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Understanding Commercial Real Estate : Just How Different from Housing Is It?

Gyourko, Joseph - 2009

Commercial real estate capital structure looks to be quite weak due to high leverage combined with strong mean reversion in prices. The aggregate loan-to-value ratio on income-producing properties is about 75%. Estimated mean reversion in price appreciation of at least 25% over relatively short...

Persistent link: https://www.econbiz.de/10012463939

Evidence on Rationality in Commercial Property Markets : An Interpretation and Critique

Hendershott, Patric - 2005

Periodic sharp sustained increases and then reversals in asset prices lead many to posit irrational price bubbles. The general case for irrationality is that real asset prices simply have moved too much given the future real cash flows the assets are reasonably likely to produce. A corollary for...

Persistent link: https://www.econbiz.de/10012467354

Rental Adjustment & Valuation of Real Estate in Overbuilt Markets : Fundamental vs. Reported Office Market Values in Sydney Australia

Hendershott, Patric H. - 1994

Real estate markets are periodically plagued by excess supply, rent concessions and few arms-length transactions. During such periods, valuation is problematic. The model presented here requires the forecasts of future vacancy rates, and equilibrium and actual rental rates. Vacancy rate...

Persistent link: https://www.econbiz.de/10012474144

A Reconsideration of Hedonic Price Indices with an Application to PC's

Pakes, Ariel - 2002

indices. Since the matched model index does not incorporate price changes for goods which exit, and the goods that exited tend … to be those goods whose prices fall, the matched model index has a selection problem which biases it upwards. The hedonic … index does not have this problem. We illustrate with a new study of price indices for PC's. The hedonic index shows steep …

Persistent link: https://www.econbiz.de/10012470000

Product Innovations, Price Indices and the (Mis)Measurement of Economic Performance

Trajtenberg, Manuel - 1990

staggering 55% per year (on average) over the first decade of the technology. By contrast, an hedonic-based index captures just a … small fraction of the decline, and a simple (unadjusted) price index shows a substantial price increase over the same period …

Persistent link: https://www.econbiz.de/10012475776

Hedonic Price Indexes and the Measurement of Capital and Productivity : Some Historical Reflections

Griliches, Zvi - 1988

The paper describes the background for my original "hedonics" paper (Griliches 1961) and discusses some of the issues raised by the subsequent literature on this range of topics. It goes on to consider some of the implications of this work for the measurement of capital services and connects it...

Persistent link: https://www.econbiz.de/10012476438

The Marginal Cost of Mortality Risk Reduction : Evidence from Housing Markets

Bishop, Kelly C.; Kuminoff, Nicolai V.; Mathes, Sophie; … - National Bureau of Economic Research - 2021

We provide the first evidence that spatial variation in all-cause mortality risk is capitalized into US housing prices. Using a hedonic framework, we recover the annual implicit cost of a 0.1 percentage-point reduction in mortality risk among older Americans and find that this figure is both...

Persistent link: https://www.econbiz.de/10012794649

A Theory-Based Approach to Hedonic Price Regressions with Time-Varying Unobserved Product Attributes : The Price of Pollution

Bajari, Patrick - 2010

We propose a new strategy for a pervasive problem in the hedonics literature--recovering hedonic prices in the presence of time-varying correlated unobservables. Our approach relies on an assumption about homebuyer rationality, under which prior sales prices can be used to control for...

Persistent link: https://www.econbiz.de/10012462927

Using Locational Equilibrium Models to Evaluate Housing Price Indexes

Sieg, Holger - 2000

This paper analyses how the properties of locational equilibrium models can be used to evaluate approaches for constructing price indexes for heterogeneous houses. Housing markets play a key role in locational equilibrium models. Prices for houses determine that implicit costs that households...

Persistent link: https://www.econbiz.de/10012470802

A New Spatial Hedonic Equilibrium in the Emerging Work-from-Home Economy?

Brueckner, Jan K.; Kahn, Matthew E.; Lindeman, Gary - National Bureau of Economic Research - 2021

This paper studies the impacts of work-from-home (WFH) in the housing market from both intercity and intracity perspectives. Our results confirm the theoretical prediction that WFH puts downward pressure on housing prices and rents in high-productivity counties, a result of workers starting to...

Persistent link: https://www.econbiz.de/10012496079

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