Real Estate Business Research Articles

Sale of Business Assets: Contingent Liabilities and Economic Performance

The sale of real estate or other business or investment assets often entails the transfer of liabilities by the seller of the property. The liabilities involved may be recourse or nonrecourse, fixed or contingent, and may involve expenditures that may be tax deductible, may require capitalization or may be neither deductible or capitalizable. The definition of liability is not always clear. In this article the authors recommended use of a definition included in a then temporary partnership regulation, but that has now been adopted by Reg.1.752-1(a)(4), and the author still believe it should be considered applicable more broadly. They note that it has subsequently be used in several tax shelter cases, particularly ones involving short sale obligations. In this article the authors seek to deal comprehensively with the treatment of liabilities in a variety of contexts, including installment sales and nonrecognition exchanges. Accordingly, despite its age, much if not most of the discussion is still valid.

Performance of the Indian Cement Industry: The Competitive Landscape

The cement industry is experiencing a boom on account of the overall growth of the Indian economy primarily because of increased industrial activity, flourishing real estate business, growing construction activity, and expanding investment in the infrastructure sector. The performance of the industry, under different policy regimes, truly establishes that decontrol of the industry and liberalization of the economy has led to remarkable improvement in the indicators such as installed capacity, capacity utilization, per capita consumption and exports. Positive trends can be evidenced in some of the other indicators too namely technology, prices and regional and market concentration. The competitiveness among the firms in the Indian cement industry has also been evaluated for the year 2006-2007. Out of the sample of 17 firms (90.21 per cent of the market share), about 47 per cent have recorded above industry average performance in the overall competitiveness index. The marginal difference between the indices of competitiveness of different firms reveals the tough competition among the firms in the industry.

How streetcars shaped suburbanization: a Granger causality analysis of land use and transit in the Twin Cities

This article presents a Granger causality analysis of the coupled development of population and streetcars in the Twin Cities of Minneapolis and St Paul Historic residence and network data were assembled for 1900‐1930, and linear crosssectional time-series models were estimated at both a tract and block level using these data. It is found that, in contrast with transportation systems that were expanded in response to increased demand, the rapid expansion of the streetcar system during the electric era has been driven by other forces and to a large extent led land development in the Twin Cities. The main forces that have driven this process include technological superiority, monopoly, close connections with real estate business and people’s reliance on the streetcar for mobility. Proximity to the streetcar is found to be a crucial factor that determines the distribution and development of residences: it is observed that residential density declines with the distance from streetcar lines, and significantly drops beyond a walkable distance; it is also observed that gaining a closer access to streetcar lines within 800m (about a half mile) predicts the increase in residential density to a significant extent.

Application Research of CMM in Real Estate Entreprise Management

This paper analyzes the application feasibility of CMM(Capability Maturity Model for Software) in real estate business management, and builds the CMM of real estate enterprises, It includes five levels, which describes respectively the business management ability levels for real estate enterprises of different levels of maturity. Through the application of the model, it indicates that CMM can help continue upgrading the management capacity of real estate enterprises.

Veraneio marítimo na metrópole: o caso de Aquiraz, Ceará-Brasil

As modernas práticas marítimas, em especial o veraneio, representam novas possibilidades de aproximação da sociedade com o mar, destacando o espaço litorâneo como prioritário para o lazer e moradia das populações das grandes aglomerações urbanas. Desta forma, a urbanização torna-se processo dialeticamente relacionado à disseminação da maritimidade moderna. Para compreender este processo, tomar-se-á como estudo de caso a expansão do veraneio marítimo em direção ao espaço litorâneo de Aquiraz. O cerne é entender a influência da Metrópole na diluição do veraneio marítimo no espaço revelado como litoral, em destaque as zonas de praia, inscritas ao tecido urbano da Região Metropolitana de Fortaleza. Os veranistas, os empreendedores imobiliários, o poder público municipal e estadual são sujeitos sociais envolvidos no processo gerador de uma morfologia urbana descontínua, caracterizada por parcelamentos urbanos e por aglomerados de segundas residências. Evidencia-se, nestes termos, a valorização dos espaços litorâneos como condicionante para a expansão da Metrópole.

