This study investigates whether mortgage financing regulation unintentionally leads to minorities paying a higher loan contract rate under a risk-based pricing system. We provide evidence that minority borrowers prepay less frequently than comparable non-minority borrowers and thus have lower...

This paper examines the influence of bargaining power and property class on the prices of heterogeneous goods. Specifically, it explores the impact of buyer and seller characteristics on the transaction prices of office properties. The empirical model is based on the work of Harding, Rosenthal,...

Real estate price indices based solely on samples of sold properties may not accurately represent the population of properties due to potential sample selection bias. This study addresses this potential for sample selection bias in the construction of commercial price indices within the context...

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...

The literature's guidance on appraising easement values is limited, such as the sometimes unworkable advice to locate appropriate comparables. A simple economic analysis involving applications of bargaining theory (splitting a cooperative surplus) and game theory (anticipating other parties'...

The differences in the ownership structures of downtown retail districts and shopping centers may give rise to varying space allocations and rental contracts found in these markets. This article specifically examines the value-enhancing aspects of percentage leases and explores the mechanisms of...

The empirical work in this study serves as a test of the principle that redevelopment of a property will occur when the value of the existing bundle, plus demolition costs, is less than or equal to the price of vacant land. The probability of a commercial or industrial property being redeveloped...

The standard urban model supports the concept of a constant land price gradient throughout the urban area. It is a reasonable conjecture that the land price gradient would vary with direction from the CBD. The variation in the gradient could be caused by a number of factors, but the idea that...

This paper provides new evidence of sales sequence-real estate price relations in a setting in which consumption risk and completion risk are both minimized and where agglomeration economics do not pertain. The results illustrate that the monotonic declining price "afternoon effect" or rising...

The choice of marketing system used to allocate property rights is important across many industries. In Scotland, two systems of marketing real property co-exist: fixed price, where homes are listed for sale at a fixed price on "first-come-first-serve" basis, and offers over, which is a...