302 research outputs found
Public Land Use Constraints: Lot and House Configuration
No full textThe public sector constrains the size and shape of lots and buildings via zoning ordinances and subdivision regulations. Zoning ordinances utilize setback requirements, open space ratios, minimum lot area and floor-to-area ratios. Subdivision regulations utilize street and sidewalk spacing requirements. This article provides a framework in which one can analyze the precise impact of these control devices. The choice of developers who face these controls is discussed in terms of a rule of thumb and in terms of a model of profit maximization.
Household tenure and the mortgage prepayment
No full textItem marked as restricted to the 'UIUC Users [automated]' Group (id=2) by Howard Ding ([email protected]) on 2011-05-07T14:57:57Z
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Reason: ETDs are only available to UIUC Users without author permissionETDs are only available to UIUC Users without author permissionU of I OnlyThis thesis analyzes the relationship between the household's tenure and the mortgage prepayment. The household tenure is the time a home buyer resides in the mortgaged home. During the last decade, most of the home mortgages originated carried due-on-sale clauses, which force borrowers to pay off their mortgages as soon as the underlying real estate parcels are sold. Under such a restriction, the effective life of a mortgage is the minimum of its term and the household's tenure in the mortgaged home. Since most households do not keep their house for as long as the maturity of the mortgage (e.g. 30 years), the effective life of the mortgage is generally determined by the household's tenure.The household's tenure affects the mortgage prepayment mainly through the expiration date of the prepayment option. The prepayment to refinance a fixed rate mortgage is a very special option. Its expiration date is the end of the effective life of the mortgage. Not only is this expiration date random, but also the information set about this variable is asymmetric between the lender and the borrower. The major contribution of this thesis to the literature is to generalize the previous prepayment option pricing models by relaxing the naive assumptions about the expiration date.The assumptions of this household tenure in the previous literature are relaxed in two respects, (1) the assumption that this tenure is non-stochastic is relaxed in chapter two, and (2) the assumption that the information is symmetric between the lender and the borrower is relaxed in chapter three and four. Mortgage pricing models for these two generalized situations are developed. The models are applied in determining (1) the value to the borrower of the mortgage, (2) the interest rate differential needed to justify prepayment, (3) the borrower's choice among different contract rate-discount points combinations, and (4) the value to the lender of the mortgage.Made available in DSpace on 2011-05-07T13:41:27Z (GMT). No. of bitstreams: 2
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Previous issue date: 199
Zechariah 9-14 as the substructure of 1 Peter’s eschatological program
No full textThe principal aim of this study is to discern what has shaped the author of 1 Peter to regard Christian suffering as a necessary (1.6) and to-be-expected (4.12) component of faithful allegiance to Jesus Christ. Most research regarding suffering in 1 Peter has limited the scope of inquiry to two particular aspects—its cause and nature, and the strategies that the author of 1 Peter employs in order to enable his addressees to respond in faithfulness. There remains, however, the need for a comprehensive explanation for the source that has generated 1 Peter’s theology of Christian suffering. If Jesus truly is the Christ, God’s chosen redemptive agent who has come to restore God’s people, then how can it be that Christian suffering is a necessary part of discipleship after his coming, death and resurrection? What led the author of 1 Peter to such a startling conclusion, which seems to runs against the grain of the eschatological hopes and expectations of Jewish restoration ideology?
This thesis analyzes the appropriation of shepherd and fiery trials imagery,
and argues that the author of 1 Peter is dependent upon Zechariah 9-14 for his
theology of Christian suffering. Said in another way, the eschatological program of
Zechariah 9-14, read through the lens of the Gospel, functions as the substructure
for 1 Peter’s eschatology and thus its theology of Christian suffering.
In support of this hypothesis, this study highlights the fact that Zechariah 9-
14 was available and appropriated in early Christianity, in particular in the Passion
Narrative tradition; that the shepherd imagery of 1 Pet 2.25 is best understood
within the milieu of the Passion Narrative tradition, and that it alludes to the
eschatological program of Zechariah 9-14; that the fiery trials imagery found in 1
Peter 1.6-7 and 1 Pet 4.12 is distinct from that which we find in Greco-Roman and OT
wisdom sources, and that it shares exclusive parallels with some unique features of
the eschatological program of Zechariah 9-14; that Zechariah 9-14 offers a more
satisfying explanation for the modification of Isa 11.2 in 1 Pet 4.14, the transition
from 4.12-19 to 5.1-4, why Peter has oriented his letter with the term διασπορά,
and why he has described his addresses as οἶκος τοῦ θεοῦ; and finally that 1 Peter
contains an implicit foundational narrative that shares distinct parallels with the
eschatological program of Zechariah 9-14.
