Journal of Real Estate Literature最新文献

{"title":"The rental dynamics of the West German market for newly build apartments","authors":"Marcus Cieleback","doi":"10.15396/eres2004_577","DOIUrl":"https://doi.org/10.15396/eres2004_577","url":null,"abstract":"Internationally, Germany has a low owner-occupation rate of approximately 43%. Therefore, the rented apartment sector is traditionally of great importance. Nevertheless, only a limited number of empirical studies for the German apartment sector exist. This study provides insight into the rental dynamics of the market for newly built apartments by examining the factors that influence rental change. The empirical results show that the real rental growth of newly built apartments is influenced by income growth, migration patterns and past growth in real construction costs. The results also support the assumption of a backward looking expectation formation process from the developers when applying for a building permit and the structurally higher rental growth rate in southern Germany.","PeriodicalId":35888,"journal":{"name":"Journal of Real Estate Literature","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2004-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"89295866","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Progress in Urban Spatial Analysis: Existence, Sizes and Spatial Organization of Urban Areas","authors":"E. Mills","doi":"10.1080/10835547.2004.12090135","DOIUrl":"https://doi.org/10.1080/10835547.2004.12090135","url":null,"abstract":"Abstract This article is a survey of the current state of urban spatial analysis; what has been learned in the past forty years and what interesting problems remain. Three topics are covered-reasons for the existence of urban areas, spatial organization of urban areas and their sizes. Introduction Urban areas have been the locus of most economic growth during the 200-300 years since there has been significant economic growth. Causation runs not only both ways but also between economic and urban growth as cause and effect of the most fundamental determinants of each. Of course, cities for defense and trade long predated the industrial revolution, not only in Europe but also in North Africa, West Asia, India, China and Central and South America. All great economists have speculated about urban areas, including not only Smith (1776), and others who were present at the creation, but also von Thunen (1866) and Marshall (1890) in the nineteenth century and a host of greats in the first half of the twentieth century, most notably Hoover (1948) and Losch (1954). Starting just after the mid twentieth century with Clark (1951), urban analysts began to multiply from backgrounds in geography and regional science, as well as economics. This paper is mostly about urban spatial analysis and the birth of that subject is arbitrarily placed with Alonso (1964). This paper is not intended to trace the development of urban spatial analysis. The best sources for that purpose, as well as for important original analysis, are: Fujita (1989), Fujita, Krugman and Venables (1999) and Fujita and Thisse (2002). These works have brought remarkable unity to the subject. Instead, this paper tries to describe the current state of urban spatial analysis: what has been learned during the last forty years and what interesting problems remain. The paper contains only scattered and inadequate references to the relevant literature. Specifically, this paper reviews three subjects: reasons for the existence of urban areas, their spatial organizations and their sizes. Why Urban Areas? This issue is about as well understood as any issue in urban economics. Abstract analysis starts with a featureless plain, any number of production sectors, all of which have constant returns production functions, and any number of households that supply labor and have well-behaved utility and demand functions. Households do not value proximity to other households, say for social reasons. Then if transportation of people and goods requires valuable inputs, there would be none in competitive equilibrium. Households would be uniformly distributed on the plain and each household's goods and services would be produced in a small area near the dwelling. There would be no transportation and no urban areas. This result was formalized in Starred. (1978), but was stated in Mills (1971), as a prelude to urban modeling. Of course, all economic activity is subject to scale (and or scope) economies at small, and in some ","PeriodicalId":35888,"journal":{"name":"Journal of Real Estate Literature","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2004-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"84990588","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"International Diversification of Real Estate Assets - Is it Worth It? Evidence from the Literature","authors":"P. Wilson, R. Zurbruegg","doi":"10.2139/SSRN.882001","DOIUrl":"https://doi.org/10.2139/SSRN.882001","url":null,"abstract":"This paper examines the literature to date on the benefits of diversifying property assets internationally. Currently, there is no consensus on how much benefit can be derived from diversifying property portfolios globally. This is contrary to other financial assets where there seems to be common ground supporting holding international assets. In the real estate literature, there are two contrasting opinions as to the level of integration global property markets have and the advantages there are from holding