Long-term land leaseholds are contracts that contain within them a redevelopment option. The structure of the contract influences the incentive to redevelop. We employ real option pricing techniques to evaluate the timing and intensity of the redevelopment decision by lessees in alternative...

The transformation of the Polish economy during the early 1990s offers an unusual opportunityto examine the evolution of a new market for urban land. There has been a great deal oftheoretical and empirical research focused on urban land value functions that has derived fromthe work of Muth...

Commercial land price gradients for an emerging real estate market are estimated using spatial regression techniques. Spatial statistics are used to explore the extent of spatial autocorrelation in the residuals of an OLS land price gradient model. Spatial autocorrelation is present but not to...

We examine commercial land markets in Krakow, Poland over a ten-year period of transitionfrom socialist management to a market economy. We explore the spatial and temporal evolutionof land prices over this period. In particular, we are interested in identifying trends toward oraway from...

This study examines the impact of rent control of mobile home parks in seven counties of California between 1983 and 2003. We assembled an extensive and timely data set and, thus, were able to test more carefully specified econometric models than had been employed in prior studies of California...

Fusion CMBSs, UPREITs, paper-clip and paired share REITs, conduits and opportunity funds - all these phrases, words or phrases are common in today's real estate lexicon but were not around a decade ago. This evolution in real estate industry vernacular reflects deep and fundamental change in the...

Since the option to redevelop a property is valuable, ground leased property should trade at adiscount relative to fee simple property because of the impairment of the value of that optionresulting from the foreshortened horizon of the leaseholder. This discount would be over andabove the...

Recent years have seen the emergence of substantial scholarly research devoted to cross-national comparisons of real estate markets and financial institutions. In part, these analyses evaluate real estate market efficiency and the distributional outcomes associated with diverse institutions and...

We examine commercial land markets in Krakow, Poland over a 10-year period of transition from socialist management to a market economy. We explore the spatial and temporal evolution of land prices over this period. In particular, we are interested in identifying trends toward or away from...

Housing units are heterogeneous goods. Rates of change in housing prices are typically modelled as if they arise from factors unrelated to the housing unit itself. For example, housing price increases in the latter part of the 1970s and early 1980s are argued to have arisen primarily from...