We can conclude that 1 Peter offers a unique vista into the way in which at
least one early Christian witness came to understand and to communicate the fact
that Christian suffering was a necessary feature of faithful allegiance to Jesus Christ
Real Estate Valuation Models: Lender and Equity Investor Criteria
No full textThe use of valuation models that focus on lender criteria has been growing in the appraisal field. In the rush to build lender criteria into real estate valuation models, equity investor criteria, expectations, and requirements occasionally have been ignored. The specific criteria considered in this paper are the loan-to-value ratio and the debt coverage ratio for lenders and the equity dividend rate for equity investors. Each of these three criteria may be a binding constraint on value.Graphical analysis provides a framework within which major real estate valuation models (i.e., Ellwood, McLaughlin, Gettel, Lusht-Zerbst, and Steele) are compared. A new valuation model (i.e., the Cannaday-Colwell model) is developed which utilizes the equity dividend rate.The three definitional models (i.e., McLaughlin, Gettel, and Steele) are found to be relevant only by mere coincidence. Each of these models simultaneously considers two of the three key criteria, completely eliminating the possibility of consideration of anything else; i.e., the models become tautological.It is shown that the discounted cash flow based models (i.e., Ellwood, Lusht-Zerbst, and Cannaday-Colwell) each tell one-third of the story. One of these models will be relevant depending upon whether the binding constraint is the maximum loan-to-value ratio, the minimum debt coverage ratio, or the minimum equity dividend rate. The relevant model is the one that yields the lowest value estimate of the three. Copyright American Real Estate and Urban Economics Association.
Three essays on housing: Housing rent and occupational rank in Beijing and Shenyang, China. Rent controls, housing subsidies and privatization: An international perspective. The urban housing reform in China
No full textChapter I. Housing rent and occupational rank in Bejjing and Shenyang, China. Under the planned economic system in China, the occupational rank of housing renters has a major effect on the household's rent. The government provides differential housing subsidies to different types of renters of state housing, and the higher the rank, the more the subsidy. However, other key factors such as living area, number of rooms in each housing unit, number of floors in the building, floor on which the unit is located and distance from city center influence rent in similar directions to those one would find in a market economy. Data has been collected from Beijing and Shenyang for cadre (white-collar government employee) housing with ranks of housing renters ranging from junior staff to minister or province governor. Multiple regression analysis is used to estimate a model which reveals the influence of housing attributes on urban housing rent, with special attention to the housing subsidies for the various ranks.Chapter II. Rent controls, housing subsidies and privatization: an international perspective. There have been rent controls and housing subsidies in a variety of both developed and developing countries since World War I. Strict rent controls in these market economies led to a decline in new housing construction, as well as a deterioration in existing rental housing units with low investment or disinvestment and poor services. To avoid these problems, some governments have replaced strict rent controls with moderate ones or decontrolled rents, improved the way in which they provide housing subsidies, and have been privatizing public housing. These experiences with rent control, decontrol, housing subsidy and privatization in those countries can provide points of reference to China and other ex-socialist countries pursuing housing reforms.Chapter III. The urban housing reform in China. Housing reform in China was initiated in the late 1970s. The goal of the reform is to substantially improve housing conditions for the people through the establishment of a housing rental and sales market. The major device for realizing the goal is to increase rent, raise wages and encourage employees to buy houses. Progress in the reform has been steady but success cannot be assured yet. The key issue, how to determine rent and price levels in different cities during and beyond the transition period, is studied in this paper. For more efficient allocation of housing and labor resources, we suggest: (1) a set of differential rents be used for housing with different accessibility and other characteristics; (2) a nationwide free housing market, and (3) a system of property rights secured by law.Made available in DSpace on 2011-05-07T12:04:25Z (GMT). No. of bitstreams: 2
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Optimal Property Management Strategies
No full textThis paper examines the optimal operation strategies for income properties. Specifically, the rental rate and the operating expense should be set at levels to maximize the return on investment. The results suggest that for a given demand curve of a specific rental property, there exist optimal levels of the income ratio, the operating expense ratio, and the vacancy rate. With a Cobb-Douglas demand curve, we derived closed form solutions of these optimal ratios for a given income property. The relevant local comparative statics of these ratios also are derived. These comparative statics also provide insight into the optimal building size and optimal rehabilitation decisions. An empirical case study was conducted to demonstrate how the model can be applied in real life situations.Rental Property, Vacancy Rate; Operating Strategy, Profit Optimization
A Comparison of Real Estate Marketing Systems: Theory and Evidence
No full textThe objective of this paper is twofold. One is to provide a search-theoretical model of the marketing choice of the seller. The model explains the seemingly contradictory empirical results as to whether a seller raises the price of his house to pass on a portion of the broker's commission to the buyer. The second is to offer empirical evidence on the impact of the MLS on the price. We control for selectivity bias in the data and obtain a surprising result that the decision to use a multiple listing service decreases the sale price of a property.
