| 1. |
- Enstrom, Rickard, et al.
(författare)
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Can Space Syntax Help Us in Understanding the Intraurban Office Rent Pattern? : Accessibility and Rents in Downtown Stockholm (vol 36, pg 289, 2008)
- 2011
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Ingår i: Journal of real estate finance and economics. - : Springer Science and Business Media LLC. - 0895-5638 .- 1573-045X. ; 43:4, s. 548-548
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Tidskriftsartikel (refereegranskat)abstract
- The effect of accessibility upon rent is investigated for office properties located in Downtown Stockholm. Starting from the firm's cost minimization problem, a translog hedonic model is derived. The results suggest the model has good predictive power in explaining the variation in the log of the rent. A negative rent gradient is obtained with a base approximately 90 m from the postulated focal point. It appears as if Space Syntax adds important information to the understanding of the intraurban office rent pattern.
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| 2. |
- Enström, Rickard, et al.
(författare)
-
Can Space Syntax Help Us in Understanding the Intraurban Office Rent Pattern? : Accessibility and Rents in Downtown Stockholm
- 2008
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Ingår i: Journal of real estate finance and economics. - : Springer Science and Business Media LLC. - 0895-5638 .- 1573-045X. ; 36:3, s. 289-305
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Tidskriftsartikel (refereegranskat)abstract
- The effect of accessibility upon rent is investigated for office properties located in Downtown Stockholm. Starting from the firm's cost minimization problem, a translog hedonic model is derived. The results suggest the model has good predictive power in explaining the variation in the log of the rent. A negative rent gradient is obtained with a base approximately 90 m from the postulated focal point. It appears as if Space Syntax adds important information to the understanding of the intraurban office rent pattern.
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| 3. |
- Gunnelin, Åke, et al.
(författare)
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The relationship between property transaction prices, turnover rates and buyers' and sellers' reservation price distributions
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Annan publikation (övrigt vetenskapligt/konstnärligt)abstract
- This paper analyzes the relationship between movements in property transaction prices and movements in the underlying reservation price distributions of buyers and sellers and how these movements are linked to time varying turnover rate. A main conclusion in previous research is that transaction prices lag changes in buyers’ reservation price distribution and that an index tracking transaction prices is less volatile than an index tracking buyer reserves. We show that our less restrictive model of search and price formation reverses the volatility result in previous papers in realistic scenarios, i.e., transaction prices may be more volatile than underlying buyer reserves. We model transaction prices and turnover rates as functions of the moments of buyers’ and sellers’ reservation price distributions, the search intensity and the average bargaining power among buyers and sellers respectively. We derive the probability density function of transaction prices as a function of these parameters and hence a Maximum-likelihood estimator of the parameters, which serves as a new method of estimating indexes tracking movements in reservation price distributions from transaction data. We perform simulations where we show that the Maximum-likelihood estimator works as intended.
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| 4. |
- Gunnelin, Åke, et al.
(författare)
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The relationship between property transaction prices, turnover rates and buyers' and sellers' reservation price distributions
-
Annan publikation (övrigt vetenskapligt/konstnärligt)abstract
- This paper analyzes the relationship between movements in property transaction prices and movements in the underlying reservation price distributions of buyers and sellers and how these movements are linked to time varying turnover rate. A main conclusion in previous research is that transaction prices lag changes in buyers’ reservation price distribution and that an index tracking transaction prices is less volatile than an index tracking buyer reserves. We show that our less restrictive model of search and price formation reverses the volatility result in previous papers in realistic scenarios, i.e., transaction prices may be more volatile than underlying buyer reserves. We model transaction prices and turnover rates as functions of the moments of buyers’ and sellers’ reservation price distributions, the search intensity and the average bargaining power among buyers and sellers respectively. We derive the probability density function of transaction prices as a function of these parameters and hence a Maximum-likelihood estimator of the parameters, which serves as a new method of estimating indexes tracking movements in reservation price distributions from transaction data. We perform simulations where we show that the Maximum-likelihood estimator works as intended.
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| 5. |
- Mandell, Svante, 1970-, et al.
(författare)
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Price discovery over space
- 2014
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Ingår i: Western Regional Science Association, 53d annual meeting.
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Konferensbidrag (refereegranskat)
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| 6. |
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| 7. |
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| 8. |
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| 9. |
- Netzell, Olof, 1974-
(författare)
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A method for combining transaction- and valuation-based data in a property price index
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Tidskriftsartikel (övrigt vetenskapligt/konstnärligt)abstract
- This paper presents a method for combining transaction- and valuation-based data in a property price index. The methodology is devised for a world where observable transaction prices can be used to construct a price index that constitutes a noisy, unbiased signal of the ”true” price index. It is furthermore assumed that valuations can be used to construct a market value index which does not contain noise but that suffers from so called appraisal ”smoothing”. The valuation-based index is thus assumed to lag the ”true” value index and exhibit lower volatility. The model of the valuation-based index follows Geltner (1993). By regressing the transaction-based index on the valuation-based index (contemporaneous and lagged one period) it is possible to filter out the noise in the observable price index thus estimating the ”true” price index. The method may be seen as a way of ”de-smoothing” a valuation-based index without knowing the smoothing parameter beforehand. The methodology may also be used as a way of estimating the smoothing parameter.
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| 10. |
- Netzell, Olof
(författare)
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A study of micro-level variation in appraisal-based capitalisation rates
- 2009
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Ingår i: Journal of Property Research. - : Informa UK Limited. - 0959-9916 .- 1466-4453. ; 26:3, s. 235-263
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Tidskriftsartikel (refereegranskat)abstract
- This paper explores how appraisal-based going-in and exit capitalisation (cap) rates vary on the micro-level, i.e. how they differ from property to property. The studied database consists of 3022 discounted cash flow market valuations of office properties in Stockholm, Gothenburg and Malmö during 1998-2004. The purpose of the paper is to test the 'rationality' of Swedish office property valuations. By rationality is meant the extent to which appraisals, in particular appraisal cap rates, follow from economic theory. This is an important issue since commercial property markets rely heavily on valuations. Cap rates are regressed on characteristics of the property, other valuer assumptions regarding the property (i.e. the property's market rent) and variables that capture broad time series variation in cap rates. For the most part the studied appraisals follow the expected pattern. They do not exhibit major evidence of irrationality in the above mentioned sense though some of the findings point to the need for further research.
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