Estimating Property Condition Effect on Residential Property Value: Evidence from U.S. Home Sales Data

Miller, Norman G.; Sah, Vivek; Sklarz, Michael

doi:10.1080/10835547.2018.12091497

Cited by 12 publications

(10 citation statements)

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“…If the condition of these components varies slightly, it could be sufficient to reflect technical condition to a generalized single technical condition variable. After all, researchers often tend to use a single variable to represent the technical condition of a house (Miller et al , 2018; Ooi et al , 2014). However, if the condition of the various envelope components significantly varies, it is beneficial to take into account the partial conditions of individual components as proposed subdatabase by B.…”

Section: Framework and Discussionmentioning

confidence: 99%

Technical condition of houses: a framework for the Czech market

Jandásková

Hrdlička

Cupal

et al. 2022

IJHMA

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Purpose This study aims to provide a framework for assessing the technical condition of a house to determine its market value, including the identification of other price-setting factors and their statistical significance. Time on market (TOM) in relation to the technical condition of a house is also addressed. Design/methodology/approach The primary database contains 631 houses, and the initial asking price and selling price are examined. All the houses are located in the Brno–venkov district in the Czech Republic. Regression analysis was used to test the influence of price-setting factors. The standard ordinary least squares estimator and the maximum likelihood estimator were used in the frame of generalized linear models. Findings Using envelope components of houses separately, such as the façade condition, windows, roof, condition of interior and year of construction, brings better results than using a single factor for the technical condition. TOM was found to be 67 days lower for houses intended for demolition – as compared to new houses – and 18 days lower for houses to refurbishment. Originality/value To the best of the authors’ knowledge, this paper is original in the substitution of specific price-setting factors for factors relating to the technical condition of houses as well as in proposing the framework for professionals in the Czech Republic.

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Section: Framework and Discussionmentioning

confidence: 99%

Technical condition of houses: a framework for the Czech market

Jandásková

Hrdlička

Cupal

et al. 2022

IJHMA

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“…We employ standard control variables (see, e.g. Ceccato and Wilhelmsson, 2020;Miller et al, 2018;Taltavull et al, 2017). Table 4 provides summary statistics of the employed variables (not logarithmized).…”

Section: The Datamentioning

confidence: 99%

“…We employ standard control variables (see, e.g. Ceccato and Wilhelmsson, 2020; Miller et al. , 2018; Taltavull et al.…”

Section: The Datamentioning

confidence: 99%

Does size matter? Is there an optimal size for tenant–owner associations?

Karpestam

Palm²

2022

JERER

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PurposeThe authors investigate how prices of condominiums are affected by the size of the tenant-owner associations that they belong to.Design/methodology/approachThe authors use data of sold apartments in the Swedish municipality Malmö 2013–2018 and estimate hedonic price regressions. The authors also perform semi-structured interviews with three senior professionals in real estate companies.FindingsThe authors find significantly negative relationships between the prices of condominiums and the size of tenant-owner associations. Also, regression results indicate that associations should be no smaller than 6–10 apartments. The interviews support that associations should not be too small or too big. The lower and upper limit was suggested by the respondents to 40–50 and 80–150 apartments, respectively. In these ranges, economies of scale can be achieved, and residents will not lose the sense of community and responsibility.Research limitations/implicationsThe authors do not prove causality. Smaller associations may have relatively exclusive common amenities, about which we lack data. The same relationships may not exist in different market conditions.Originality/valueThe authors are not aware of previous studies with the same research question. The size of tenant-owner associations may affect the price through different channels. First, several of the banks in Sweden do not always grant mortgages for condominiums that belong to small associations. Second, larger associations may have better economies of scale and more efficient property management. Third, homeowners may prefer smaller tenant-owned associations, because they may feel less anonymous and provide more influence on common amenities.

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“…Contoh penggunaan konsep lokasi yang pernah diteliti adalah kedekatan suatu properti dengan jalan raya atau kedekatan suatu property dengan moda transportasi. Pengaruh faktor lokasi terhadap harga properti residensial yang terletak di dekat jalan raya atau jalan tol memiliki hasil yang beragam pada beberapa penelitian (Miller, Sah, & Sklarz, 2018). Kemudian, Boarnet and Chalermpong (2001) menemukan bahwa akses ke koridor transportasi umumnya dapat dikapitalisasi ke nilai properti yang lebih tinggi.…”

Section: Konsep Lokasiunclassified

“…Meskipun korelasi antara kondisi struktural dengan kondisi bangunan sangat lazim dipahami, tidak banyak perhatian yang diberikan pada topik ini dalam literatur. Miller et al (2018) berpendapat bahwa kondisi properti merupakan salah satu variabel intrinsik yang jarang digunakan dalam studi properti, apalagi studi mengenai faktor yang dampaknya berpotensi signifikan terhadap nilai properti. Pendapat ini memperkuat penelitian Adair, Berry, and McGreal (1996) 2018) berargumen bahwa rumitnya membahas mengenai kondisi struktural properti setidaknya disebabkan oleh tiga alasan.…”

Section: Konsep Strukturalunclassified

Identifikasi Faktor-Faktor Yang Mempengaruhi Nilai Properti Residensial Berdasarkan Persepsi Penilai Pemerintah

Riyanto

2021

JIA

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State asset management is conducted in a transparent and accountable manner. One notable requirement that has to be met is the value of the assets. Such value is estimated by a qualified government valuer based on certain valuation approaches. This process normally carries a degree of subjectivity. This research uses statistical procedures to identify property attributes that significantly affect residential property value based on the government valuers’ perception. For this purpose, a set of questionnaires was distributed to government valuers who are part of the Directorate General of State Assets Management (DGSAM). These questionnaires contained property attributes identified from the literatures and validated by several property valuers at the DGSAM and PKN STAN. There were 285 valuers who provided their responses in this research, which was slightly higher than the anticipated number of participants. Further analysis from these responses shows that non-structural property attributes, one that are not directly related to property physical attributes, are indicated to be more significant in affecting residential property value. This research however only involves DGSAM’s valuers and thus, is rather limited in nature. The results reported in this paper as such should be interpreted accordingly

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Estimating Property Condition Effect on Residential Property Value: Evidence from U.S. Home Sales Data

Cited by 12 publications

References 0 publications

Technical condition of houses: a framework for the Czech market

Technical condition of houses: a framework for the Czech market

Does size matter? Is there an optimal size for tenant–owner associations?

Identifikasi Faktor-Faktor Yang Mempengaruhi Nilai Properti Residensial Berdasarkan Persepsi Penilai Pemerintah

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