Product Innovation & Mortgage Selection in the Subprime Era

The introduction of subprime mortgage lending helped fill an unmet demand for mortgage credit by those who did not qualify for prime credit. The rapid growth of the subprime market provides indirect evidence that there were in the past (before subprime) and probably are again (after the subprime meltdown) many households who cannot purchase a home due to the lack of available mortgage products. Mortgage product innovation has made mortgage terms of art such as io (interest only) or neg-am (negative amortization) part of everyday parlance in the real estate business, but the last few years have also shown that very few institutional investors, underwriters, originators, or servicers fully understood the risks associated with these types of products. If these sophisticated market participants struggled with recent innovations it should come as no surprise that borrowers also struggled to understand them and utilize them effectively. Indeed, the great promise of subprime lending -- making homeownership feasible and an affordable reality for most Americans -- has instead turned into a financial debacle and a massive drag on the American economy.Since the use of exotic or alternative mortgage products played a role in the subprime meltdown, it is important to understand when these products make sense and how far the market deviated from rationality. The research presented here begins this analysis using a county level empirical examination of the mechanisms used to select different types of subprime mortgages from 2000 through July 2007. In particular we examine the use of adjustable rate loans, hybrid rate loans, interest only loans, non-amortizing loans, and loans with balloon payments. The empirical results indicate that the economic and financial incentives play a large part in determining what types of loans people used to finance their home. We also examine how the use of these types of mortgages changed over time and how much of those changes were driven by economic and financial fundamentals. We find substantial evidence of the misallocation of mortgage types over the 2004-2007 time period. This may help us to project what a sensible subprime mortgage market should look like in the future and how far the mortgage market deviated from that path.

Mutaciones metropolitanas: de la construcción de barrios cerrados a la creación de ciudades privadas: balance de una década de urbanización privada en la región metropolitana de Buenos Aires

Desde el punto de vista urbanistico, una de las transformaciones mas profundas acaecida en la region metropolitana de Buenos Aires (RMBA) durante la ultima decada, ha sido el cambio en los patrones de expansion metropolitana operado a traves de la iniciativa privada, y su incidencia en las dimensiones socioeconomicas, politicas y culturales. La transformacion apunta directamente al concepto de ciudad, abarcando con el mismo no solo el aspecto formal, sino el conjunto de practicas cotidianas. La incorporacion de importantes fracciones de tierra suburbana (estimada en mas de 400 Km²) al territorio metropolitano y su atomizacion en enclaves cerrados ubicados entre los 30 y los 60 kilometros de la Ciudad de Buenos Aires, esta marcando una nueva etapa en el proceso de metropolizacion. Las motivaciones economicas de determinados actores, y las carencias propias de una region urbana hipertrofiada y con altos indices de violencia, han sido, probablemente, factores de peso para impulsar el proceso de “urbanizacion privada.” El balance de los resultados de este proceso, nos lleva a afirmar que la creciente autosuficiencia de las urbanizaciones cerradas es un importante factor de desarticulacion y de fragmentacion con el resto de las ciudades abiertas, y que los argumentos acerca de la inseguridad urbana con los que justifican el crecimiento de los conjuntos residenciales cerrados, son solo un factor mas para encubrir el pujante negocio inmobiliario que subyace en este proceso de avance del urbanismo privado.

Team Building and Communication: Keys to Success in Real Estate Curricula and the Marketplace

Before launching a new real estate program, the University of Baltimore's Merrick School of Business asked a panel of professionals in the real estate business to assist in developing a curriculum ...

Evaluating Tiers of Real Estate Publications in the U.S.

Many universities use tiered target publication lists to evaluate research for promotion and tenure. A survey finds U.S. real estate academics agree which criteria to use to classify journals into tiers. They also agree that a top tier should consist of four journals. While there is general agreement that Real Estate Economics and the Journal of Real Estate Finance and Economics are the top two journals, economists and real estate business academics differ in their assessment of the Journal of Urban Economics and the Journal of Real Estate Research as the third and fourth ranked journals. There is even less agreement about which journals should constitute the second tier. The distinction between real estate as an urban economics field and as a separate business discipline is evidenced by differences in perceptions of journals.

