Flood Risk as a Price-setting Factor in the Market Value of Real Property

Cupal, Martin

doi:10.1016/s2212-5671(15)00447-5

Cited by 11 publications

(8 citation statements)

References 5 publications

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“…Geolocation of real estate or real estate market has a wider meaning as an assumption adopted in the study. It is assumed that geolocation of the real estate market in terms of real estate valuation is considered not only in relation to the classic reference to the land surface but also in the context of an additional dimension not directly related to the location on Earth but to existence of determinants of properties value such as, for example, local zoning, lot size, topography or even flood risk [10,11]. The additional dimension is associated with the classification of urban space and the real estate itself on the basis of diverse spatial, anthropogenic, natural, social, economic, political or behavioural factors [8].…”

Section: Literature Review and Research Issuesmentioning

confidence: 99%

Geoscience Methods in Real Estate Market Analyses Subjectivity Decrease

2019

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Real estate management, including real estate market analysis, is part of a so-called geosystem. In recent years, the popularity of creating various types of systems and automatic solutions in real estate management, including those related to property classification and valuation, has been growing in the world, mainly to reduce the impact of human subjectivity, to increase the scope of analyses and reduce research time. A very important fact that should be underlined is that properties are strongly related to geolocation (space) and strongly determine it. Authors proposed in the paper solutions that highlight implementation of geoscience and “geo-approach” combined with fuzzy logic methods that allow to decrease subjectivity in property analyses and diminish uncertainty in decision making process. The proposed methodology involves three main problematic components of decision support system in property investment analyses development with the use of geo-technologies such as: determination of the database model; elaboration geo-property-zones with geoprocessing activities; identification of homogeneous group of properties transactions. The influence of spatial decision factor determined in the study lead to objective and precise calculation of value differentiation from 22 to 43% depending on the property’s remoteness to the sea.

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Section: Literature Review and Research Issuesmentioning

confidence: 99%

Geoscience Methods in Real Estate Market Analyses Subjectivity Decrease

2019

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“…2 Several studies have tracked house price changes linked to flood hazards outside the United States. Capal (2015) tested the impact of flood risk zone location on house prices in the Czech Republic and found no significant impact: "the analyzed market does not consider it too important; what is more, it seems almost indifferent." Fuerst and Warren-Myers (2019) matched property sales data with elevation data to model the impact of flooding from sea-level rise, storm surges and tides on house prices in Melbourne, Australia.…”

Section: Flood Insurance In Floridamentioning

confidence: 99%

House Price Trends in Coastal US Cities

Palm¹,

Bolsen²

2021

Housing Market Response to Sea-Level Rise in Florida

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Living on the Gulf Coast of Florida is like living in a dream. Beautiful beaches, blue skies, and a thriving community are all aspects of life that you want to embrace.Lend Smart Mortgage (2021) 4 key factors to consider when buying a house on the Florida gulf coast. Available at: https:// www.golendsmart.com/blog/4-key-factors-to-consider-whenbuying-a-house-on-the-florida-gulf-coast It's everyone's dream. . . to have a house on the beach. . . to wake up to the sounds of the waves lapping against the shore. . . to see the ocean as she changes hues throughout the day, throughout the seasons, throughout the year. It's everyone's dream to have a place to go as an escape from the mad and busy world we live in. . . to have a special place where our children can create the most magnificent memories. . . Mymove (2020) What you need to know before buying a beach house. Available at: https://www.mymove.com/homeinspiration/decoration-design-ideas/what-you-need-to-knowbefore-buying-a-beach-house/

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“…In the context of market value, houses are very specific assets representatives of the real estate sector, unlike classic commercial products (Endel et al , 2020; Wickramaarachchi et al , 2021), and form a heterogeneous market (Nam, 2020; Cupal, 2015).…”

Section: Introductionmentioning

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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Flood Risk as a Price-setting Factor in the Market Value of Real Property

Cited by 11 publications

References 5 publications

Geoscience Methods in Real Estate Market Analyses Subjectivity Decrease

Geoscience Methods in Real Estate Market Analyses Subjectivity Decrease

House Price Trends in Coastal US Cities

Technical condition of houses: a framework for the Czech market

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