This paper investigates the effects of European monetary integration on the behavior of stock returns in European real estate companies from the perspective of a dollar-denominated investor. A range of statistical tests is applied to assess changes in segmentation, co-movement and causality. The...

This paper develops a valuation model of the real estate brokerage firm. A brokerage has a positive market valuation, while having a negligible book value. Options theory is used to value the firm. The firm writes an option by taking a contingent claim on income generated, through the commission...

This paper examines the impact of repair expenses on the selling price of a house. Using data from settlement statements, we investigate the frequency and extent to which performance of major repairs is part of the sales contract. We find that most homes are restored to a "normally maintained"...

This study examines the assumable loan value in creative financing. It is shown that, even in perfect markets and with an identical risk assigned to first and secondary mortgages on the same house, the assumable loan value as determined by the cash equivalence method is overstated. The impact of...

Equity real estate investment trust (REITs) grouped by property-type sectors have become more integrated over the 1989 to 1998 period as evidenced by increasing correlation over time. Specifically, six pairs of equity REITs grouped as having predominantly apartment, industrial, office and retail...

This article investigates the extent to which condominium apartment prices in Vancouver, British Columbia are set in an efficient asset market. The empirical results provide strong evidence against market efficiency. A number of instruments, including lagged annual returns and a measure of the...

This paper discusses the economic basis for the existence of business enterprise value in a shopping mall. The existence of business enterprise value in a mall is then tested by examining the rent paid by existing tenants on a lease renewal vs. that paid by new tenants for otherwise identical...

This study examines the variations in quarterly mean "capitalization rates" for commercial and industrial investment properties. By explaining the variations in the capitalization rate, we hope to expand the research in explaining variations in the overall return to property. This study differs...

This paper reexamines the time on market (TOM) of residential housing. We use a larger sample of data to analyze the factors that effect TOM. The research provides evidence of the impact of macroeconomic factors on TOM and demonstrates the application procedure in correcting the censored sample...

Rules of thumb have been developed to assist appraisers in dealing with the uncertainties that abound when easement values must be estimated. An economic analysis of one popular rule-of-thumb technique, based on a fixed percentage of the value of a hypothetical fee simple interest in the...