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Real Estate Economics: A Point-to-Point Handbook [Hardback]

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  • Formāts: Hardback, 506 pages, height x width: 246x174 mm, weight: 1110 g, 62 Tables, black and white; 94 Line drawings, black and white; 94 Illustrations, black and white
  • Sērija : Routledge Advanced Texts in Economics and Finance
  • Izdošanas datums: 14-Dec-2012
  • Izdevniecība: Routledge
  • ISBN-10: 0415676347
  • ISBN-13: 9780415676342
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Real Estate Economics: A Point-to-Point HandbookPalielināt
  • Formāts: Hardback, 506 pages, height x width: 246x174 mm, weight: 1110 g, 62 Tables, black and white; 94 Line drawings, black and white; 94 Illustrations, black and white
  • Sērija : Routledge Advanced Texts in Economics and Finance
  • Izdošanas datums: 14-Dec-2012
  • Izdevniecība: Routledge
  • ISBN-10: 0415676347
  • ISBN-13: 9780415676342
Citas grāmatas par šo tēmu:
Permanent link: https://www.kriso.lv/db/9780415676342.html
Keywords:
Real Estate Economics: A point-to-point handbook introduces the main tools and concepts of real estate (RE) economics. It covers areas such as the relation between RE and the macro-economy, RE finance, investment appraisal, taxation, demand and supply, development, market dynamics and price bubbles, and price estimation. It balances housing economics with commercial property economics, and pays particular attention to the issue of property dynamics and bubbles something very topical in the aftermath of the US house-price collapse that precipitated the global crisis of 2008.

This textbook takes an international approach and introduces the student to the necessary toolbox of models required in order to properly understand the mechanics of real estate. It combines theory, technique, real-life cases, and practical examples, so that in the end the student is able to:

read and understand most RE papers published in peer-reviewed journals;

make sense of the RE market (or markets); and

contribute positively to the preparation of economic analyses of RE assets and markets soon after joining any company or other organization involved in RE investing, appraisal, management, policy, or research.

This book should be particularly useful to third-year students of economics who may take up RE or urban economics as an optional course, to postgraduate economics students who want to specialize in RE economics, to graduates in management, business administration, civil engineering, planning, and law who are interested in RE, as well as to RE practitioners and to students reading for RE-related professional qualifications.
List of figures
xv
List of tables
xix
List of boxes
xxii
Abbreviations xxiii
Preface xxvii
1 Real estate (RE): an overview of the sector
1(11)
Learning outcomes
1(1)
1.1 Definition of real estate (RE)
1(1)
1.2 RE subsectors (or submarkets)
2(1)
1.3 The location factor
3(2)
1.4 Location and `authentic' versus `derived' demand for RE
5(1)
1.5 Other characteristics of RE - and wider interactions
6(3)
1.6 Why study RE economics?
9(3)
2 RE: tools of analysis
12(34)
Learning outcomes
12(1)
2.1 Mathematical techniques
13(7)
2.1.1 Differentiation
13(2)
2.1.2 Partial and total differentiation
15(1)
2.1.3 Optimization
16(1)
2.1.4 Optimizing functions of more than one variable
17(1)
2.1.5 Constrained optimization
18(1)
2.1.6 Implicit differentiation
19(1)
2.1.7 The S curve
19(1)
2.2 Economic concepts
20(17)
2.2.1 Elasticity
20(1)
2.2.2 Indifference curves
21(2)
2.2.3 Useful demand and utility functions
23(3)
2.2.4 From Cobb-Douglas utility to Cobb-Douglas demand
26(1)
2.2.5 Income and substitution effects
27(1)
2.2.6 Income and substitution effects: locating the tangency solutions
28(2)
2.2.7 Income and substitution effects in housing
30(1)
2.2.8 Elasticity of substitution (εs)
31(2)
2.2.9 Characteristics theory
33(1)
2.2.10 Isoquants, isocosts, MPP, MRP, and profit maximization
33(4)
2.3 Statistical primer: regression, co-integration, Granger causality
37(9)
2.3.1 Regression
37(2)
2.3.2 Regression and causality
39(1)
2.3.3 Co-integration
40(1)
2.3.4 More on time series
40(2)
2.3.5 A graphical example
42(1)
2.3.6 Granger causality
43(1)
2.3.7 Further reading
44(1)
Summary of main points
44(1)
Review questions and exercises
44(2)
3 RE in the wider economy
46(37)
Learning outcomes
46(1)
3.1 RE in the National Accounts
47(6)
3.2 RE investment and economic growth
53(8)
3.2.1 Multiplier effects
53(4)
