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Cities for Profit
Cities for Profit examines the phenomenon of urban real estate megaprojects in Asia—massive, privately built planned urban developments that have captured the imagination of politicians, policymakers, and citizens across the region. These controversial projects, embraced by elites, occasion massive displacement and have extensive social and economic impacts. Gavin Shatkin finds commonalities and similarities in dozens of such projects in Jakarta, Kolkata, and Chongqing. Shatkin is at the vanguard of urban studies in his focus on real estate. Just as cities are increasingly defined and remapped according to the value of the land under their residents' feet, the lives of city dwellers are shaped and constrained by their ability to keep up with rising costs of urban life. Scholars and policy and planning professionals alike will benefit from Shatkin's comprehensive research. Cities for Profit contains insights from more than 150 interviews, site visits to projects, and data from government and nongovernmental organization reports and data, urban plans, architectural renderings, annual reports and promotional materials of developers, and newspaper and other media accounts.
eBook
Market Distortions When Agents Are Better Informed: The Value of Information in Real Estate Transactions
Agents are often better informed than the clients who hire them and may exploit this informational advantage. Real estate agents have an incentive to convince clients to sell their houses too cheaply and too quickly. We test these predictions by comparing home sales in which real estate agents are hired to when an agent sells his own home. Consistent with the theory, we find homes owned by real estate agents sell for 3.7% more than other houses and stay on the market 9.5 days longer, controlling for observables. Greater information asymmetry leads to larger distortions.
Journal Article
Supply, Demand and the Value of Green Buildings
Attention to 'sustainability' and energy efficiency rating schemes in the commercial property sector has increased rapidly during the past decade. In the UK, commercial properties have been certified under the BREEAM rating scheme since 1999, offering fertile ground to investigate the economic dynamics of 'green' certification in the commercial property market. This paper documents that, over the 2000–09 period, the expanding supply of green buildings within a given London neighbourhood had a positive impact on average rents and prices, but reduced rents and prices for environmentally certified real estate. The results suggest that there is a gentrification effect from green buildings. However, each additional \"green\" building decreases the marginal effect of certification in the rental and transaction markets by 2 per cent and 5 per cent respectively. In addition, controlling for lease contract features, like contract length and the rent-free period, modifies the impact of environmental certification on rental prices.
Journal Article
Urban land rent : Singapore as a property state
In Urban Land Rent, Anne Haila uses Singapore as a case study to develop an original theory of urban land rent with important implications for urban studies and urban theory. * Provides a comprehensive analysis of land, rent theory, and the modern city * Examines the question of land from a variety of perspectives: as a resource, ideologies, interventions in the land market, actors in the land market, the global scope of land markets, and investments in land * Details the Asian development state model, historical and contemporary land regimes, public housing models, and the development industry for Singapore and several other cities * Incorporates discussion of the modern real estate market, with reference to real estate investment trusts, sovereign wealth funds investing in real estate, and the fusion between sophisticated financial instruments and real estate
eBook
Dictionary of real estate terms
Home buyers and sellers, real estate professionals, investors, and attorneys can rely on the up-to-date ninth edition of [this book] when they need a handy quick-reference source to the industry's terminology. More than 3,000 short-entry terms and definitions cover topics that include appraisal, architectural styles, brokerage, construction, development, environmental finance, mortgage types, zoning, and much more. Many definitions are supplemented with graphs, charts, and line art.
REF-BOOK
Real Estate Prices and Firm Capital Structure
This paper examines the impact of real estate prices on firm capital structure decisions. For a typical U.S. listed company, a one-standard-deviation increase in predicted value of firm pledgeable collateral translates into a 3 percentage points increase in firm leverage ratio. The identification strategy employs a triple interaction of MSA-level land supply elasticity, real estate prices, and a measure of a firm's real estate holdings as an exogenous source of variation in firm collateral values. Firms significantly change their debt structure in response to collateral value appreciation. The results indicate the importance of collateral values in mitigating potential informational imperfections.
Journal Article