Estimating Supply Functions for Residential Real Estate Attributes

Coulson, N. Edward; Dong, Zhi; Sing, Tien Foo

doi:10.1111/1540-6229.12268

Cited by 13 publications

(6 citation statements)

References 30 publications

(71 reference statements)

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“…Preservation of historical and cultural heritage is supported on the premise that, under the settings of a competitive housing market, property owners receive no compensation for the associated aesthetic or streetscape values of well-maintained historic building structures (Been et al, 2016; Coulson et al, 2018). To protect those values, selected areas or dwellings may be registered and listed under a preservation status that usually entails separate legislation as well as development constraints and maintenance obligations on property owners (Ahlfeldt and Maennig, 2010).…”

Section: Introductionmentioning

confidence: 99%

What’s so special about character?

Fernández

Martin

2020

Urban Studies

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Special Character Areas (SCAs) in Auckland, New Zealand, are areas with distinctive aesthetic, physical and visual qualities. Preservation policies entail controls on the design and appearance of new buildings, and on demolition, additions and alterations to existing buildings. To promote densification of the city, the Auckland Unitary Plan (AUP) removed SCA preservation rules in certain areas. This article assesses the trade-off between SCA preservation and housing development. We employ hedonic prices models to about 85,000 sale transactions between 2012 and 2016 and find that in 2012, the SCA price premium was 11.4% whereas the premium on upzoned properties (those with increased development allowances under the AUP) was zero. Over time, the SCA premium decreases, and by 2016 it was down to about 4.3%. At the same time, upzoning premiums increased to about 5% in 2016. These results reveal a demand shift from the protections of SCA towards flexibility on the development options of land.

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Section: Introductionmentioning

confidence: 99%

What’s so special about character?

Fernández

Martin

2020

Urban Studies

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“…Non-linear models fall into two groups, i.e. : models that can be reduced to linear models after appropriate transformation, and non-transformable non-linear models for which there are no methods of transformation to linear models (Coulson, Dong & Sing, 2018). In each valuation model it is necessary to determine features describing the object under study.…”

Section: Methodsmentioning

confidence: 99%

An Attempt to Determine the Impact of Energy Intensity on the Market Value of Residential Units on the Example of Selected Buildings in Szczecin

Foryś

Putek–Szeląg

Ziembicka

2020

Real Estate Management and Valuation

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Environmental requirements, constantly increasing energy prices as well as energy consumption by residential units and buildings have become an important factor in the decision-making processes in the real estate market. The preferences of residential unit buyers who recognize the problem of energy intensity and translate it into the transaction price have also been changing. However, amendments to the Act on real estate management and new European standards have imposed an obligation to include the certificates of energy performance of buildings and premises on real estate valuers in the valuation process. In this paper, energy intensity understood as the heating requirements of multi-family residential buildings is the basis for assessing the impact of the proposed variants on the market value of residential units. The paper analyzes the energy intensity of various types of buildings (e.g. in low and high buildings) and its impact on the market value of residential units in a selected housing estate in Szczecin, when the property valuer has access to energy performance certificates of neither the unit under valuation nor the units selected for comparison. The purpose of this study is to identify the relationship between the energy intensity and the market value of residential units. The proposed three models of real estate market value: non-classical, multiple regression and average price adjustment taking into account energy intensity, obtain results consistent with the actual transaction price at a satisfactory level. The assessment was made using standard deviation, a coefficient of variation and the average error of forecasts.

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“…For the wine market application, we focus on the latter case and the estimation of a marginal offer or inverse supply using a multi-market data approach. Unlike demand studies, it appears only a few studies have explicitly estimated marginal offer functions employing the multi-market data; examples include Witte, Sumka, and Erekson (1979), Kinzy (1982), andCoulson, Dong, andSing (2021) for housing markets, Pardew, Shane, and Yanagida (1986) for agricultural land prices, and Thomas (1993) for the motor carrier industry. Effectively, the task is to identify separate groups of consumers who have different tastes and preferences for similar goods.…”

Section: Introductionmentioning

confidence: 99%

Estimating Supply Functions for Wine Attributes: A Two-Stage Hedonic Approach

Oczkowski

2021

J Wine Econ

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A vast body of literature exists on estimating hedonic price functions, which relate the price of wine to its attributes. Some existing literature has employed producer-specific variables such as quantity sold and producer reputation in hedonic functions to potentially capture supply influences on prices. This practice is inconsistent with the original Rosen (1974) hedonic theoretic foundation. To overcome this deficiency, we extend the literature by using the Rosen two-stage approach, employing data from multi-markets for similar wines to estimate inverse supply functions. The application to Australian produced wines sold in different countries demonstrates the importance of a wine's quality and age as attributes in inverse supply functions. Results imply the additional costs of producing better quality and older wines are increased as both quality and age are increased. Estimates also suggest that lower marginal costs for attributes are associated with a smaller producer size and older more established producers. (JEL Classifications: C21, Q11)

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Estimating Supply Functions for Residential Real Estate Attributes

Cited by 13 publications

References 30 publications

What’s so special about character?

What’s so special about character?

An Attempt to Determine the Impact of Energy Intensity on the Market Value of Residential Units on the Example of Selected Buildings in Szczecin

Estimating Supply Functions for Wine Attributes: A Two-Stage Hedonic Approach

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