The task of the thesis is analysis of suitable methods and procedures for valuation of selected sports complex. The thesis covers the valuation of complex Kohoutovice swimming pool. The aim is to determine or estimate the expenses that are related to the operation of the complex and to analyze revenues. Besides its own valuation of swimming pool complex are the results of determine criteria that may affect revenues of sports complex.

This three-article dissertation uses a mixed-method research design to examine a contemporary phenomenon related to grassroots resistance to urban gentrification. In New York City, Los Angeles, and other high-growth US cities, community-based organizations are utilizing National Register of Historic Places listing and local designation of historic districts as strategies to resist residential displacement in the context of gentrification and diminishing housing affordability. The central issue with this practice is quantitative research overwhelmingly finds that neighborhood socioeconomic trends follow indicators of gentrification after the implementation of historic districts. Qualitative studies also demonstrate that historic districts are most often associated with the interests of homeowners who seek districts to protect or increase property values. Therefore, the use of historic districts for anti-displacement purposes can appear counter-intuitive. Arguably, the few existing studies of this practice do not thoroughly analyze the value of publicly stating the intention of districts for anti-displacement purposes or how organizational entities hypothesize causal links between historic districts and the reduction of displacement by gentrification. This gap between research and practice presents an opportunity to examine the functions of historic preservation regulations and participatory venues within the uneven distribution of racial, political, and economic resources necessary to affect authoritative land use decisions. The three articles are sequential. The first article uses logistic regression to estimate the organizational, contextual, and neighborhood socioeconomic factors that influenced a sample of community-based organizations in New York City, NY, and the City of Los Angeles, CA, between 2000-2020 to state motivations for anti-displacement purposes at public hearings for new historic districts. The second article further examines organizations’ motivations through archived conference proceedings and focused interviews with the key informants of six (6) New York City community-based organizations on the political, socioeconomic, and racial processes that influenced their use of local and NRHP districts as anti-displacement strategies. The interviewed organizations were identified by the review of public hearing testimony and correspondence for Article 1. Finally, Article 3 uses a difference-in-differences statistical technique to test the neighborhood socioeconomic impacts of contextual rezoning in New York City between 1986-2020 as a type of non-FAR rezoning. Contextual zoning and historic districts are similar in that their implementation depends on the presence and maintenance of neighborhood character. Unlike historic districts, new development in contextual zones functions as an administrative process with the Department of Buildings without reliance upon discretionary review of proposals by a city agency. The articles find that community-based organizations pursue historic districts for a blend of procedural, regulatory, and financial benefits related to anti-displacement activism. Some organizations seek historic districts as substitutes for neighborhood-wide downzoning due to rezoning’s high financial and administrative costs, reflecting power inequalities in urban politics. The articles’ findings also suggest that there are causal links between regulatory restrictions on development and the exclusion of new socioeconomic groups, albeit in the interest of excluding residents of higher-socioeconomic status to resist gentrification. Ostensibly neutral, character-based discourse in urban development is implicated in preserving historical patterns of urban racial and economic isolation. Without state and federal interventions in the provision of urban growth, historic districts and character-based rezonings have limited influence on long-term urban equity.

