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Intra-Project Externality and Layout Variables in Residential Condominium Appraisals

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Author Info
Su Han Chan (Department of Finance The Chinese University of Hong Kong Shatin N.T. Hong Kong & Department of Finance California State University, Fullerton Fullerton, California 92634)
Shin-Hering Michelle Chu (Department of Finance, Real Estate and Law California State Polytechnic University-Pomona Pomona, California 92768)
George H. Lentz () (Department of Finance, Real Estate and Law California State Polytechnic University-Pomona Pomona, California 92768)
Ko Wang (Department of Finance The Chinese University of Hong Kong Shatin N.T. Hong Kong & Department of Finance California State University, Fullerton Fullerton, California 92634)

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Abstract

This study examines the impact of intra-project externalities and layout variables on the selling prices of 897 condominium units in the cities of Irvine and Santa Ana in Orange County, California. It documents that, at a micro-level, proximity to intra-project externalities such as greenspace, swimming pools, recreational areas, traffic noise, and the like, and project layout variables representing the location of individual condominium units within multiunit structures, have significant effects on the property values of units within a condominium project. The results indicate that, when cost is not prohibitive, both appraisers and underwriters should take intra-project externalities and layout variables into consideration when estimating property values or underwriting residential mortgages for condominium properties.

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File URL: http://aux.zicklin.baruch.cuny.edu/jrer/papers/pdf/past/vol15n02/v15p131.pdf
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Publisher Info
Article provided by American Real Estate Society in its journal Journal of Real Estate Research.

Volume (Year): 15 (1998)
Issue (Month): 2 ()
Pages: 131-146
Download reference. The following formats are available: HTML (with abstract), plain text (with abstract), BibTeX, RIS (EndNote, RefMan, ProCite), ReDIF
Handle: RePEc:jre:issued:v:15:n:2:1998:p:131-146

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Postal: American Real Estate Society Clemson University School of Business & Behavioral Science Department of Finance 401 Sirrine Hall Clemson, SC 29634-1323
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Postal: Diane Quarles American Real Estate Society Manager of Member Services Clemson University Box 341323 Clemson, SC 29634-1323
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L85 - Industrial Organization - - Industry Studies: Services - - - Real Estate Services

References listed on IDEAS
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  3. Kohlhase, Janet E., 1991. "The impact of toxic waste sites on housing values," Journal of Urban Economics, Elsevier, vol. 30(1), pages 1-26, July. [Downloadable!] (restricted)
  4. Peter F. Colwell, 1990. "Power Lines and Land Value," Journal of Real Estate Research, American Real Estate Society, vol. 5(1), pages 117-128. [Downloadable!]
  5. Grether, David M. & Mieszkowski, Peter, 1980. "The effects of nonresidential land uses on the prices of adjacent housing: Some estimates of proximity effects," Journal of Urban Economics, Elsevier, vol. 8(1), pages 1-15, July. [Downloadable!] (restricted)
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  7. Alan K. Reichert & Michael Small & Sunil Mohanty, 1992. "The Impact of Landfills on Residential Property Values," Journal of Real Estate Research, American Real Estate Society, vol. 7(3), pages 297-314. [Downloadable!]
  8. Gerald E. Smolen & Gary Moore & Lawrence V. Conway, 1992. "Economic Effects of Hazardous Chemical and Proposed Radioactive Waste Landfills on Surrounding Real Estate Values," Journal of Real Estate Research, American Real Estate Society, vol. 7(3), pages 283-296. [Downloadable!]
  9. Mark Thayer & Heidi Albers & Morteza Rahmatian, 1992. "The Benefits of Reducing Exposure to Waste Disposal Sites: A Hedonic Housing Value Approach," Journal of Real Estate Research, American Real Estate Society, vol. 7(3), pages 265-282. [Downloadable!]
  10. R. Sirpal, 1994. "Empirical Modeling of the Relative Impacts of Various Sizes of Shopping Centers on the Values of Surrounding Residential Properties," Journal of Real Estate Research, American Real Estate Society, vol. 9(4), pages 487-506. [Downloadable!]
  11. Do, A Quang & Wilbur, Robert W & Short, James L, 1994. "An Empirical Examination of the Externalities of Neighborhood Churches on Housing Values," The Journal of Real Estate Finance and Economics, Springer, vol. 9(2), pages 127-36, September.
  12. Wang, Ko & Grissom, Terry V. & Webb, James R. & Spellman, Lewis, 1991. "The impact of rental properties on the value of single-family residences," Journal of Urban Economics, Elsevier, vol. 30(2), pages 152-166, September. [Downloadable!] (restricted)
  13. James C. Murdoch & Harinder Singh & Mark Thayer, 1993. "The Impact of Natural Hazards on Housing Values: The Loma Prieta Earthquake," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 21(2), pages 167-184. [Downloadable!] (restricted)
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