3.2.2 A limit to the share of construction in GDP?
57(1)
3.2.3 Who pulls whom - GDP or construction?
58(3)
3.3 Determinants of RE investment; Tobin's q
61(5)
3.3.1 Utility-driven investment
61(1)
3.3.2 Tobin's q
62(2)
3.3.3 RE investment as inflation hedge
64(1)
3.3.4 The role of `fundamentals'
65(1)
3.3.5 What about non-residential property?
65(1)
3.4 The effect of RE prices on the economy
66(3)
3.4.1 The consumption channel
66(1)
3.4.2 The investment channel
66(3)
3.4.3 The financial sector channel
69(1)
3.4.4 The inflation channel
69(1)
3.4.5 The government's fiscal position channel
69(1)
3.5 The housing wealth effect (HWE)
69(9)
3.5.1 The HWE as a home-equity adjustment
70(2)
3.5.2 The HWE as a PILC adjustment
72(2)
3.5.3 The HWE as a consumer-credit adjustment
74(1)
3.5.4 How strong is the HWE effect, then?
75(3)
3.6 Homeownership and the labour market
78(5)
Summary of main points
80(1)
Review questions and exercises
81(2)
4 RE finance: loans, equity withdrawal, and MBSs
83(41)
Learning outcomes
83(1)
4.1 Loans, mortgages, and maths
84(2)
4.2 Forward mortgages: basic loan types
86(8)
4.2.1 The interest-and-capital repayment loan
86(2)
4.2.2 The interest-only loan
88(2)
4.2.3 The low-start loan
90(2)
4.2.4 The stabilized loan
92(1)
4.2.5 The select-payment loan
93(1)
4.2.6 The cap-and-collar loan
93(1)
4.2.7 The index-linked loan
93(1)
4.3 Remortgaging and equity withdrawal
94(4)
4.3.1 Variable versus fixed interest rates
94(1)
4.3.2 From prepayment to refinancing
95(2)
4.3.3 Cash-out refinancing
97(1)
4.3.4 Tapping into one's home equity
97(1)
4.4 Reverse (or equity release) mortgages
98(7)
4.4.1 Mechanics of a reverse mortgage
100(3)
4.4.2 A right interest rate for a reverse mortgage?
103(2)
4.5 Reverse mortgages in the USA and the UK
105(2)
4.6 Housing finance and homeownership
107(5)
4.7 Mortgage securitization (MS)
112(12)
4.7.1 How MS works
113(3)
4.7.2 Types of MBSs
116(1)
4.7.3 Reasons for MS
116(4)
4.7.4 Effect on RE market
120(1)
Summary of main points
121(1)
Review questions and exercises
122(2)
5 RE as an investment decision
124(38)
Learning outcomes
124(1)
5.1 Definition of commercial RE
125(1)
5.2 The language of the market place
126(3)
5.2.1 Some definitions
126(3)
5.2.2 Investment vehicles
129(1)
5.3 Characteristics of investment in RE
129(3)
5.4 A portfolio approach to RE investment
132(10)
5.4.1 Portfolio basics
132(6)
5.4.2 RE and correlation between assets
138(1)
5.4.3 RE across countries: correlations (A)
139(1)
5.4.4 RE & other asset classes: correlations (B)
139(1)
5.4.5 An application
139(3)
5.5 Property valuation
142(16)
5.5.1 Investment appraisal: NPV and IRR
146(3)
5.5.2 Special cases in property valuation
149(3)
5.5.3 The capitalization rate
152(2)
5.5.4 The cap rate cycle
154(2)
5.5.5 The band-of-investment concept
156(2)
5.6 Physical life and economic life
158(1)
5.7 Property derivatives and options
158(4)
Summary of main points
159(1)
Review questions and exercises
160(2)
6 Demand for office-retail-industrial space
162(39)
Learning outcomes
162(1)
6.1 Demand for office space
163(20)
6.1.1 Vacant space-occupied space
163(4)
6.1.2 Mathematical modelling of the short term
167(2)
6.1.3 Mathematical modelling of the long term
169(1)
6.1.4 A disturbance and re-establishment of equilibrium
170(1)
6.1.5 The office rental cycle and the NVR
170(7)
6.1.6 Determinants of office demand (and supply)
177(3)