A Research Report presented to the Graduate School of Business Leadership University of South Africa. In partial fulfilment of the requirements for the MASTERS DEGREE IN BUSINESS LEADERSHIP, UNIVERSITY OF SOUTH AFRICA / The purpose of this research is to analyse the changes in housing values in Windhoek, Namibia over the past ten years and explore links in property value variation to macroeconomic changes during that period. The objectives of this research are twofold. Firstly this research compiles and assesses the movement of housing values over the past ten years. Secondly this research assesses if there is a causal relationship between changes in macroeconomic factors and housing values, and to define the nature of this relationship. The timing and magnitude of response by housing values to changes in macroeconomic factors are investigated. The primary data requirements for this study are a monthly relative value index of housing prices for the Windhoek area and macroeconomic factors. Macroeconomic data collected relates to macroeconomic conditions within Namibia that could have an effect on housing prices. This includes information on housing supply, GDP, population levels, inflation and interest rates. The results of this study explore the relationship between these factors and changes in housing prices as reflected by changes in the housing index. The most significant result of this study is the effect of housing availability on housing values. Changes in the total supply of housing as estimated by the number of houses built in a month affect changes in housing values after 5 and 6 months. A total of 20.5% of the change in housing values can be explained by the change in total housing supply. The effect of interest rates found by this study was lower than the theory and literature reviews would have led us to expect. The results of the Pearson correlation test for the relationship between percentage changes in interest rates and percentage changes in future housing values found that a relationship exists 8 months after the change in interest rates occurred. Interest rates were found to explain 5.5% of the change in housing values 8 months later. No significant effects were noted for changes in inflation. For population and income changes there was insufficient data to perform more than a high level look at possible interactions with the level of housing prices. / Graduate School of Business Leadership / MBL

Advocates of urban light rail transit argue that positive developments around station area(s) should offset the costs of implementing a transit system by creating more livable communities and enhance surrounding residential property values. In some cases, decreased urban landscape aesthetics have been reported. The purpose of this study is to contribute to this debate via an analysis of the impact of the Dallas Area Rapid Transit system on residential property values in Dallas County. By examining the impact of distance on property values of two features of the DART system: the transit station and the rail line, and by holding a series of structural variables constant, a net change in value can be calculated using a multi-regression model.

A Research Report presented to the Graduate School of Business Leadership University of South Africa. In partial fulfilment of the requirements for the MASTERS DEGREE IN BUSINESS LEADERSHIP, UNIVERSITY OF SOUTH AFRICA / The purpose of this research is to analyse the changes in housing values in Windhoek, Namibia over the past ten years and explore links in property value variation to macroeconomic changes during that period. The objectives of this research are twofold. Firstly this research compiles and assesses the movement of housing values over the past ten years. Secondly this research assesses if there is a causal relationship between changes in macroeconomic factors and housing values, and to define the nature of this relationship. The timing and magnitude of response by housing values to changes in macroeconomic factors are investigated. The primary data requirements for this study are a monthly relative value index of housing prices for the Windhoek area and macroeconomic factors. Macroeconomic data collected relates to macroeconomic conditions within Namibia that could have an effect on housing prices. This includes information on housing supply, GDP, population levels, inflation and interest rates. The results of this study explore the relationship between these factors and changes in