international property assets. Specifically, this paper shows there are mixed outcomes irrespective of whether direct or indirect property assets are being examined, and this often depends on what type of statistical procedures are being applied. This study also provides some insights into more recent developments in the literature that might explain some of the diverse opinions that have been formed, these primarily being the inter-temporal instability of correlation coefficients and the impact that structural breaks can have upon statistical analysis.","PeriodicalId":35888,"journal":{"name":"Journal of Real Estate Literature","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2003-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"74556632","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"“The Charter of the New Urbanism”","authors":"M. Brown","doi":"10.4324/9780429261732-49","DOIUrl":"https://doi.org/10.4324/9780429261732-49","url":null,"abstract":"Charter of the New Urbanism, Congress of the New Urbanism, Edited by Michael Leccese and Kathleen McCormick, McGraw-Hill, 1999, 180 pages. Style and Moral Design Had he lived a few decades beyond his thirty-seven years, Andrew Jackson Downing would have had the satisfaction of seeing how pervasively influential his books had been. He would have visited places like Evanston, Illinois or the Hill District of St. Paul, where streets perpetually bloom with the kind of houses described and drawn in The Cottage Style and The Architecture of Country Houses. Within a surprisingly short time, his books, published from 1837 to 1850, revolutionized the design of the American house and how Americans would expect to live. For a time that lacked a massive real estate industry that could fill sections of a metropolitan Sunday newspaper with homes for sale, that most single-family houses built for the next four to five decades were in the Italianate, Gothic and Queen Anne forms that would today all be called Victorian testifies to the power of Downing's persuasive argument that the Greek Revival or neoclassical house was obsolete. Strung along the old two-lane highways in the Atlantic and Midwest states, the white, framed, neoclassical house identifies farmsteads and defines the antebellum character of many small towns. But, after the Civil War, few would be built again as the Victorian house now dominated house development. Yet, two generations after Downing, Victorian houses would be ridiculed for their florid excesses and give way in the early twentieth century to simpler, craftsman style dwellings. And again about two generations later, these craftsman dwellings would fade into a collection of post World War II forms called modern. Now, two generations later, pure and adulterated modern forms are be challenged by the New Urbanism. More than others, American cities show the outward accretions of style signaling the character of streets, neighborhoods and subdivisions as they sprawl into the countryside. Within each successive style is a covertly packaged moral design movement that defines a new way to live formed by the arrangement of interior and exterior spaces. Downing's was not merely an appeal for housing that was safer, better built, more sanitary or more spacious. It was a moral revolution; a call for a new way of living that he was convinced could not accommodated by the neoclassical style house, the ideal since the American Revolution. That the ideal of this earlier generation of houses would be Greek Revival, not the Georgian or medieval English built during the colonial period, indicates the American nation's desire to express its heroic democracy and underlying Athenian ideals. Yet, in Downing's view, these simple classical symmetries were ill-shaped to meet the needs of families and their relationship to the beauties and bounties that inhered in America's natural environment. Just like Downing, the advocates of each successive domestic building s","PeriodicalId":35888,"journal":{"name":"Journal of Real Estate Literature","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2002-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"74530084","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Update to Data Resources for Real Estate and Business Geography Analysis (JREL, 9:2)","authors":"G. Thrall","doi":"10.1080/10835547.2002.12090109","DOIUrl":"https://doi.org/10.1080/10835547.2002.12090109","url":null,"abstract":"","PeriodicalId":35888,"journal":{"name":"Journal of Real Estate Literature","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2002-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"84906114","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Fundamentals of Investing","authors":"Daniel T. Winkler","doi":"10.2307/2326926","DOIUrl":"https://doi.org/10.2307/2326926","url":null,"abstract":"Fundamentals of Investing, Lawrence J. Gitman and Michael D. Joehnk, Seventh Edition, Reading, MA: Addison Wesley, 1999. In a perfect world, real estate instructors would offer specialized courses to cover all aspects of real estate. In practice, most academic institutions offer few real estate courses, and these are often electives. If a real estate course is required, it is a fundamentals course, and not much time is devoted to real estate investments. More commonly, because of good enrollment, an investments course is required while real estate investments is an elective (if it is offered at all). Therefore, it would not be uncommon for a real estate instructor