摘要:

Most analysts and policy makers expected fullscale housing allowance programs to substantially disturb local housing markets, causing housing prices tb increase sharply. This paper reviews conjectures about expected price effects, summarizes evidence from the Housing Assistance Supply Experiment, and explains why the program did not engender the expected price inflation.

ISSN:1080-8620    

DOI:10.1111/1540-6229.t01-10-00201

出版商:Blackwell Publishing Ltd    

年代:1979

数据来源: WILEY

摘要:

In recent years, increasing attention has been paid the problem of analyzing, evaluating and selecting real estate investments within the context of a portfolio. Most approaches simply attempt to adapt existing theory and models from the well‐developed literature of securities investments. Most adaptations or extensions to real estate are not without serious problems, however, because of several fundamental difficulties relating to optimization technology inadequacies and a general lack of reliable and consistent market data.This article deals with the major problems of utilizing some of the classic securities investment models for real estate. Further, a risk‐return model is advanced which overcomes most of the fundamental problems outlined earlier in the arti

ISSN:1080-8620    

DOI:10.1111/1540-6229.t01-11-00201

出版商:Blackwell Publishing Ltd    

年代:1979

数据来源: WILEY

摘要:

This paper presents an economic model which casts the “Tiebout Hypothesis” in a Von Thumen type model of spatial equilibrium and considers the effect of differential provision of municipal services on household utility levels and housing prices in a politically fragmented urban area. Also in the context of this model three alternative methods of financing municipal services are examined. The article suggests that different levels of municipal services may cause spatial disequilibrium in an urban area, and as households move within the urban area to maximize their utility, they bid up (or down) the price of housing to the extent that their consumer's surplus is capitalized in housing values. Thus, the resultant urban rent gradient may be “kinked” or discontinuous. This paper also presents empirical findings examining the relationship between housing values and several municipal s

ISSN:1080-8620    

DOI:10.1111/1540-6229.t01-12-00201

出版商:Blackwell Publishing Ltd    

年代:1979

数据来源: WILEY

摘要:

The incidence of local property taxes, specifically the degree of capitalizing of property tax differentials in market prices, remains an unresolved question. The studies by Oates (1969) and McMillan and Carlson (1977), which come to contradictory conclusions typify the diversity of opinion on the question. Many of the previous studies suffer from research design problems including, the use of census data for market values and property tax levels on real property; failure to control for differences in public services quality among the cities samples; and use of assessed value as a proxy for market price.A theoretical model in developed to explain the capitalization effect of property tax differentials within an urban area. Because the model is exactly identified, a single reduced from equation relating market value to a set of physical characteristics of the property and the level of property taxes can be estimated using ordinary least‐squares techniques. The function is estimated using data drawn from 107 residential property sales made during 1976. Estimated parameters for the other equations then are determined indirectly. Actual market price and property tax data for each parcel ware used.It is found that property tax differentials on otherwise comparable properties are associated with significant market value differentials. Because the assessed value ranges from 7 to 20 percent of market value, the property tax procedure in the area studied appears to have randomly generated large capital gains for some and capital losses for others.Because of the limited data base, the statistical results are only indicative; the model, howevfer, should have wide applicability in a variety of questions concerning the incidence of property taxe

ISSN:1080-8620    

DOI:10.1111/1540-6229.t01-13-00201

出版商:Blackwell Publishing Ltd    

年代:1979

数据来源: WILEY

摘要:

This article discusses the macro foundations of the supply curve for housing. The crucial points examined in the paper are the responsiveness of the supply curve to price, the independence of the supply curve from the demand curve for housing, and the stability of the supply curve. After the author discusses the theoretical foundations of the housing market, a small empirical model is constructed and estimated. Special attention is given to the identification problem connected with the estimation of the supply curve. The results are then examined and the within sample tracking ability of the model is discussed.

ISSN:1080-8620    

DOI:10.1111/1540-6229.t01-14-00201

出版商:Blackwell Publishing Ltd    

年代:1979

数据来源: WILEY

摘要:

Limited partnerships are accorded great flexibility with respect to the allocation of cash, profits or losses, and gains to each partner. Using iterative linear programming techniques a model is designed to redistribute the various investment flows from a real estate type of investment between partners so as to simultaneously maximize each and all of the partners returns over the investment horizon.

ISSN:1080-8620    

DOI:10.1111/1540-6229.t01-15-00201

出版商:Blackwell Publishing Ltd    

年代:1979

数据来源: WILEY

摘要:

This article compares alternative methods of variable selection using data from a real estate assessment project. Various stepwise methods are compared with theall possible regressionsolution and a variable set selected ona prioriconsiderations. The methods are evaluated by the predictive performance of the estimated regression equation in a holdout sample. One of the major conclusions of the study is that the most expensive and time consuming method,all possible regression,does not yield the best predictions. In addition, the variables selected judgmentally produced predictions that were not appreciably different from the other methods.

ISSN:1080-8620    

DOI:10.1111/1540-6229.t01-16-00201

出版商:Blackwell Publishing Ltd    

年代:1979

数据来源: WILEY

摘要:

Recent research analyzing real estate investment decisionmaking has concentrated upon existing income properties. Projects planned for future development have been analyzed as though they were completed and generating rental income. Such analysis has not considered the impact of development period decisions upon operating cash flow and hence project value. This paper proposes a framework for investment analysis which accurately reflects the interrelatedness of the development and operating periods of the real estate development process. A stochastic Markov process is used to develop a model which treats the development and operating periods as an integrated system. The resulting model allows project investment decisions to be made on the basis of a minimum expected profitability index distribution and/or terminal value.

ISSN:1080-8620    

DOI:10.1111/1540-6229.t01-17-00201

出版商:Blackwell Publishing Ltd    

年代:1979

数据来源: WILEY

ISSN:1080-8620    

DOI:10.1111/1540-6229.t01-18-00201

出版商:Blackwell Publishing Ltd    

年代:1979

数据来源: WILEY

ISSN:1080-8620    

DOI:10.1111/1540-6229.t01-19-00201

出版商:Blackwell Publishing Ltd    

年代:1979

数据来源: WILEY