housing prices as reflected by changes in the housing index. The most significant result of this study is the effect of housing availability on housing values. Changes in the total supply of housing as estimated by the number of houses built in a month affect changes in housing values after 5 and 6 months. A total of 20.5% of the change in housing values can be explained by the change in total housing supply. The effect of interest rates found by this study was lower than the theory and literature reviews would have led us to expect. The results of the Pearson correlation test for the relationship between percentage changes in interest rates and percentage changes in future housing values found that a relationship exists 8 months after the change in interest rates occurred. Interest rates were found to explain 5.5% of the change in housing values 8 months later. No significant effects were noted for changes in inflation. For population and income changes there was insufficient data to perform more than a high level look at possible interactions with the level of housing prices. / Graduate School of Business Leadership / MBL

by Vera Hau Tsz Lai. / Thesis (M.Phil.)--Chinese University of Hong Kong, 1996. / Includes bibliographical references (leaves 227-236). / ABSTRACT --- p.i-ii / ACKNOWLEDGEMENTS --- p.iii-iv / TABLE OF CONTENTS --- p.v-ix / LIST OF FIGURES --- p.x / LIST OF PLATES --- p.xi-xiii / LIST OF TABLES --- p.xiv-xvi / Chapter CHAPTER I --- INTRODUCTION --- p.1 / Chapter 1.1 --- Problem Statement --- p.1 / Chapter 1.2 --- Role of GIS in Housing Price Study --- p.3 / Chapter 1.3 --- Research Objectives --- p.4 / Chapter 1.4 --- Significance --- p.5 / Chapter 1.5 --- Methodologies --- p.6 / Chapter 1.6 --- Organization of Thesis --- p.7 / Chapter CHAPTER II --- LITERATURE REVIEW --- p.9 / Chapter 2.1 --- Introduction --- p.9 / Chapter 2.2 --- Geography of Housing --- p.10 / Chapter 2.3 --- Housing as a Research Question --- p.11 / Chapter 2.4 --- Housing Services and Housing Price --- p.12 / Chapter 2.5 --- Property Price Valuation --- p.14 / Chapter 2.6 --- Hedonic Price Function --- p.15 / Chapter 2.6.1 --- Dependent Variable - Property Price --- p.16 / Chapter 2.6.2 --- Independent Variables Affecting Housing Price --- p.17 / Chapter 2.6.2.1 --- Aspatial Factors --- p.17 / Chapter 2.6.2.2 --- Spatial Factors --- p.18 / Chapter 2.6.2.3 --- Evaluation on Importance of Parameters --- p.26 / Chapter 2.7 --- Functional Form of Hedonic Price Models --- p.33 / Chapter 2.7.1 --- Conventional Specifications --- p.34 / Chapter 2.7.2 --- Box-Cox Transformation --- p.34 / Chapter 2.7.3 --- Conventional Specifications versus Box-Cox Transformation --- p.35 / Chapter 2.8 --- Submarket Analysis and its Delineation --- p.36 / Chapter 2.9 --- Geographic Information Systems --- p.39 / Chapter 2.10 --- GIS in Real Estate --- p.39 / Chapter 2.11 --- Present Adoption of GIS in Real Estate --- p.42 / Chapter 2.11.1 --- Commercial Applications --- p.42 / Chapter 2.11.2 --- Research-wise Applications --- p.43 / Chapter 2.12 --- Hedonic Price Study with GIS --- p.43 / Chapter 2.13 --- Conclusion --- p.45 / Chapter CHAPTER III --- THE STUDY AREA AND RESEARCH METHODOLOGY --- p.47 / Chapter 3.1 --- Introduction --- p.47 / Chapter 3.2 --- Real Estate Sector in Hong Kong --- p.47 / Chapter 3.2.1 --- Importance to Local Economy --- p.48 / Chapter 3.2.2 --- Importance to Housing Production --- p.48 / Chapter 3.3 --- Urban Development and Housing in Hong Kong --- p.51 / Chapter 3.3.1 --- Land Availability and Landuses --- p.51 / Chapter 3.3.2 --- Housing and Urban Development --- p.54 / Chapter 3.3.2.1 --- Early Period of Industrialization --- p.54 / Chapter 3.3.2.2 --- Phase of Economic Restructuring --- p.55 / Chapter 3.3.3 --- Urban Renewal --- p.55 / Chapter 3.3.4 --- Comprehensive Housing Projects --- p.56 / Chapter 3.4 --- New Town Housing - Public or Private-Led --- p.57 / Chapter 3.5 --- Hedonic Price of Private Dormitory in Hong Kong --- p.61 / Chapter 3.5.1 --- Temporal Change in Property Price --- p.62 / Chapter 3.5.2 --- Spatial Variation of Property Price --- p.66 / Chapter 3.6 --- The Research --- p.68 / Chapter 3.6.1 --- Cartographic Analysis --- p.68 / Chapter 3.6.2 --- Hedonic Price Model --- p.69 / Chapter 3.6.3 --- Dependent Variable --- p.69 / Chapter 3.6.4 --- Independent Variables --- p.70 / Chapter 3.6.5 --- Chosen Functional Form in this Research --- p.72 / Chapter 3.6.6 --- Submarket Analysis in Hong Kong --- p.72 / Chapter 3.7 --- Conclusion --- p.72 / Chapter CHAPTER IV --- DATABASE CONSTRUCTIONS --- p.74 / Chapter 4.1 --- Introduction --- p.74 / Chapter 4.2 --- Data Collection --- p.74 / Chapter 4.2.1 --- Base Maps --- p.75 / Chapter 4.2.2 --- Housing Stock and its Attributes --- p.76 / Chapter 4.2.3 --- Official Statistics --- p.76 / Chapter 4.2.4 --- School Quality --- p.77 / Chapter 4.3 --- Data Input --- p.78 / Chapter 4.3.1 --- Graphical Input --- p.78 / Chapter 4.3.1.1 --- Base Maps --- p.78 / Chapter 4.3.1.2 --- Line Data --- p.78 / Chapter 4.3.1.3 --- Point/Polygon Data --- p.79 / Chapter 4.3.2 --- Attribute Data Input --- p.82 / Chapter 4.4 --- Data Editing and Conversions --- p.82 / Chapter 4.4.1 --- Graphical Input --- p.82 / Chapter 4.4.1.1 --- Standard Coverage Editing Procedures --- p.82 / Chapter 4.4.1.2 --- Specific Coverage Editing Procedures --- p.83 / Chapter 4.4.2 --- Attribute Data --- p.84 / Chapter 4.4.2.1 --- Housing Attributes --- p.84 / Chapter 4.4.2.2 --- Landuse Mix --- p.88 / Chapter 4.4.2.3 --- Socioeconomic Status --- p.91 / Chapter 4.4.2.4 --- Employment Figures --- p.91 / Chapter 4.5 --- Data Pre-processing and Manipulation --- p.93 / Chapter 4.5.1 --- Employment Potentials --- p.93 / Chapter 4.5.2 --- Socioeconomic Variables --- p.96 / Chapter 4.5.2.1 --- Interpretation --- p.97 / Chapter 4.5.3 --- School Quality --- p.107 / Chapter 4.5.4 --- Proximity Measurements --- p.110 / Chapter 4.5.5 --- Final Step of Association : Overlay Operations --- p.110 / Chapter 4.6 --- Conclusion --- p.112 / Chapter CHAPTER V --- CARTOGRAPHIC ANALYSIS --- p.114 / Chapter 5.1 --- Introduction --- p.114 / Chapter 5.2 --- Representation of Data --- p.114 / Chapter 5.2.1 --- Location of Premises --- p.114 / Chapter 5.2.2 --- Proximity --- p.118 / Chapter 5.2.3 --- School Quality --- p.118 / Chapter 5.2.4 --- Landuse Mix --- p.129 / Chapter 5.2.5 --- Employment --- p.132 / Chapter 5.2.6 --- Property Price --- p.137 / Chapter 5.3 --- Results and Discussions --- p.137 / Chapter 5.3.1 --- Temporal Variation on Housing Supply --- p.143 / Chapter 5.3.2 --- Temporal Variation on Floor Size --- p.145 / Chapter 5.3.3 --- Temporal Variation on Property Price --- p.148 / Chapter 5.4 --- Locational Variations --- p.150 / Chapter 5.4.1 --- Shift towards the New Towns --- p.150 / Chapter 5.4.2 --- Relative Importance among Districts in New Towns --- p.154 / Chapter 5.4.3 --- Pattern of Development --- p.158 / Chapter 5.4.3.1 --- Urban Core --- p.158 / Chapter 5.4.3.2 --- New Towns --- p.161 / Chapter 5.5 --- Spatial Variations on Floor Size --- p.171 / Chapter 5.6 --- Spatial Variations on Property Price --- p.176 / Chapter 5.7 --- Conclusion --- p.181 / Chapter CHAPTER VI --- STATISTICAL ANALYSIS --- p.183 / Chapter 6.1 --- Introduction --- p.183 / Chapter 6.2 --- The Data Set --- p.183 / Chapter 6.3 --- Stepwise Regression Modeling --- p.184 / Chapter 6.4 --- Correlation among Variables --- p.184 / Chapter 6.5 --- Validation of the Models --- p.186 / Chapter 6.6 --- Findings --- p.193 / Chapter 6.6.1 --- Pooled Market Results --- p.193 / Chapter 6.6.2 --- Submarket Level Analyses --- p.198 / Chapter 6.6.2.1 --- "Small-Sized, Low-Priced Flats " --- p.200 / Chapter 6.6.2.2 --- "Small-Sized, High-Priced Flats " --- p.203 / Chapter 6.6.2.3 --- "Medium-Sized, Low-Priced Flats " --- p.206 / Chapter 6.6.2.4 --- "Medium-Sized, High-Priced Flats " --- p.210 / Chapter 6.6.2.5 --- "Large-Sized, High-Priced Flats " --- p.213 / Chapter 6.7 --- Conclusion --- p.213 / Chapter CHAPTER VII --- CONCLUSION --- p.217 / Chapter 7.1 --- Summary of Findings --- p.217 / Chapter 7.1.1 --- Summary on Housing Development in Hong Kong…… --- p.217 / Chapter 7.1.2 --- Summary from Hedonic Price Models --- p.220 / Chapter 7.1.3 --- Significance of GIS --- p.222 / Chapter 7.2 --- Limitations and Recommendations --- p.222 / Chapter 7.3 --- Direction of Future Research --- p.226 / BIBLIOGRAPHY --- p.227 / APPENDICES --- p.237 / APPENDIX 1 --- p.238 / District Map of Hong Kong --- p.239 / APPENDIX II --- p.240 / List of Districts and its Components --- p.241 / APPENDIX III --- p.243 / Tertiary Planning Units (TPUs) - District Conversion List --- p.244

