Paradise Zoo. However, it was not until the late 1950s and through the 1960s that the ribbon development of the Gold Coast increased rapidly. Many motels, guesthouses and holiday homes were ...


Bubbles, Post-Crash Dynamics, And The Housing Market, Crocker H. Liu Ph.D., Adam Nowak, Stuart Rosenthal Aug 2015

Bubbles, Post-Crash Dynamics, And The Housing Market, Crocker H. Liu Ph.D., Adam Nowak, Stuart Rosenthal

Crocker H. Liu

This paper documents and explains previously unrecognized post-crash dynamics following the collapse of a housing market bubble. Although home prices in Phoenix doubled 2004-2006, the relative price of small-to-large homes remained strikingly constant. That changed following the crash when small-home relative prices fell up to 80 percent. We argue that post-crash exit of speculative developers allowed relative prices to diverge while differences in demand elasticities and turnover associated with job loss pushed small-home values down relative to large homes. As speculative developers return relative prices should revert back to pre-boom levels, consistent with mean reversion that began in 2011. The ...


Second Quarter 2015: Hotel Deals Are Getting Harder To Pencil Out, Crocker H. Liu, Adam D. Nowak, Robert M. White Jr Aug 2015

Second Quarter 2015: Hotel Deals Are Getting Harder To Pencil Out, Crocker H. Liu, Adam D. Nowak, Robert M. White Jr

Crocker H. Liu

Hotel Investment based on operating performance has turned red. Our Economic Value Added (EVA) indicator shown in Exhibit 1 has turned negative, declining from -.6% (near zero; breakeven) to -1.8% in 2014Q1. What is more alarming is that the hotel cap rate (5.7%) is approximately equal to the cost of debt financing (5.6%) for hotels financed by large life insurance companies, as shown in Exhibit 2. Intuitively, the cap rate represents the return on hotel properties assuming all-equity financing. The use of debt financing is used to magnify the return to hotel properties. For positive leverage (return ...


Traditional Heritage Management: The Case Of Australia And Tanzania, Johari Hussein, Lynne Armitage Aug 2015

Traditional Heritage Management: The Case Of Australia And Tanzania, Johari Hussein, Lynne Armitage

Lynne Armitage

Much has been written within and outside the heritage sector about traditional knowledge and practice. It is often characterised as an established movement that has contributed significantly to the local, national and international practice in conservation. Yet, the emergence of conservation practice has caused tremendous changes and a neglect of traditional knowledge that was critical for the survival of the Indigenous cultural heritage that exists today. The objective of this paper is to explore diverse approaches to traditional knowledge and practice that Indigenous peoples have employed to achieve management of their cultural landscape in Australia and Tanzania. The paper also ...


A Historical Perspective Of The Evolution Of Australian Built Heritage And Its Management, Johari Hussein, Lynne Armitage, Linda Too Aug 2015

A Historical Perspective Of The Evolution Of Australian Built Heritage And Its Management, Johari Hussein, Lynne Armitage, Linda Too

Lynne Armitage

This paper analyses the origin and parameters that contribute to the development of Australian built heritage, identifies the underlying challenges and issues that stakeholders face in their management, and thereby develops a basis for further research. A literature review was conducted on published resources related to heritage buildings in an historical context to categorise contributory parameters that have shaped Australian built environment over the past two centuries. It is perceived by researchers that modernisation, sustainability and technology are factors that help to retain built heritage values. However, this review suggests that the way in which these factors are applied often ...


Center For Real Estate Quarterly, Volume 9, Number 3, Portland State University. Center For Real Estate Aug 2015

Center For Real Estate Quarterly, Volume 9, Number 3, Portland State University. Center For Real Estate

Center for Real Estate Quarterly

Table of Contents:
-- The State of the Economy by Adam Seidman (p. 5-12)
-- Residential Market Analysis by Clancy Terry (p. 13-38)
-- Multifamily Market Analysis by Clancy Terry (p. 39-38)
-- Office Market Analysis by Alec Lawrence (p. 49-59)
-- Industrial Market Analysis by Adam Seidman (p. 60-65)
-- Retail Market Analysis by Alec Lawrence (p. 66-71)


Singapore’S Housing Policies: Responding To The Challenges Of Economic Transitions, Sock Yong Phang Aug 2015

Singapore’S Housing Policies: Responding To The Challenges Of Economic Transitions, Sock Yong Phang

Research Collection School Of Economics

Singapore has developed its own unique state-driven housing system, with more than three quarters of its housing stock built by the Housing and Development Board and homeownership financed through Central Provident Fund savings. As a result, it has one of the highest homeownership rates amongst market economies. This paper provides a historical perspective of the main housing problems faced by successive prime ministers and their respective policy responses. Under the leadership of Prime Minister Lee Kuan Yew (1959-1990), the government established an integrated landhousing supply and housing finance framework to channel much needed resources into the housing sector to deal ...