teaching a standard undergraduate investments course to look for some coverage of real estate investments. After teaching investments for the past three years with three different textbooks, I can confidently state that finding the right textbook for an undergraduate class has been a challenge. The seventh edition of Fundamentals of Investing has been the latest book that I have used in my undergraduate Investments course. I became interested in this book as these authors also have a Personal Financial Planning textbook, which I had used some years ago. Based on my own experience with their Fundamentals of Investing textbook and positive feedback from students, I can highly recommend this textbook for a typical undergraduate course. The book is well written, the questions and problems are appropriate for the level of textbook and the supplemental materials are helpful. The book has seventeen chapters, which is more than enough material for a onesemester course. The focus of the textbook is on the individual investor rather than the institutional investor. Undergraduate students seem to relate to that perspective well. The book is divided into six parts: (1) The Investment Environment; (2) Investing in Common Stock; (3) Investing in Fixed-Income Securities; (4) Derivative Securities; (5) Other Popular Investment Vehicles; and (6) Investment Administration. The textbook is current (considering the lag in publishing) with most examples, tables and figures updated through late 1997 or mid-1998. Each chapter begins with a real-world situation, issue or company; in Chapter 14, Real Estate and Other Tangible Investments, it is about Starwood Lodging's holdings and REIT status. After each section in a chapter, the Concepts in Review tests the knowledge acquired by a student. Normally, each chapter has two or more Investing in Action vignettes, which offer real world insights. In Chapter 14, one vignette discusses evaluating REITs as an investment and the other vignette is an overview of collectibles as an investment. A chapter summary concludes each chapter. Discussion questions and problems are labeled by chapter section identification to help students find answers. A good assortment of end-of-chapter problems is provided. Most of these problems are linked to the software, but using the softwa","PeriodicalId":35888,"journal":{"name":"Journal of Real Estate Literature","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2001-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"75986395","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The Pricing of 'Luckiness' in the Apartment Market","authors":"K. Chau, Vincent Ma, Danny Ho","doi":"10.1080/10835547.2001.12090095","DOIUrl":"https://doi.org/10.1080/10835547.2001.12090095","url":null,"abstract":"Abstract Previous study (Ma and Chau, 1998) suggests that superstition and taboo affect property price. People are willing to pay a premium for a 'lucky' property. In a Cantonese prevailing society such as Hong Kong, many people regard the number ‘8’ as lucky since '8' has similar pronunciation as prosperity in Cantonese. Therefore lucky floor number is a valuable attribute. Although not all Cantonese are superstitious about the luckiness of the number ‘8’, this is an added benefit that no Cantonese will reject. However such attribute of the property is intangible, as it does not carry any tangible benefit to the owner or tenant. This attribute has the characteristics of luxury goods, which are more volatile than other tangible attributes such as floor area and age. The price of such attribute is higher when the market is booming. A hedonic price model is estimated using transaction data during boom and slump of the property market. The results show that, flats with lucky floor numbers are sold at a significantly higher price during property booms but does not command a premium during property slump.","PeriodicalId":35888,"journal":{"name":"Journal of Real Estate Literature","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2001-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"89163960","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Water Use, Management, and Planning in the United States","authors":"M. Allen","doi":"10.1016/b978-0-12-689340-3.x5000-2","DOIUrl":"https://doi.org/10.1016/b978-0-12-689340-3.x5000-2","url":null,"abstract":"","PeriodicalId":35888,"journal":{"name":"Journal of Real Estate Literature","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2000-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"83527557","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The Determination of Rent in Shopping Centers: Some Evidence from Hong Kong","authors":"R. Tay, C. Lau, M. S. Leung","doi":"10.1023/A:1008704604930","DOIUrl":"https://doi.org/10.1023/A:1008704604930","url":null,"abstract":"","PeriodicalId":35888,"journal":{"name":"Journal of Real Estate Literature","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"1999-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"79606843","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Demographic Ring Study Reports with GIS Technology","authors":"G. Thrall","doi":"10.1023/A:1008708705839","DOIUrl":"https://doi.org/10.1023/A:1008708705839","url":null,"abstract":"","PeriodicalId":35888,"journal":{"name":"Journal of Real Estate Literature","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"1999-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"78633936","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}