Two developments that may impact house prices have dominated the residential property landscape in South Africa in recent years, namely government’s planned social housing developments and residential property value assessments carried out by local municipalities across South Africa for property tax purposes. Social housing developments are often plagued by “local opposition”, who argue that subsidised housing units may have a negative effect on adjacent non-subsidised residential housing. Negative preconceptions of social housing form the basis of this argument, which is commonly referred to as the “not-in-my-backyard” (NIMBY) syndrome. International studies conducted have, however, produced mixed results with some concluding that social housing developments lead to a reduction in nearby property prices, whilst others conclude that they lead to an improvement in surrounding property values. Currently, the state of the South African economy and demographics are limiting previously disadvantaged, poor peoples’ access to affordable and safe housing, and for this reason the basis of the NIMBY rationale deserves closer attention. In order to test the validity of the NIMBY rationale, this study examines, by means of the hedonic price method, the effect of an existing housing establishment catering for low-income earners (the Walmer/Gqebera Township) on adjacent property values in the suburb of Walmer, Port Elizabeth, Nelson Mandela Bay in the Eastern Cape. The study concludes that the low-cost housing development exerts a negative impact on the property values of nearby houses - the average owner of a non-subsidised residential property in Walmer would be willing to pay between R38 033 and R46 898 to be situated 200 metres further away from the Walmer Township. This conclusion is subject to three qualifications. The first is that the Walmer Township is not a recognised social housing development but merely a proxy for one. The second qualification is that a relatively small data set was used in this study and only one social housing development was considered. The third qualification is that the study period is from 1995 to 2009, which necessitated the adjustment of market prices to constant 2009 rands. For this purpose, data from the Port Elizabeth and Uitenhage section of the ABSA house price indices were used. It was not possible to disaggregate the indices further to obtain a Walmer-specific index. It is possible that an imperfect correlation exists between the Walmer property trend and the metropolitan (Port Elizabeth and Uitenhage) trend used in this study. Based on the results of this doctoral investigation it is recommended that a monthly rebate on property rates of between R269.40 and R332.19 be implemented for affected Walmer residents. This amount could be sufficient to mitigate the capital loss associated with proximity to the Walmer Township. In terms of the management of social housing projects, it is strongly recommended that the following occur in order to alleviate the NIMBY syndrome: existing dwellings should be renovated, tenants should be monitored, dwellings should be appropriately designed and maintained, the composition of the host neighbourhood should be assessed and the image of social housing should be improved. With regard to the renovation of dwellings, social housing site preference should be given to existing structures in need of renovation, as positive externalities are associated with the renovation of such properties. The monitoring of tenants needs to take place in order to ensure that the financial and behavioural obligations of the tenants are met, and that informal “shack dwellings” do not materialise on site, and finally, that tenant default rates remain low. The appropriate management of these projects will also aid in combating the perception that social housing developments lead to private residential property devaluation. In respect of residential property value assessments, many homeowners have recently argued that there is very little equivalence between the municipality’s valuations and true market values. This study uses, inter alia, the hedonic price model to investigate the accuracy of the Nelson Mandela Bay Municipality’s 2007/2008 valuation roll. The investigation was limited to the valuation roll applicable to the Walmer neighbourhood. The study finds that there is, on average, a 13.89 percent difference between market prices and the 2007/2008 municipal assessed values. In addition, this study finds that an attributebased hedonic price model produces property price predictions that are more in line with true market values. This finding is subject to two qualifications. The first qualification is that only the Walmer neighbourhood’s assessed values were considered, thus limiting the findings. The second qualification is that a relatively small data set was used.

