We investigate whether nonlocal buyers of real estate pay different prices for similar assets as compared to local buyers. An efficient real estate market would operate against this but empirical studies leave the question unresolved. While some studies fail to detect or confirm price...

Apartments and houses are highly substitutable in production and consumption. As a result, performance disparity between these assets is based on financial differences and not technology or preferences. Even as the market for new houses has become highly volatile, that for apartments has...