Clientele Effects and Condo Conversions
AbstractDuring 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. Copyright 2008 American Real Estate and Urban Economics Association
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Bibliographic InfoArticle provided by American Real Estate and Urban Economics Association in its journal Real Estate Economics.
Volume (Year): 36 (2008)
Issue (Month): 3 (09)
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- Breck L. Robinson & Richard M. Todd, 2010. "The role of non-owner-occupied homes in the current housing and foreclosure cycle," Working Paper 10-11, Federal Reserve Bank of Richmond.
- S. Akin & Val Lambson & Grant McQueen & Brennan Platt & Barrett Slade & Justin Wood, 2013. "Rushing to Overpay: Modeling and Measuring the REIT Premium," The Journal of Real Estate Finance and Economics, Springer, vol. 47(3), pages 506-537, October.
- Peter Chinloy & William Hardin & Zhonghua Wu, 2013. "Transaction Frequency and Commercial Property," The Journal of Real Estate Finance and Economics, Springer, vol. 47(4), pages 640-658, November.
- Jonathan Wiley & Brandon Cline & Xudong Fu & Tian Tang, 2012. "Valuation Effects for Asset Sales," Journal of Financial Services Research, Springer, vol. 41(3), pages 103-120, June.
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