This thesis titled ``Essays in Private Capital" comprises of three essays focused on various parts of private capital. Private capital, also known as alternative assets are non-traded, broadly defined as private equity, real estate, venture capital, hedge funds, infrastructure and natural resource investments. The first chapter studies private equity, the second focuses on residential real estate, and the third is on commercial real estate. These are important asset classes given the low interest rate environment, and the recent COVID-19 and Silicon Valley Bank crisis which had large exposures to private assets. The first essay titled ``Desperate Capital Breeds Productivity Loss: Evidence from Public Pension Investments in Private Equity" studies investor heterogeneity in private equity and its ultimate effect on target firms. Using novel micro-data on individual investments in private equity funds funds and buyout deals combined with confidential Census data, I show that capital contributed by the most underfunded U.S. public pensions decreases efficiency at target firms, as pensions fuel the growth of low quality, new entrant private equity funds. These results get stronger post the financial crisis, when underfunded positions and their subsequent investments in private equity increased. The paper shows that traditionally positive post buyout efficiency results turn negative in recent years, as marginal investors matching with marginal private equity funds pull down the average. The most underfunded pensions also realize lower total private equity returns relative to the least underfunded ones. These results suggest possibility of a ``funding doom loop" as currently public pensions use assumed return on assets to calculate liabilities. The second essay titled ``Flattening the Curve: Pandemic-Induced Revaluation of Urban Real Estate" focuses on work from home with the onset of the COVID-19 pandemic and its effect on residential real estate prices across the U.S. We show that the COVID-19 pandemic brought house price and rent declines in city centers, and price and rent increases away from the center, thereby flattening the bid-rent curve in most U.S. metropolitan areas. Across MSAs, the flattening of the curve is larger where working from home is more prevalent, housing markets are more regulated, and supply is less elastic. Using a model predicting future residential price and rent evolution, we show urban revival in housing markets for the foreseeable future with urban rent growth exceeding suburban rent growth, as working from home recedes. In the third essay titled ``Work From Home and the Office Real Estate Apocalypse", we show remote work led to large drops in lease revenues, occupancy, lease renewal rates, and market rents in the commercial office sector. We revalue New York City office buildings taking into account both the cash flow and discount rate implications of these shocks, and find a 39% decline in long run value. For the U.S., we find a $413 billion value destruction. We show evidence of flight to quality, as higher quality buildings are buffered against these trends, while lower quality office is at risk of becoming a stranded asset. These valuation changes have repercussions for local public finances and financial stability.

Do investments in Contemporary Art Centers spur investment and economic development in the surrounding community? And if so, what factors are associated with these developments' outcomes? To assess these questions, a general overview of the dominant arts-and-economic-policy perspectives were considered, and two cases of contemporary art center developments, one in St. Louis and one in Cincinnati, were compared and treated as hypothetical value-capture investments. Sale prices of properties surrounding each investment property were adjusted to reflect market factors, then compared to values before and after an investment property opened to the public. A review of supplemental documents and interviews with the developments' directors were used to determine factors that contributed to the effects observed in the study. Findings indicated that the adjusted value of properties in Cincinnati declined with distance from the site of development in the post-test period, and not in the pre-test period. Hedonic results for properties in St. Louis were not significant. However, the museum's development was one among other factors that signified to investors that the area was ready for restoration. Interviews and document review indicated that community participation in the development planning process, distinctive architecture, and commercial contexts were associated with developments meeting their stated goals.

The aim of this diploma thesis is to analyze the development of the prices of real estate in the Czech Republic. The thesis is divided into three main parts. The first one deals with the theoretical introduction to valuation of the real estate. Moreover, the thesis presents the current development of the prices of real estate on the Czech market. The last part focuses on co-integration analysis, within which an ADL model is created. This model serves as a base for an error correction model, which describes short-term as well as long-term relations within the time series. The explanatory variables are gross domestic product, consumer price index, the amount of finished apartments, interest rate of mortgage loans, common rate of unemployment, and average gross monthly income. It is the one-equation model which describes the relation among the already mentioned explanatory variables and the HPI index. analysis of the development of the prices of real estate