Analysis of the Effects of Large Lot Zoning

This study extends a test for the presence of binding zoning, originally developed to be applied across many adjacent jurisdictions, so that it can be applied within a single jurisdiction. This study also demonstrates how to carry out this test in the presence of spatially correlated OLS residuals by using a mixed effects model whose coefficients are estimated using the maximum likelihood technique. The study examines twenty years of land sales data from a Midwestern county containing two adjacent cities surrounded by rural areas. A thirty-five-acre acre, minimum lot size in the rural area is found to be binding; while a 9,000 square foot minimum lot size in the cities is found to be not binding.

An Empirical Analysis of the Determinants of the Value of Vacant Land

This study extends the literature that investigates the use of buyer and seller characteristics in traditional hedonic price equation regressions. This study adds to the existing literature on the relationship between parcel size and price, coined plattage by Colwell and Sirmans (1980). The results reveal statistically significant buyer and seller effects. Also, the results confirm the existence of the plattage effect and reveal a statistically significant change in the plattage effect over time. The findings of this study should prove useful to those interested in the behavior of land markets on an urban fringe.

The Linear Algebra of the Sales Comparison Approach

This study presents the sales comparison approach to value as a system of linear algebra equations. The difference between appraiser and academician views of this system of equations is shown to pivot on the one-price assumption. The need of appraisers to subjectively derive adjustment factors is shown to be an artifact of the common practice of appraisers to assume multiple indicated values. The use of multiple regression analysis and other statistical techniques by academicians is shown to be possible only given the one-price assumption. Suggestions are presented for the improvement of both views.

Total Quality Management and Residential Real Estate Agency Issues

This study explores the implications of applying Total Quality Management (TQM) principles to residential real estate brokerage, specifically the need for customer focus. Deming's (1986) TQM system of fourteen points reduced to four distinct subsystems. The most critical of these is the need for customer focus. Several approaches to agency in residential real estate brokerage are presented, with an examination of the ease with which customer focus can be obtained with each approach. The main finding is that customer focus can be achieved easier with the agency specialization approach.

Real Estate Programs: A Note on Publication Performance

This study reports the publication performance of academic programs in real estate and authors using a database drawn from ten major real estate journals (868 articles by 577 authors from 206 universities) published during the period 1978 through 1982. Universities and authors are classified into ranked clusters using hierarchical cluster analysis of standardized pages published in the set of journals examined. Omitting publications whose author(s) are affiliated with the university that edits the journal in which the publication appears (the editorship effect) significantly drops the ranking of all but one of these universities, suggesting that editorship of a journal greatly enhances the publication performance of most universities.

Risk Reduction Possibilities From Diversification Of Real Estate Portfolios

Using a macro data base not previously examined, this paper investigates the benefits of diversification in real estate portfolios.  Results support the findings of Burns and Epley (1982) and Miles and McCue (1984) that large reduction in risk can be achieved by intra regional diversification.  But contrary to some previous work, substantial benefits from interregional diversification are also indicated

A Unified Convex-Concave Model of Urban Land Values

This study develops and fits a nonlinear, unified convex-concave model for land sales. The model's flexibility accommodates convexity for small parcels, concavity for large parcels, a non-deterministic change point while accounting for spatial correlation. All parameters are fit simultaneously from a Bayesian perspective using Markov Chain Monte Carlo techniques. Virtually all previous models for land sales are shown to be special cases of the unified model. The results indicate an 86.9% probability of convexity (plottage) for parcels smaller than 3516 square feet