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

published_or_final_version / Real Estate and Construction / Doctoral / Doctor of Philosophy

The decline in property value can be due to owner's act or exogenous act from the operation of landfills. Landfill neighbors, especially home owners, perceive landfill operation to pose environmental safety problem such as ground water contamination and methane gas leakage that could affect home value. Owners of landfills, especially those landfills that accept only dry waste (limited purpose landfill), claim that since their facilities meet the requirements of environmental regulations and the type of waste they accept could not possibly produce methane gas and leachate there is no property value impact of their facilities. Several studies have shown that landfills do not have impact on property value. However, one recent study found that a large regional landfill have impact on property value. The property value impact of a limited purpose landfill located in Portland, Oregon, was investigated in this study. Data were gathered for homes in approximately one half mile radius around the landfill for the periods before the landfill opened, during operation, and after closure. Hedonic estimation technique incorporated in a multiple linear regression was used to control for a key variable (proximity or distance between the landfill and homes) and examine the relationship of this variable and sale price of homes. The results show that distance of homes (the proxy for perception) from the landfill was positively related and statistically significant with sale prices of homes during the period the landfill was in operation. Distance of homes sold in the periods the landfill was not in existence or operation was not positively related nor statistically significant with sale prices. That is, the operational effects of the landfill was capitalized into property value. With this result, the issue of whether neighbors of landfills should be compensated deserve more attention. The results of this study would be very helpful in negotiating compensation. The results also show that if adequate pollution mitigation measures are in place landfill zoning ordinance should be based on the fact that landfill sites would yield maximum economic benefit to the owner after closure.

No description available.

No description available.

Many countries such as Australia, Ireland, Netherlands, United Kingdom (UK), Spain, United States of America (USA) and South Africa (SA) among others have experienced an increase in housing prices, since the late 1990s. In SA, the abrupt increase in residential property prices, particularly during the period 1999 to 2007, resulted in an improvement in the level of households’ net wealth position. Empirical investigations, mainly from developed countries, provide evidence indicating that a house price increase has a significant impact on the households’ wealth, and thus house price gains increase housing collateral for homeowners which make it possible for them to take out equity in the form of refinancing or selling of the house to finance consumption. With the above in mind, this study investigates the relationship between aggregate expenditure on consumption by households and residential house prices in South Africa. Following the permanent-income/lifecycle hypothesis (PI-LCH), this study applies the vector error model (VECM) into the 1980:Q1 to 2007:Q4 quarterly data sample. The overall finding of the study indicates there is indeed a long-run positive relationship between housing prices and consumption in South Africa. / Thesis (M.Com.)-University of KwaZulu-Natal, Westville, 2010.

Thesis (PhD)--Macquarie University, Graduate School of the Environment, 2001. / Bibliography: p. 10-1 to 10-23. / An overview of contaminated land issues -- Land contamination law -- The impact of environmental planning on contaminated land value -- Identification and management of contaminated land -- Contaminated land valuation method - an overview -- Current stigma assessment methods -- Suggested method for stigma assessment -- General conclusion. / This dissertation is about the valuation of contaminated land and the problem of stigma. The value of contaminated land is to a large extent affected by statutory regulations. Stigma, if it exists, is another factor that has significant impact on contaminated land value. This thesis looks at the relevant laws governing contaminated land in Australia. It also introduces an alternative method to assess the stigma factor. -- Contaminated land is a major environmental problem. Apart from causing actual or potential threats to human health and the environment, contaminated land also leads to legal liabilities and financial losses to the landowner. Regarding financial losses, they may be costs to meet legal requirements in relation to clean up and long term monitoring expenses. In addition, they may be losses due to a drop in market value and/or rental of the property, longer vacancy periods, high remediation and monitoring costs. In the extreme case, the property may lose marketability completely. -- Regarding valuation methods, most valuers use traditional valuation methods with arbitrary adjustments. The most straightforward method is the impaired value (affected value) approach. It requires the valuer to assess the property on a clean land basis. From the unimpaired (clean) value, other financial losses due to contamination, remediation costs and stigma value loss are deducted to get the impaired value. The most difficult part is to quantify stigma impact. The existing stigma assessment methods are not satisfactory. Alternative and non-traditional methods are available. However they are academic and are not suitable for day-to-day operation of a valuer. This thesis suggests a multi-criteria decision-making model to assess stigma impact. The target stigma factor is obtained by processing the relevant criteria with the Analytic Hierarchy Process (AHP) method. The best alternative from the model is the reasonable stigma factor for the property. / Mode of access: World Wide Web. / various pagings ill. (some col.)

This paper presents the results of a study dealing with a number of issues regarding real estate investment. Utilizing a data set consisting of real estate transactions, questions relative to the impact of certain variables on the sale price are addressed. This analysis addresses the question of the impact of financial, physical, and location characteristics on the sales price of commercial grade real estate.

The price of urban and suburban land in most of the Western World has been increasing at a particularly-rapid rate. In fact, land value increases appear to be consistenty and disproportionately greater than the rise in either general consumer prices or costs of residential construction. Raw land values are an important element influencing both the quality and quantity of housing made available, and as such, constitute a relevant social concern. Furthermore, land values, to a certain extent dictate the type of development that an urban area undergoes. Land speculators have frequently been blamed for causing, or at least contributing to, not only these price increases but also the sprawl-like, pattern of development so often associated with urban peripheral areas. This thesis attempts to test the validity of these claims by analyzing data from a specific inter-temporal study of land uses price changes and land values in an urban fringe environment. The community selected for this study was the Municipality of Saanich, which is located immediately north of the City of Victoria, British Columbia. Over 2600 separate properties were sampled, with considerable amounts of data for each – including such inputs as the changing selling prices, holding periods and development information -- that were obtained through the municipal assessment roles and the searching of titles in the land registry office. The time horizon selected was 21 years (1949-1970) in order to encompass several stages of business activity. A special computer program using elements of multi-variate analysis assembled the various inputs into a workable format, whence portions of the data could be further analyzed and compared. It is suggested that the level of transactions and the increasing average raw land values have been influenced by both public and private actions in response to the continuing urbanization of the Victoria area. This study further contends that land speculation per se has not exerted a significant influence either on land prices or on the actual pattern of development in the study area. Population pressures and rising levels of per capita incomes are suggested as being factors of more significance in this context. / Business, Sauder School of / Real Estate Division / Graduate

The general increased demand for all types of land by various users has intensified the problem of estimating the value of forest land, and of attempting to bring about its best use. This thesis sets forth the theoretical conditions necessary for the optimum distribution of land resources, and analyses some of the barriers which exist in the real world, both in the market and in the sphere of public decision-making. Current methods of evaluating forest land in B.C. are reviewed. The varied reasons for an appraisal: investment, expropriation, condemnation, damage appraisal, taxation, comparative evaluation and transfer of tenure, effectively divide this portion of the study, and form a basis for comparison. Demands for forest land, singly and on a multiple-use basis can only be arbitrated by a supra government body recruited from a disinterested group of professional resource managers. It is imperative that this department be provided with the knowledge necessary to construct economic as well as technical priority scales, so that decisions can be rational, and lead toward the best use of the resource. / Forestry, Faculty of / Graduate