Clientele Effects and Condo Conversions
During an asset boom a property can develop a new usage. Appreciation investors emerge to change a property's occupant mix or letter grade. Rental investors not intending to change the mix or grade are outbid. Sellers receive a capitalized premium from the new type of bidder. For apartments in Miami-Fort Lauderdale during 2004-2006, there is an asset pricing premium from condo converters. The price of real estate depends on clienteles in addition to characteristics. Copyright 2008 American Real Estate and Urban Economics Association
Year of publication: |
2008
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Authors: | Benjamin, John D. ; Chinloy, Peter ; Hardin, William G. ; Wu, Zhonghua |
Published in: |
Real Estate Economics. - American Real Estate and Urban Economics Association - AREUEA. - Vol. 36.2008, 3, p. 611-634
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Publisher: |
American Real Estate and Urban Economics Association - AREUEA |
Saved in:
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