Pricing and Time on the Market for Residential Properties in a Major U.K. City

The pricing and length of time to sell single-family residential properties is a function of the interaction between buyer and seller behavior. This study estimates value effects in relation to the time on the market for residential properties within the Belfast (U.K).metropolitan area. Three distinctive characteristics of market are highlighted. First, the majority of sales are at a premium to the list price. Second, different factors influence time on the market for premium and discount sales. Third, the marketing period is examined for three events: listing to sales agreement, sales agreement to completion, and listing to completion.

ARES and the Formation of the International Real Estate Society

Since 1991 the American Real Estate Society (ARES) Board has been working with representatives from around the world to establish an umbrella organization--the International Real Estate Society (IRES). The intent of the organization is to link real estate researchers and educators on an international basis. This paper highlights the progress that has been made and the role ARES has played in establishing IRES, as well as the two new regional societies--the European Real Estate Society and the Pacific Rim Real Estate Society. Along with ARES, these organizations were the founding members of the International Real Estate Society.

Os novos desafios do planejamento urbano em contextos de crescentes processos de financeirização

A tarefa de prover um solo urbanizado tem se tornado um desafio cada vez mais complexo frente ao crescimento populacional desenfreado das grandes cidades. As projeções, a curto e médio prazo, apontam para o agravamento desta situação prevendo, até 2050, uma população global superior a nove bilhões, com um maior crescimento nos países em desenvolvimento (Overseas Development Institute 2015). Mediante este desafio e a pressão para a promoção de infraestruturas, bens e serviços públicos, os governos municipais têm encontrado dificuldades para lidar com as questões fiscais e orçamentárias do planejamento urbano. Os processos de globalização, desregularização econômica, descentralização e privatização e, os emergentes processos de fragmentação e polarização social, econômica e espacial, também têm colaborado para o agravamento deste cenário. Neste contexto, algumas cidades desenvolveram capacidades negociais e instrumentais para atrair investimentos de capital financeiro para solucionar os problemas de restrição orçamentária municipal e dar respostas às necessidades locais. Os projetos de desenvolvimento urbano têm sido apontados como o grande palco para a atração do capital global. Para tal, a inovação de instrumentos financeiros e a combinação entre vários deles tem sido a esperança para o desenvolvimento economicamente sustentável de grandes áreas da cidade. No entanto, sob a influência e pressão do mercado de capitais, alguns pesquisadores apontam que tais projetos e instrumentos podem ser responsáveis por uma descontextualização do ambiente construído e das necessidades locais, colocando as cidades como reféns de um processo de financeirização do ambiente construído e das políticas urbanas. Assim, mediante este cenário, torna-se necessária uma reformulação no processo de se planejar e formular novas políticas e instrumentos urbanos.The task of providing developed land has more and more become an increasing challenge, considering the immoderate population growth of big cities. The medium and long-term projections point out an aggravation of this situation, and anticipate a global population over nine billion people by 2050, being the greatest growth registered in developing countries (Overseas Development Institute 2015). Through this challenge and the pressure to provide public infrastructure, goods and services, municipal governments have hardly deal with urban planning fiscal and budgetary issues. Globalisation, economic misadjustment, decentralization and privatisation processes, and the resulting phenomena of fragmentation and social, economic and spatial polarization have also worsened this scenario. Against this background, some cities have developed negotiation and instrumental capabilities to attract financial investments in order to surmount municipal budgetary restraints, whereas responding to local needs. Urban development projects have been pointed out as the great stage for the attraction of global capital. But to reach such a goal, innovation in financial instruments and the blend among them has been the hope for the economic sustainability of development in citiesŽ major areas. However, under the influence and pressure of capital markets, some researchers point out that such projects and instruments may involve a de-contextualization in the built environment and local needs, rendering cities hostages to financing processes of the built environment and urban policies. Thus a reformulation of urban policies and instruments is required in order to face the increasing financialization processes that accrue from the global contemporary dynamics

Penerapan Case Based Reasoning dan Algortima Nearest Neighbor untuk Penentuan Lokasi Waralaba

