Recent studies of the valuation of real estate have concentrated on the use of hedonic pricing techniques in which the implicit prices of the component characteristics of an asset are inferred from the observed sale price using regression analysis. All of these studies include as explanatory variables one or more locational factors, such as distance to the central business district, as proxies for the effect that location has on the utility of land. In this research, the explicit consideration of the location of real estate in terms of the geographic or Cartesian coordinates (spatial attributes) of observed sales is shown to be a potential substitute for such proxies, either wholly or in part. Such use of spatial attributes could improve the usefulness of the hedonic methodology while at the same time significantly reducing cost and eliminating sources of error.

A vast amount of literature on hedonic price modelling has been formulated on overseas property markets. Very little currently exists in South Africa and this poses a risk for sellers and estate agents of a residential property when listing it on the open market, as this could result in an extended list period, reducing the original asking price. This paper seeks to examine Gauteng’s West Rand residential property market and formulate a multi-variate regression model to best predict property prices, determined by a property’s structural characteristic. The research tracks residential sales from 1996 to 2009, a thirteen-year sample period from which a composite property index, to account for inflation and real house price growth, has been formalised. Correlation and regression analysis was used to interpret the data at the relevant significance level. In order to account for locational attributes present in property values, the data set was divided into locational quadrants and run as dummy variables. A further regression was run on a screened data set to create an ordinary least squares equation that could be used to show the relationship between property values and structural characteristics. The results indicated a good fit with an R2 of 69.5%. This regression was then applied practically to predict property prices for houses that have transacted in the West Rand property market, and plotted along a value/price graph using the 45-degree true value frontier line. The relevant results were then interpreted, and recommendations given.

During the last decade we have seen an increase in prices of forest properties in Sweden. The study’s purpose is to identify the factors that are the driving force behind the price increase of forest properties in Sweden during the years of 2018-2021. The data used comes from a Swedish real estate agency named Areal. The study is made with an econometric model that is called multiple linear regression. The results indicate that the factors that influence the price of a forest property is the geographical position, timber storage, average growth and whether there is a residential building on the property or not. The conclusion is that the geographical position of a forest property has the highest economic significance.

Throughout the past decade American pine forests have experienced an epidemic of Mountain Pine Beetle (MPB) induced tree mortality. This thesis estimates the losses to home values caused by deteriorating forest quality in the Front Range Counties of Larimer and Boulder Colorado. We employ a repeat sales model that allows for region specific price indices, and non-linear age-related depreciation in home values. We use the time-invariant existence of pine forest near a home to overcome shortcomings in the measurement of MPB damage. We infer from temporal changes in the marginal "effect of pine trees near a home the approximate MPB "effect . We label this strategy the translating commodity approach. Using this strategy we are able to show that diminished forest quality causes forests to become a dis-amenity that negatively affects nearby home values. The total loss in 2011 home values due to their proximity to dying forest is estimated to be $137 million for all the homes in our sample. Such substantial losses may justify a forest management policy shift in order to better mitigate the risk of future MPB outbreaks. / Master of Science

by Victor Fu Sze Wai. / Thesis (M.B.A.)--Chinese University of Hong Kong, 1989. / Bibliography: leaf 39.

[Truncated abstract] The primary aim of this study was to examine, and compare, the value relevance and any bias associated with the reporting of intangible assets in Australia and the US over the ten-year period 1994 to 2003. The study adopts a disaggregated form of the Feltham and Ohlson (1995) valuation model and associated linear information models (LIMs) to allow goodwill and identifiable intangible assets to be separately examined using unbalanced panel regression analysis. The results for the Australian sample suggest that the adaptation of the Feltham and Ohlson (1995) valuation model used in this study is particularly useful in examining Australian equity securities. For example, the pooled sample analysis results in an adjusted R2 of 71%, which is consistent with similar US studies by Ahmed, Morton and Schaefer (2000) and Amir, Kirscenheiter and Willard (1997). Further, the results from the disaggregated Feltham and Ohlson (1995) valuation models suggest that the information presented with respect to intangible assets (both goodwill and identifiable intangible assets) under Australian GAAP is value relevant. However, the results from the valuation models also suggest that (for the average Australian company) the market believes goodwill is reported conservatively and identifiable intangible assets aggressively. ... As noted earlier, the increasing importance of intangible assets in the `new-economy’ suggests that (wherever possible having regard to the measurement difficulties) all intangible assets should be recognised in financial statements to maximise the value relevance of those statements. It should be noted, however, that there was some evidence to suggest that certain Australian companies (that is, those not consistently reporting positive abnormal operating earnings) might be reporting goodwill and/or identifiable intangible assets aggressively and this is an area that standard setters might need to carefully consider in future. I trust that the findings presented in this study will prove helpful to both researchers and those involved with formulating international accounting standards in this particularly difficult area of intangible assets. I also hope the results will help to allay any fears regulators (and others) might have that providing managers with accounting discretion will (necessarily) lead to biased reporting practices; based on the findings of this study for the majority of Australian and US companies, any such fears appear unwarranted.

The thesis deals with the valuation of the house, including land and all accessories under various conditions. The theoretical part explains the basic terminology and summarises the valuation methods used in this thesis. The practical part begins with the valuation of the house and land including all accessories, according to Ordinance for Valuation and Market Valuation Methods, specifically the Asset Value Method and the Comparative Method. The next section considers the existence of a life-use easement by a co-owner of part of the house, gardens and common areas, and sets the value of the property burdened by this easement. At the end, the property is valued as two separate apartments. All costs necessary to achieve the income from rent and property redevelopment are estimated, as well as the net annual return which would result from letting the two apartments. Final assessment of the benefit of the project is implemented through an Economic Rent Method and its comparison with the annual rent income.

The purpose of this research was to demonstrate the importance of brand equity in the purchase of consumer durable goods, specifically heating, ventilation and air conditioning (HVAC) systems.

Thesis (MBA (Business Management))--University of Stellenbosch, 2010.

Flooding of residential property is a real and growing phenomenon in the UK causing short and long-term detriment of various kinds to its victims. The issue of potential decrease in value of those properties which are located on the floodplain, though much discussed in the media, has received scant attention in the UK research literature. An extensive literature survey has revealed a need for methodological innovation in the field of temporal impact of flooding and the inadequacy of the current paradigms for inclusion of insurance into flood modelling. A wide-ranging review of data sources, including discussion with industry experts, has identified the requirement to generate primary data on the availability and cost of flood insurance. A novel framework has been developed for this research. This framework is an extension of the recent research in flood modelling and incorporates ideas from the wider house price analysis literature. Data collected via a questionnaire survey of householders has been combined with secondary data on property prices and flood designation in order to attribute any loss in property value to the correct vector of underlying flood status. The output from this study makes a contribution to the understanding of the impact of flooding on house prices, allowing for better valuation advice. Empirical findings are that the understandable concerns of residential property owners at risk of flooding regarding long term loss of property value are largely unfounded. Price discounts are observed for some recently flooded areas but they are temporary Improved appreciation of the impact of claims and flood risk on the cost of insurance has also emerged. The insurance market was not found to be instrumental in reducing the price of property. The output from the study also makes a methodological contribution in extending concepts relating to the relationship between flooding, insurance and house prices. This development is anticipated to facilitate refinement and updating of the empirical findings with reduced effort in the light of future events.