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Open Access
Article
Publication date: 15 August 2023

Mats Wilhelmsson

This study aims to examine the impact of housing construction on single-family housing values and the implications for urban development.

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Abstract

Purpose

This study aims to examine the impact of housing construction on single-family housing values and the implications for urban development.

Design/methodology/approach

To achieve this objective, the author used the difference-in-difference methodology to examine the effect of multifamily and single-family housing construction on surrounding single-family homes in Stockholm, Sweden. The author analysed data from approximately 480 housing construction projects between 2009 and 2014 and 17,000 single-family detached house transactions between 2005 and 2018.

Findings

The research found that multifamily construction projects did not affect the value of surrounding single-family homes, while single-family home construction had a negative impact. The author attributes this result to single-family housing projects typically located in areas with initially positive externalities, while multifamily housing projects are often located on the edge of areas with negative externalities before construction.

Research limitations/implications

The research is limited by its focus on a specific geographic area and time frame, and future research could expand the scope to include other cities and regions and different periods. Additionally, further research could examine the impact of housing construction on other economic factors beyond housing values.

Practical implications

The research has practical implications for urban planners and policymakers. They should consider the potential negative impact of new single-family home construction on existing single-family housing areas while balancing the need for new housing in urban areas. By carefully evaluating construction locations, policymakers can create more sustainable, livable and equitable urban environments that benefit all members of society.

Originality/value

This research paper contributes to the field of housing economics by examining the impact of housing construction on single-family housing values in the context of urban development and climate change mitigation. Using a difference-in-difference methodology, the study provides evidence of the price effect of multifamily and single-family housing construction on surrounding single-family homes, which has important policy implications for urban planners and policymakers. By identifying the negative impact of single-family home construction on surrounding areas and highlighting the need for careful evaluation of construction locations, the research provides valuable insights for creating sustainable, livable and equitable urban environments that benefit all members of society.

Details

International Journal of Housing Markets and Analysis, vol. 16 no. 7
Type: Research Article
ISSN: 1753-8270

Keywords

Article
Publication date: 30 October 2023

Junfeng Jiao, Xiaohan Wu, Yefu Chen and Arya Farahi

By comparing regression models, this study aims to analyze the added home value of green sustainability features and green efficiency characteristics, rather than green…

Abstract

Purpose

By comparing regression models, this study aims to analyze the added home value of green sustainability features and green efficiency characteristics, rather than green certifications, in the city of Austin.

Design/methodology/approach

The adoption of home green energy efficiency upgrades has emerged as a new trend in the real estate industry, offering several benefits to builders and home buyers. These include tax reductions, health improvements and energy savings. Previous studies have shown that energy-certified single-family homes command a premium in the marketplace. However, the literature is limited in its analysis of the effects of green upgrades and certification on different types of single-family homes. To address this gap, this research collected data from 21,292 multiple listing services (MLS) closed home-selling listings in Austin, Texas, over a period of 35 months.

Findings

The analysis results showed that green efficiency features could generally increase single-family housing prices by 11.9%, whereas green sustainability upgrades can potentially bring a 11.7% higher selling price. Although green housing certification did not have significant effects on most housing groups, it did increase closing prices by 13.2% for single-family residences sold at the medium price range, which is higher than the impacts from simply listing the green features on MLS.

Originality/value

The study contributes to the body of knowledge by examining the market value of broadly defined energy efficiency and sustainability features in the residential housing market. The findings can help policymakers, brokerage firms, home builders and owners adjust their policies and strategies related to single-family home sales and mortgage approvals. The research also highlights the potential benefits of capitalizing on green housing features other than certifications.