Creative Capital: Financing Hotels Via Eb-5, Arian Mahmoodi, Jan A. Deroos Aug 2015

Creative Capital: Financing Hotels Via Eb-5, Arian Mahmoodi, Jan A. Deroos

Center for Hospitality Research Publications

Administered by the United States Citizenship and Immigration Service (USCIS), the EB-5 program (Employment-Based Immigration, Fifth Preference) allows foreign nationals to invest as little as $500,000 or as much as $1 million in a U.S. enterprise, in consideration of potentially receiving permanent residency in the United States. In recent years, EB-5 financing has grown exponentially and has become a highly utilized funding source for hotel development projects.1 Congress created the program in 1990 to stimulate the U.S. economy through foreign direct investment to create jobs. Despite the growth of the program, the EB-5 market is opaque ...


Evaluating Seasonal Food Storage And Credit Programs In East Indonesia, Karna Basu, Maisy Wong Jul 2015

Evaluating Seasonal Food Storage And Credit Programs In East Indonesia, Karna Basu, Maisy Wong

Real Estate Papers

Predictable annual lean seasons occur in many rural areas, including West Timor in Indonesia. Imperfections in savings and credit markets make it difficult for staple farmers to convert harvest season output into lean season consumption. We conduct a randomized evaluation of a seasonal food storage program and a food credit program. By providing improved ways to transfer assets across seasons, each program functions as a subsidy on lean season consumption. We find that neither program had effects on staple food consumption. The storage program increased non-food consumption. The credit program increased reported income and reduced seasonal gaps in consumption. Our ...


Mountain Monitor - 1st Quarter 2015, Kenan Fikri, Siddharth Kulkarni Jul 2015

Mountain Monitor - 1st Quarter 2015, Kenan Fikri, Siddharth Kulkarni

Mountain Monitor

This analysis of employment, output, unemployment, and house prices finds that the 10 major metropolitan areas of the Mountain West, despite significant economic headwinds, weathered the first quarter of 2015 with robust economic growth. Eight of the region’s 10 major metro areas advanced on all four metrics of economic performance, and the remaining two metro areas slipped only on a single front.

The national economic slowdown that arrived in early 2015 did not entirely bypass the Mountain West, but the region resisted the drag better than any other. As U.S. economic output contracted by 0.3 percent in ...


The Morrison Mercantile: Boma Real Estate Development Workshop, Khalid Alballaa, Kevin Clark, Barbara Fryer, Carly Harrison, A. Synkai Harrison, Liz Hutchinson, Scott Kueny, Erik Pattison, Nate Raynor, Clancy Terry, Joel Thomas Jul 2015

The Morrison Mercantile: Boma Real Estate Development Workshop, Khalid Alballaa, Kevin Clark, Barbara Fryer, Carly Harrison, A. Synkai Harrison, Liz Hutchinson, Scott Kueny, Erik Pattison, Nate Raynor, Clancy Terry, Joel Thomas

Real Estate Development Workshop Projects

Students in the PSU Real Estate Development Workshop produce a development plan for 12 properties located on the Central Eastside Industrial District (CEID). These properties are owned by the Pelett Family. Their task was to produce an original development plan, including the development concept, the market analysis, the conceptual design, economic analysis, capital and operations budget, and management plan.


Second Quarter 2015: Hotel Deals Are Getting Harder To Pencil Out, Crocker H. Liu, Adam D. Nowak, Robert M. White Jr Jul 2015

Second Quarter 2015: Hotel Deals Are Getting Harder To Pencil Out, Crocker H. Liu, Adam D. Nowak, Robert M. White Jr

Cornell Real Estate Market Indices

Hotel Investment based on operating performance has turned red. Our Economic Value Added (EVA) indicator shown in Exhibit 1 has turned negative, declining from -.6% (near zero; breakeven) to -1.8% in 2014Q1. What is more alarming is that the hotel cap rate (5.7%) is approximately equal to the cost of debt financing (5.6%) for hotels financed by large life insurance companies, as shown in Exhibit 2. Intuitively, the cap rate represents the return on hotel properties assuming all-equity financing. The use of debt financing is used to magnify the return to hotel properties. For positive leverage (return ...


