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 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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Volume (Year): 36 (2008)
Issue (Month): 3 (09)
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