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Recoveries on Distressed Real Estate and The Relative Efficiency of Public versus Private Management

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  • Timothy Curry
  • Joseph Blalock
  • Rebel Cole

Abstract

This study examines average recoveries from distressed commercial real estate assets held by FSLIC receiverships, and explores differences in the relative efficiency of public versus quasi‐private and private entities in the management of these assets. It finds that properties located in markets with rising per capita income and properties that were judged to be less difficult to manage and sell provided higher recoveries, while properties with smaller writedowns prior to government takeover provided lower recoveries. The analysis also provides evidence that quasi‐private management by the Federal Asset Disposition Agency provided higher mean recoveries, while private management by contractors provided lower mean recoveries than did public management by FSLIC receivership staff.

Suggested Citation

  • Timothy Curry & Joseph Blalock & Rebel Cole, 1991. "Recoveries on Distressed Real Estate and The Relative Efficiency of Public versus Private Management," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 19(4), pages 495-515, December.
    • Handle: RePEc:bla:reesec:v:19:y:1991:i:4:p:495-515
    DOI: 10.1111/1540-6229.00564
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    Cited by:

    1. Karel Janda, 2006. "Lender and Borrower as Principal and Agent," Working Papers IES 2006/24, Charles University Prague, Faculty of Social Sciences, Institute of Economic Studies, revised Jul 2006.
    2. Seow Ong & Poh Neo & Yong Tu, 2008. "Foreclosure Sales: The Effects of Price Expectations, Volatility and Equity Losses," The Journal of Real Estate Finance and Economics, Springer, vol. 36(3), pages 265-287, April.
    3. Joseph Obaje Ataguba & Celestine Udoka Ugonabo, 2023. "Framework for measuring the efficiency and efficacy of sale of distressed mortgaged properties using imports of statistical tests deployed in clinical studies," SN Business & Economics, Springer, vol. 3(8), pages 1-32, August.
    4. Jeffrey Lacker, 2001. "Collateralized Debt as the Optimal Contract," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 4(4), pages 842-859, October.
    5. Fred A. Forgey & Paul R. Goebel & Ronald C. Rutherford, 1993. "Implicit Liquidity Premiums in the Disposition of RTC Assets," Journal of Real Estate Research, American Real Estate Society, vol. 8(3), pages 347-364.
    6. Karel Janda, 2006. "Agency Theory Approach to the Contracting between Lender and Borrower [Smluvní vztah mezi věřitelem a dlužníkem z hlediska přístupu teorie zastoupení]," Acta Oeconomica Pragensia, Prague University of Economics and Business, vol. 2006(3), pages 34-47.

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