The Tectonic Forces Of Global Real Estate, David J. Lynn Jun 2015

The Tectonic Forces Of Global Real Estate, David J. Lynn

David Lynn

[Excerpt] There are major shifts underway in the fundamental structure, or the underlying tectonic plates, of the global commercial real estate industry. These massive plate movements are creating an entirely new landscape within real estate and challenging long-held assumptions about commercial real estate investment, development, and ownership. The industry is transforming from a highly localized, deal-driven business to an international market characterized by lower transactions costs, abundant information, lower risk premiums, and increasing sophistication. Even the perception of real estate as an investment class is changing—investors increasingly see real estate as a stable, secure investment, producing solid returns with ...


Corruption: Case Studies Of Vietnam And Italy, Thuy-Tien T. Vo Jun 2015

Corruption: Case Studies Of Vietnam And Italy, Thuy-Tien T. Vo

Global Honors Theses

Corruption is morally and legally wrong. Despite many governmental policies and strategies designed to combat corruption, it still persists in most parts of the world. To understand why corruption is so persistent and pervasive, it is necessary to recognize the perceptions of the beneficiaries and victims of the issue and to comprehend the extent to which cultural biases influence individuals’ decisions to give in to corruption. Acquiescence to dishonest and fraudulent behavior can foster political corruption in many countries. Vietnam and Italy were selected as case studies for this paper. Using the case studies of these two different countries will ...


A Royal Problem: Planning Induced Supply Constraints In London, Elizabeth P. Armstrong Jun 2015

A Royal Problem: Planning Induced Supply Constraints In London, Elizabeth P. Armstrong

Lawrence University Honors Projects

We explore the impact of regulatory supply constraints on house price levels following boom and bust periods in London. We hypothesize that when regulatory restrictiveness increases during a boom period, house prices will be higher in the following year compared to house prices in less restricted areas. We also hypothesize that when regulatory restrictiveness increases during a bust period, house prices will be lower in the following year compared to house prices in less restricted areas. We empirically test our hypothesis using a multilevel mixed-effects model with a panel data set of 32 boroughs of London, ranging from 2001 to ...


Baker Program Alumnus Profile: Elysia Tse (Baker '01) Jun 2015

Baker Program Alumnus Profile: Elysia Tse (Baker '01)

Cornell Real Estate Review

This year marks the inaugural year of the Baker Program in Real Estate Alumnus Award. The Baker Program in Real Estate, in conjunction with the Cornell Real Estate Review (CRER), will bestow the award yearly to the Baker alumnus who has displayed leadership, growth, commitment to the Program, and community activism since graduating.


Case Competition Highlights Jun 2015

Case Competition Highlights

Cornell Real Estate Review

No abstract provided.


Awards Jun 2015

Awards

Cornell Real Estate Review

  • Society of Industrial and Office Realtors
  • International Council of Shopping Centers Most Outstanding Retail Real Estate Award
  • Institute of Real Estate Management Most Outstanding Real Estate Award
  • Westport Capital Partners Student Collaboration Award
  • Capstone Advisors Most Outstanding Articles Award


Determining The Applicability Of 3d Concrete Construction (Contour Crafting) Of Low Income Houses In Select Countries, David Weinstein, Peter Nawara Jun 2015

Determining The Applicability Of 3d Concrete Construction (Contour Crafting) Of Low Income Houses In Select Countries, David Weinstein, Peter Nawara

Cornell Real Estate Review

In addition to showcasing the significance of 3D concrete printing technology, this report seeks to analyze what factors would inhibit, allow for, or facilitate Contour Crafting’s success in select countries. Saudi Arabia and China would be the optimal countries to introduce Contour Crafting based on our Excel-based model that controls for variables related to wealth, size, likelihood to consume, and concrete consumption per capita. Further research on country-specific regulation fosters the hypothesis that Contour Crafting is more likely to succeed in Saudi Arabia than in China. Contour Crafting’s global investing strategy will likely be through a joint venture ...


This Land Is Your Land, This Land Is My Land: A Case Study On Eminent Domain And Under Compensation, Annamaria Lookman Jun 2015

This Land Is Your Land, This Land Is My Land: A Case Study On Eminent Domain And Under Compensation, Annamaria Lookman

Cornell Real Estate Review

The Fifth Amendment of the United States Constitution states “private property [shall not] be taken for public use, without just compensation.” Land is deemed viable for eminent domain when it will be used by the public or if the public will have the opportunity to use the property taken. Such uses can include public access for a post office, airport or highway1. Since its inception there is often debate about the interpretation of just compensation. Both federal and state constitutions have a public use clause, however not all states have a just compensation clause.