Clientele Effects and Condo Conversions

During an asset boom a property can develop a new usage. Appreciation investors emerge to change a property's occupant mix or letter grade. Rental investors not intending to change the mix or grade are outbid. Sellers receive a capitalized premium from the new type of bidder. For apartments in...

Ausführliche Beschreibung

Gespeichert in:

Bibliographische Detailangaben
Veröffentlicht in:	Real estate economics 2008-09, Vol.36 (3), p.611-634
Hauptverfasser:	Benjamin, John D., Chinloy, Peter, Hardin III, William G., Wu, Zhonghua
Format:	Artikel
Sprache:	eng
Schlagworte:	Appreciation Bidders Condominiums Housing developments Investors State court decisions Studies
Online-Zugang:	Volltext
Tags:	Tag hinzufügen Keine Tags, Fügen Sie den ersten Tag hinzu!

Beschreibung
Zusammenfassung:	During an asset boom a property can develop a new usage. Appreciation investors emerge to change a property's occupant mix or letter grade. Rental investors not intending to change the mix or grade are outbid. Sellers receive a capitalized premium from the new type of bidder. For apartments in Miami‐Fort Lauderdale during 2004–2006, there is an asset pricing premium from condo converters. The price of real estate depends on clienteles in addition to characteristics.
ISSN:	1080-8620 1540-6229
DOI:	10.1111/j.1540-6229.2008.00224.x