De Europa a las Américas: Dirigentes y liderazgos (1880–1960)

De Europa a las Américas: Dirigentes y liderazgos (1880–1960)

프랜차이징정보시스템 활용 능력이 CRM구축 의도에 미치는 영향

최근 프랜차이징(Franchising)은 소매업에 있어 대규모화 할 수 있는 사업 분야의 하나이다. 프랜차이즈 사업은 외식업을 시작으로 숙박업, 부동산업, 교육사업 등 다양한 분야로 확산되고 있다. 프랜차이징 산업에 있어 고객관리는 매우 중요한 이슈이며, 프랜차이즈 기업들은 CRM시스템을 적극적으로 도입하고 있다. 따라서 본 연구에서는 프랜차이즈 기업의 고객관리를 위한 CRM구축의도에 대한 분석을 하였다. 프랜차이즈 사업의 관리를 위한 정보시스템을 프랜차이징정보시스템(Franchising Information Systems, FIS)으로 정의하고, FIS의 기술수준, 교육수준, 활용전략이 FIS의 활용능력에 영향을 미치는 것과 FIS의 활용능력은 CRM구축의도에 영향을 미치는 것에 대해 연구하였다. 연구결과 FIS활용전략은 FIS활용능력에 영향을 미친다고 할 수 없으며 FIS기술수준, FIS교육수준은 FIS활용능력에 영향을 미치며, FIS활용능력은 CRM구축의도에 영향을 미친다는 결론을 도출하였다. Franchising is a business sector which can be enlarged to a large scale in retailing business. Franchising has expanded its realm of business into realestate business and education business, starting from hospitality business. In franchising, the management of customers is a critical issue, so many franchising companies actively implement the CRM system to improve customer relationship. Therefore, this research focuses on the intention of franchising companies about the implementation of the CRM system. The information system used for managing franchising business is defined as Franchising Information Systems(FIS). In this research, the impact of technological level, educational level and utilization strategy of FIS on the ability of FIS use were analyzed. In addition, the impact of the ability of FIS use on the intention of franchising companies about the implementation of the CRM system was analyzed. The results from the research reveal that the utilization strategy of FIS does not affect the ability of FIS use, but technological level and educational level have an effect on the ability of FIS use. The ability of FIS use has influence on the intention of franchising companies about the implementation of the CRM system.

Internet Business Strategies by Property Companies in Malaysia

This paper presents the results of a study of property development companies in Malaysia on their internet business strategy. Data was collected from various real estate related companies’ web sites. The services and information offered in these web sites are discussed and used to describe the growth of internet usage in these real estate businesses. Most of the real estate businesses in Malaysia are still in the infancy stage of using the internet as a tool in business. However, some of these companies do have adequate information regarding their internet business strategy which would improve their business competitiveness.

The effect of diversification across businesses and within lending activities on risks of commercial banks' portfolios: evidence from South Korea

This paper investigates the effects of diversification across interest and non-interest activities, as well as, the effects of diversification within lending activities on banks' risk and return measures. Aggregate and panel data from the restructured (after 1997 crisis) banking industry of South Korea for the period 2002-2006 are used. Our results indicate that high level of diversification across interest and non-interest activities, as well as, across broad type of loans (i.e., corporate, household and other loans) is negatively significantly correlated with insolvency risk and positively significantly correlated with risk-adjusted returns, providing evidence for the market-discipline hypothesis. Concerning bank loan portfolio risks, less diversified across industries, loan portfolios are correlated with higher non-performing loan ratio. A shift from manufacture lending towards real estate and lease business lending can reduce the risk of bank loan portfolio. Therefore, bank regulations that focus on stable profitability and bank soundness should provide incentives for diversification.

