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Clientele Effects and Condo Conversions

Author

Listed:
  • John D. Benjamin
  • Peter Chinloy
  • William G. Hardin
  • Zhonghua Wu

Abstract

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

Suggested Citation

  • John D. Benjamin & Peter Chinloy & William G. Hardin & Zhonghua Wu, 2008. "Clientele Effects and Condo Conversions," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 36(3), pages 611-634, September.
  • Handle: RePEc:bla:reesec:v:36:y:2008:i:3:p:611-634
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    References listed on IDEAS

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    1. Fama, Eugene F., 1976. "Forward rates as predictors of future spot rates," Journal of Financial Economics, Elsevier, vol. 3(4), pages 361-377, October.
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    Cited by:

    1. 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.
    2. Jonathan Wiley & Brandon Cline & Xudong Fu & Tian Tang, 2012. "Valuation Effects for Asset Sales," Journal of Financial Services Research, Springer;Western Finance Association, pages 103-120.
    3. 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.
    4. Fuerst, Franz & Gabrieli, Tommaso & McAllister, Patrick, 2017. "A green winner's curse? Investor behavior in the market for eco-certified office buildings," Economic Modelling, Elsevier, vol. 61(C), pages 137-146.
    5. repec:ire:issued:v:20:n:03:2017:p:287-324 is not listed on IDEAS
    6. 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.

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