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The Reaction of Multifamily Capitalization Rates to Natural Disasters

Author

Listed:
  • Donald Bleich

    () (California State University–Northridge, Northridge, CA 91330)

Abstract

This study analyzes the effect of the Northridge Earthquake on capitalization rates in the multifamily building market in Los Angeles, California. The results indicate that the Northridge Earthquake had a negative impact and overall capitalization rates rose. This negative effect, however, was not uniform over the entire Los Angeles area. During the first year the impact was correlated with distance to the epicenter and proximity to areas with high concentrations of damage. This negative effect, however, proved to be a temporary phenomenon. By the third year after the earthquake the negative effects of the earthquake were not significant.

Suggested Citation

  • Donald Bleich, 2003. "The Reaction of Multifamily Capitalization Rates to Natural Disasters," Journal of Real Estate Research, American Real Estate Society, vol. 25(2), pages 133-144.
  • Handle: RePEc:jre:issued:v:25:n:2:2003:p:133-144
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    Cited by:

    1. Christy Siegel & Steven B. Caudill & Franklin G. Mixon, 2013. "Clear skies, dark waters: The Gulf oil spill and the price of coastal condominiums in Alabama," Economics and Business Letters, Oviedo University Press, vol. 2(2), pages 42-53.
    2. Christian L. Redfearn, 2004. "Land Markets & Terrorism: Uncovering Perceptions of Risk by Examining Land Price Changes Following 9/11," Working Paper 8591, USC Lusk Center for Real Estate.

    More about this item

    JEL classification:

    • L85 - Industrial Organization - - Industry Studies: Services - - - Real Estate Services

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