A study on the prospect of stock utilization through the movement on real estate business living close together local community in Kyoto

A study on the prospect of stock utilization through the movement on real estate business living close together local community in Kyoto

Modelo para avaliação e comparação de projetos de habitação com base no valor

Neste trabalho, propõe-se um modelo de avaliação e comparação de projeto de habitação com base no valor, que visa, principalmente, ampliar e melhorar as condições de análise da habitação sob a perspectiva do mercado-alvo. Esse instrumento de avaliação pretende auxiliar o decisor a evitar equívocos que geram perdas em um projeto de empreendimento imobiliário. O desenvolvimento do modelo capacita o tomador de decisão a identificar e mensurar as exigências do usuário de habitação e, ao mesmo tempo, gera informações que podem ser utilizadas durante o processo de projeto da habitação. O modelo proposto baseia-se nas funções percebidas pelo usuário, as quais são representadas pelos atributos da estrutura física, localização e custo, tais como são percebidos pelo mercado-alvo. A sua operacionalização consiste na aplicação de procedimentos que organizam e processam as informações, gerando, como resultado, indicadores de desempenho e perdas provenientes das funções da habitação percebidas pelo usuário e que não agregam valor. Visa com isso melhorar o desenvolvimento de novas concepções de projeto, tornando-o mais atrativo ao mercado-alvo.

What we do and can do for a living

PurposeThis paper aims to present the authors' opinions about the impacts of globalization on real estate profession and some essential changes of real estate business service.Design/methodology/approachThe arguments are based on the authors' interpretation and first‐hand experience of the contemporary business environment. A case study example to illustrate the changing requirements for professional real estate services in mainland China is provided.FindingsEconomic globalization creates new opportunities in real estate market, product and service. It has the effect of blurring geographical and product boundaries. Real estate is increasingly integrated with the financial market. Global capital has transformed local property market practices. Real estate professionals have to re‐orientate themselves so that they can move up the service value‐ladder and avoid being marginalized under intense competition in a global market.Practical implicationsRe‐orientation of professional practices involves an expansion of one's geographical and market knowledge beyond the home boundary. It also requires a dramatic change of mind‐set, work attitude, social awareness and lifestyle.Originality/valueThe paper proposes a competence model. Professionals should sell “competence”, which is built on “service proper” (knowledge and skills) and “service infrastructure” (technology and organization).

Concise encyclopedia of real estate business terms

Concise encyclopedia of real estate business terms

Community Bank Strategic Lending Choices and Performance

Most community banks remain reliant on the net income generated by traditional intermediation activities. This continued dependence means that the lending strategy chosen by any community bank is a key determinant of its survival. In this study the lending strategies chosen by a sample of 5508 community banks are examined over the 1995-2004 period. Analysis of lending strategy trends reveals an increase in the percentage of community banks that emphasize lending to business borrowers and a decrease in the fraction of institutions specializing in loans to non-commercial customers. The data also indicate that the typical community bank changed its lending strategy over the decade, and many did so more than once. Differences in performance are evident across the strategic groups. Business real estate lenders earned the highest returns over the decade but also were the riskiest. When returns are adjusted for risk, a number of lending strategies produced performance exceeding that of business real estate lending including residential real estate lending, diversified lending and agricultural lending. The results show that strategic change reduces returns and increases risk, all else equal. The smallest banks exhibit a large performance disadvantage regardless of the lending strategy they pursue.

The Real Estate Business of the Electric Railroad Companies in Early 20th Century Japan

The Real Estate Business of the Electric Railroad Companies in Early 20th Century Japan

Economics at the FTC: Data Intensive Mergers and Policy R&D

Economics at the Federal Trade Commission (FTC) supports both the competition and consumer protection missions of the agency. In this year’s essay we discuss a range of activities focusing on data-intensive antitrust cases in the hospital and consumer products industries. We also discuss our most recent work on gasoline pricing. Policy-focused research and competition advocacy takes center stage as we discuss some health care advocacy work in the administration of pharmaceutical insurance benefits and efforts to understand the real estate business more completely. Finally, we describe our efforts to quantify the extent of “identity theft”.