Penentuan lokasi waralaba merupakan langkah penting dalam memulai sebuah bisnis. Penentuan lokasi yang baik sudah hampir setengah jalan menuju sukses bisnis tersebut. Penentuan lokasi ini menggunakan metode dari konsultan Mandiri Bisnis Mandiri (MBC), yang terdiri dari 22 attribut sebagai penentuan prospek suatu lokasi. Prospek lokasi dibedakan menjadi tiga, yaitu sangat prospek, prospek, dan kurang prospek. Penentuan lokasi oleh MBC masih dilakukan secara manual sehingga tergantung pada konsultan serta membutuhkan waktu yang lama dan hasil kurang akurat. Untuk mengatasi masalah tersebut dilakukan dengan bantuan aplikasi komputer dengan pendekatan Case-based Reasoning(CBR) dan algoritma Nearest Neighbor. Hasil komputasi dengan implementasi CBR dan algoritma nearest neighbor menunjukkan bahwa proses penentuan lokasi menjadi lebih cepat dan akurat. Hal ini dibuktikan dengan analisis hasil penelitian yang sebelumnya rata-rata waktu yang dibutuhkan adalah 17,95 menit setiap kasus sedangkan dengan menggunakan sistem rata-rata waktu yang dibutuhkan adalah 1,15 menit dan keakuratan hasil rata-rata sebelum menggunakan sistem adalah 70% sedangkan dengan setelah menggunakan sistem meningkat tingkat keakuratannya mencapai 95%

Application of a building cost estimation model to the appraisal of the churches damaged by earthquakes in Lorca (Spain)

The objective of this paper is the development of a building cost estimation model whose purpose is to quickly and precisely evaluate rebuilding costs for historic heritage buildings affected by catastrophic events. Specifically, this study will be applied to the monumental buildings owned by the Catholic Church that were affected by two earthquakes on May 11, 2011 in the town of Lorca. To estimate the initial total replacement cost new, calculation model will be applied which, on the one hand, will use two-dimensional metric exterior parameters and, on the other, three-dimensional interior cubic parameters. Based on the total of the analyzed buildings, and considering damage caused by the seismic event, the final reconstruction cost for the building units ruined by the earthquakes can be estimated. The proposed calculation model can also be applied to other emergency scenarios and situations for the quick estimation of construction costs necessary for rebuilding historic heritage buildings which have been affected by catastrophic events that deteriorate or ruin their structural or constructive configuration

Impact of quality-led design on real estate value: a spatiotemporal analysis of city centre apartments

This paper estimates the impact of quality design attributes on real estate value through empirical investigation of the owner-occupied multifamily residential sector. The methodological design is based on spatiotemporal modelling using a unique data-set of 424 Belfast City Centre apartments sold during the period 2000–2008. The key findings indicate that urban scale aspects of quality such as connectivity and vitality associated with building density add to real estate value. At the building level, quality features highly valued by home buyers are namely appropriateness of material quality, fenestration and massing to the surroundings. These key criteria are considered to have a significant visual perception compared to more complex concepts such as identity, material choice and overall condition. The contribution to knowledge involves extending the hedonic model to incorporate a wider selection of design quality variables; and improving estimation through the use of spatiotemporal modelling.</p

An analysis of U.K. property funds classified according to U.S. styles: Core, value-added, and opportunistic

This analysis explores the feasibility of sorting UK funds into the three categories that are widely used in the US, and then compares the performance of these styles between the UK and US. Following an overview of several factors’ impact on the expected risk and return of a property fund, we use Loan-to-Value ratio (LTV) as the dominant factor in a preliminary style-classification, defining funds with no debt as core, funds with LTV lower than 40% as value-added, and funds with higher than 50% LTV ratios as opportunistic. Then the study makes some adjustments to this classification based on the observation of the funds’ attributes other than LTV, and the classification ends up with 19 core funds, 22 value-added funds and 21 opportunistic funds. After that, we find two major differences between the UK and US funds. First, the core approach represents a smaller portion of the UK funds than the US funds and the opposite is true for the value-added approach. One way to improve the feasibility of researchers comparing funds within these two countries is introducing a fourth style, core-plus. Second, the US opportunistic funds are better performing with similar leverage than their UK counterparts, while future studies would help draw more precise conclusions about the performance comparisons