6.1.7 How is the NVR estimated?
180(1)
6.1.8 Office market analysis
181(2)
6.2 Demand for retail space
183(11)
6.2.1 The geographical frame of reference
184(1)
6.2.2 Methods of finding trade areas: the checklist method
185(2)
6.2.3 Methods of finding trade areas: the analogue method
187(1)
6.2.4 Methods of finding trade areas: multiple regression analysis (MRA)
187(1)
6.2.5 Methods of finding trade areas: gravity modelling
187(6)
6.2.6 Methods of finding trade areas: use of GIS
193(1)
6.3 Demand for industrial space
194(7)
Summary of main points
199(1)
Review questions and exercises
199(2)
7 Housing demand and supply
201(38)
Learning outcomes
201(1)
7.1 Dwelling price versus dwelling rent
202(2)
7.2 Residential demand
204(1)
7.3 Modelling residential demand: a (demanding!) example
205(4)
7.3.1 The De Bruyne-Van Hove model
206(3)
7.4 Adding supply: an extended model
209(2)
7.5 Determinants of housing demand and supply
211(2)
7.6 A practical example of housing `demand' calculation
213(2)
7.7 Construction, development, and supply changes
215(1)
7.8 A developer's profit maximization problem
216(10)
7.8.1 Profit-maximization in the face of planning constraints
216(2)
7.8.2 The RRR approach to development
218(1)
7.8.3 Profit maximization in the face of a land price
219(6)
7.8.4 More on the negotiation dimension
225(1)
7.9 What price for land?
226(13)
7.9.1 The `Anglo-American' mode of residential development
226(4)
7.9.2 The `Greek' mode of residential development
230(3)
7.9.3 Concluding remarks
233(2)
Summary of main points
235(2)
Review questions and exercises
237(2)
8 Construction flows and market equilibrium
239(34)
Learning outcomes
239(1)
8.1 Capital stock adjustment models (CSAMs)
240(2)
8.2 The DiPasquale - Wheaton (DiPW) model
242(3)
8.3 Summing up the DiPW model
245(1)
8.4 From the DiPW model to a modified CSAM
246(6)
8.4.1 Example A: linear demand
248(3)
8.4.2 From example A: estimating supply
251(1)
8.4.3 Example B: curvilinear demand
252(1)
8.5 CSAMs and the role of expectations
252(5)
8.5.1 `Excessive' response to a price shock
253(2)
8.5.2 `Myopic' and `rational' expectations
255(1)
8.5.3 Developers' responses to prices in the face of uncertainty
256(1)
8.6 The `riddle' of mean reversion
257(3)
8.7 The capitalization factor k in the DiPW model
260(1)
8.8 RE shocks and cycles
261(8)
8.8.1 Question (a): one cycle or many?
263(4)
8.8.2 Question (b): origin of the shock
267(1)
8.8.3 Question (c): pro- or counter-cyclical?
267(1)
8.8.4 Question (d): short cycles, long swings?
268(1)
8.8.5 Question (e): different sectors, different cycles?
268(1)
8.8.6 Question (f): cycles and expectations
269(1)
8.9 Appendix: a note on difference equations
269(4)
Summary of main points
271(1)
Review questions and exercises
271(2)
9 RE taxation
273(38)
Learning outcomes
273(1)
9.1 An introduction to taxes and taxation
274(6)
9.1.1 Kinds of taxes
274(2)
9.1.2 Principles of taxation
276(4)
9.2 (In)ability to pay RE taxes
280(4)
9.3 Is it better to tax property or income from it?
284(2)
9.4 Property taxes, income taxes, and growth
286(1)