Three Essays in Real Estate and Urban Economics
No full text117 p.Thesis (Ph.D.)--University of Illinois at Urbana-Champaign, 2001.This thesis explores a broad range of issues and techniques, both theoretical and empirical, in the field of real estate and urban economics. The first chapter provides the motivation for the essays contained in this thesis, and suggests opportunities for further research. The majority of studies examining the impact of group homes on neighborhood property values have found that group homes do not adversely affect property values. The second chapter, a study of seven group homes established in DuPage County, Illinois, finds that properties which are proximate to a group home experience a decline in value following the announcement of a group home's pending establishment. In the analysis, observations across time and space are incorporated into a format that is similar to an event study. The model is the first in this literature to accommodate different price levels and appreciation rates across neighborhoods. In the third chapter, the properties of competitive location equilibrium are used to study the demand for recreation and the choice of primary residence location. Location specific recreation and employment lead to pooling equilibria in which consumers reside according to their preference for recreation, In general, the stronger the taste for recreation, the greater the attraction of living close to the recreation site and the lower the demand for housing. The effects of trip frequency, trip length and recreation housing cost on the spatial distribution of consumers are considered. The effect of the wage rate on recreation and location demands is also explored. In the fourth chapter, the alternatives available for transferring agricultural property on the urban periphery are considered. The model examines the conditions under which market participants sell or exchange farmland. Contrary to popular opinion, simultaneous exchanges are still feasible in the presence of delayed exchanges, particularly when the relinquished property is very large. The model also explains the observed phenomenon that sellers of agricultural property get replacement properties of lesser market value in exchanges.U of I OnlyRestricted to the U of I community idenfinitely during batch ingest of legacy ETD
The Pricing of Mortgage Characteristics and Consumer Choice in the Mortgage Market
No full textThis dissertation covers several aspects of mortgage pricing. First, a theoretical model is developed related to choice on both sides of the mortgage market. Next, an hedonic model is utilized to estimate the impact of mortgage characteristics on the initial contract interest rate. Finally, borrower demand for various adjustment interval periods is estimated.The supply side begins with a determination of the cost of funds facing the lender. This rate is then adjusted downward to account for such items as: points and any markup (margin) passed on to the borrower. Other features, however, serve to increase the effective cost of funds such as: administrative costs, interest rate caps, teasers, the risk of a drop in housing prices causing the lender to have to deal with a default, and the risk of a drop in interest rates causing the borrower to refinance. The demand side is reflected by the willingness of borrowers to pay for various contract features.Among the terms to be included in the hedonic model are the caps, the amortization period, and the period between rate adjustments. A key hypothesis here relates to the role of default risk in explaining peculiarities in the most frequently adjusted loans. The demand for variability is measured using the well-known approach developed by Sherwin Rosen. After taking the derivative of the rate with respect to the variability, the borrower characteristics are used as explanators along with the explanatory variables from the hedonic.The empirical results indicate that the interest rate on a mortgage is significantly influenced by: the general level of interest rates, the markup on the loan, the quantity of teasers, whether or not the mortgage allows for negative amortization, the steepness of the yield curve, the volatility of interest rates, and several of the location variables.Made available in DSpace on 2014-12-16T18:34:55Z (GMT). No. of bitstreams: 1
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Previous issue date: 1988Embargo set by: Seth Robbins for item 71693
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Reason: Restricted to the U of I community idenfinitely during batch ingest of legacy ETDsRestricted to the U of I community idenfinitely during batch ingest of legacy ETDsU of I Only137 p.Thesis (Ph.D.)--University of Illinois at Urbana-Champaign, 1988
Three Essays in Real Estate and Urban Economics
No full textThis thesis explores a broad range of issues and techniques, both theoretical and empirical, in the field of real estate and urban economics. The first chapter provides the motivation for the essays contained in this thesis, and suggests opportunities for further research. The majority of studies examining the impact of group homes on neighborhood property values have found that group homes do not adversely affect property values. The second chapter, a study of seven group homes established in DuPage County, Illinois, finds that properties which are proximate to a group home experience a decline in value following the announcement of a group home's pending establishment. In the analysis, observations across time and space are incorporated into a format that is similar to an event study. The model is the first in this literature to accommodate different price levels and appreciation rates across neighborhoods. In the third chapter, the properties of competitive location equilibrium are used to study the demand for recreation and the choice of primary residence location. Location specific recreation and employment lead to pooling equilibria in which consumers reside according to their preference for recreation, In general, the stronger the taste for recreation, the greater the attraction of living close to the recreation site and the lower the demand for housing. The effects of trip frequency, trip length and recreation housing cost on the spatial distribution of consumers are considered. The effect of the wage rate on recreation and location demands is also explored. In the fourth chapter, the alternatives available for transferring agricultural property on the urban periphery are considered. The model examines the conditions under which market participants sell or exchange farmland. Contrary to popular opinion, simultaneous exchanges are still feasible in the presence of delayed exchanges, particularly when the relinquished property is very large. The model also explains the observed phenomenon that sellers of agricultural property get replacement properties of lesser market value in exchanges.Made available in DSpace on 2015-09-28T16:03:12Z (GMT). No. of bitstreams: 2
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Reason: Restricted to the U of I community idenfinitely during batch ingest of legacy ETDsRestricted to the U of I community idenfinitely during batch ingest of legacy ETDsU of I Only117 p.Thesis (Ph.D.)--University of Illinois at Urbana-Champaign, 2001
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