9.5 Are RE taxes capitalized in RE prices?
287(7)
9.5.1 Inheritance taxes
287(1)
9.5.2 Tax capitalization and tax incidence
287(1)
9.5.3 Capital-gains taxes
288(1)
9.5.4 Sales taxes
289(1)
9.5.5 (Recurrent) property taxes
289(3)
9.5.6 More on the capitalization issue
292(2)
9.6 Taxation of imputed rental income
294(11)
9.6.1 The `imputed rent is income' argument
294(2)
9.6.2 The `income redistribution' argument
296(1)
9.6.3 The `tenure-neutrality' argument
296(1)
9.6.4 The `equal treatment of investments' argument
297(4)
9.6.5 The `taxation efficiency' argument
301(2)
9.6.6 Efficiency and preferences
303(2)
9.7 Appendix: incidence calculation of an ad valorem tax
305(6)
Summary of main points
307(1)
Review questions and exercises
308(3)
10 Land uses, values, and taxation
311(37)
Learning outcomes
311(1)
10.1 The land-use pattern in a market economy
312(1)
10.2 Land uses as expressions of urban hierarchies
312(3)
10.3 Land uses outwards from a city's core
315(2)
10.4 A firm's bid-rent curve
317(4)
10.4.1 A constant-revenue firm
317(2)
10.4.2 A variable-revenue, constant-price firm
319(2)
10.4.3 A variable-revenue, variable-price, and variable-quantity firm
321(1)
10.5 A household's bid-price curve
321(3)
10.5.1 A more traditional approach
322(2)
10.6 How bid-curves help create a land-use pattern
324(3)
10.7 A bid-curve for all land uses in an urban area
327(1)
10.8 Land-value taxation (LVT)
327(6)
10.8.1 Preliminary remarks
329(2)
10.8.2 Tax incidence and deadweight loss (DWL)
331(2)
10.9 Critical appraisal of arguments favouring LVT
333(6)
10.9.1 Argument 1
333(2)
10.9.2 Argument 2
335(1)
10.9.3 Argument 3
335(1)
10.9.4 Argument 4
336(1)
10.9.5 Argument 5
337(1)
10.9.6 Concluding remarks
338(1)
10.10 Economic rent from land
339(3)
10.11 Appendix: derivation of bid-rent curve and rend-gradient
342(6)
Summary of main points
345(1)
Review questions and exercises
346(2)
11 Housing market bubbles
348(35)
Learning outcomes
348(1)
11.1 Asset-price bubbles
349(3)
11.1.1 Causes of bubbles - and bursts
349(2)
11.1.2 The significance of credit
351(1)
11.2 Why housing market bubbles matter a lot
352(1)
11.3 The US house-price bubble of 2006 - and its burst
353(3)
11.4 Planning restrictions and bubbles
356(2)
11.5 Conventional signs of a bubble
358(2)
11.6 Consequences of a house-price bubble burst
360(1)
11.7 Can asset-price bubbles be avoided?
361(9)
11.7.1 Credit is key
362(2)
11.7.2 `Automatic stabilizers' as `bubble-stoppers'
364(2)
11.7.3 An example of an `automatic stabilizer' RE tax
366(4)
11.8 Expected return, RRR, and house-price volatility
370(13)
11.8.1 `Fundamental' drivers and market `actors'
370(2)
11.8.2 Market `actors' behaviour
372(1)
11.8.3 A model of housing market volatility
373(3)
11.8.4 A model of housing market volatility (cont'd)
376(3)
11.8.5 Concluding remarks
379(1)
Summary of main points
380(1)
Review questions and exercises
381(2)
12 RE performance and price measures
383(40)
Learning outcomes
383(1)
12.1 Value versus price versus performance
384(1)
12.2 Main RE performance measures
384(7)
12.2.1 Money-weighted versus time-weighted performance measures
385(4)
12.2.2 A RE application
389(2)
12.3 RE price indices: prologue
391(3)
12.3.1 Price indices versus prices
391(3)
12.4 The hedonic method
394(10)
12.4.1 A hedonics example
394(4)
12.4.2 A semi-logarithmic functional form
398(2)
12.4.3 Varying the weights
400(2)
12.4.4 The functional form problem in hedonics
402(2)
12.5 The repeat-sales method
404(3)
12.6 The mix-adjustment method
407(2)
12.7 The SPAR method
409(1)
12.8 Who uses what HPI
410(1)
12.8.1 Automated Valuation Models
410(1)
12.9 HPI comparison
411(6)
12.9.1 Hedonic indices
411(4)
12.9.2 Repeat-sales indices
415(1)
12.9.3 Mix-adjustment, or stratification, indices
415(1)
12.9.4 SPAR indices
416(1)
12.10 Appendix: hedonics theory
417(6)
Summary of main points
421(1)
Review questions and exercises
422(1)
Epilogue 423(3)
Notes 426(15)
References 441(25)
Index 466
Nicholas G. Pirounakis is Professor of Economics at the American College of Greece (Deree College). He also works as an economic analyst/consultant, and economic writer and journalist.