Details

International Journal of Housing Markets and Analysis, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1753-8270

Keywords

Book part
Publication date: 4 November 2014

Kenneth L. Robey

In Schelling’s “checkerboard” model of segregation, individuals’ moderately held preferences about the proportion of their neighbors who are similar versus dissimilar to them can…

Abstract

Purpose

In Schelling’s “checkerboard” model of segregation, individuals’ moderately held preferences about the proportion of their neighbors who are similar versus dissimilar to them can, through an automatic and mathematical process, yield dramatic population-level segregative behaviors. The notion of such an automatic segregative process would seem to have implications for spatial dynamics when a group home for persons with disabilities is introduced into a community. This study sought to examine those implications alongside data in the research literature regarding community acceptance of group homes.

Design/methodology/approach

Using an agent-based modeling approach, computer simulations were constructed to apply Schelling’s model, as well as an alternative model, to community reaction to the introduction of group homes for persons with disabilities. Simulation conditions were set to roughly correspond to the proportion of group homes or other congregate living situations, as well as vacant dwellings, in a typical community in the United States.

Design/methodology/approach

The simulations predict that group homes will, to varying degrees, become spatially isolated within their communities. These predictions conflict with previous research findings that suggest minimal relocation of neighbors and rapid adjustment of communities to the presence of group homes.

Social implications

Simulations of an automatic segregative process might offer a baseline or a “null hypothesis” of sorts, allowing us to more fully understand the extent of the social and socioeconomic forces that serve to moderate or override such an automatic process, allowing communities to adjust to group homes’ presence.

Details

Environmental Contexts and Disability
Type: Book
ISBN: 978-1-78441-262-3

Keywords

Article
Publication date: 31 May 2021

Junfeng Jiao, Kent Hansen and Amin Azimian

This study aims to explore the impacts of Airbnb listings on land values in the Austin, Texas, USA area, particularly on single-family homes. The goal of the analysis is to shed…

Abstract

Purpose

This study aims to explore the impacts of Airbnb listings on land values in the Austin, Texas, USA area, particularly on single-family homes. The goal of the analysis is to shed light on how greatly and in what direction Airbnb is affecting the housing market, with an emphasis on the spatial distribution of its effects.

Design/methodology/approach

The analysis in this paper is performed using three distinct models on a data set of land parcel data within Travis County: an ordinary least squares regression model, a geographically weighted regression (GWR) aimed at detecting the influence of variables at the census tract level, and a Bayesian approach, which describes spatial and temporal effects on the data.

Findings

The findings of the analysis indicate that across the years 2013 to 2019, higher numbers of Airbnb listings were associated with lower percentage increases in land value in certain tracts in the northern and eastern parts of the city. Additionally, the results of the Bayesian model indicated that much of the change in land value can be attributed to unobserved factors within census tracts.

Originality/value

The contribution of this study to the existing literature is its analysis of the spatial and temporal analysis of the effects of Airbnb listings on land value using a GWR and a Bayesian model. Also, as the negative correlation found in the study departs from previous research, this paper may provide policymakers insight into the complex spatial distribution and conflicting effects of Airbnb listings across distinct parts of cities.

Details

International Journal of Housing Markets and Analysis, vol. 15 no. 2
Type: Research Article
ISSN: 1753-8270

Keywords

Article
Publication date: 6 February 2017

Heetae Yang, Hwansoo Lee and Hangjung Zo

The purpose of this paper is to develop a comprehensive research model that can explain potential customers’ behavioral intentions to adopt and use smart home services.

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Abstract

Purpose

The purpose of this paper is to develop a comprehensive research model that can explain potential customers’ behavioral intentions to adopt and use smart home services.

Design/methodology/approach

This study proposes and validates a new theoretical model that extends the theory of planned behavior. Partial least squares analysis is employed to test the research model and corresponding hypotheses on data collected from 216 survey samples.

Findings

Mobility, security/privacy risk, and trust in the service provider are important factors affecting the adoption of smart home services.

Practical implications

To increase potential users’ adoption rate, service providers should focus on developing mobility-related services that enable people to access smart home services while on the move using mobile devices via control and monitoring functions.

Originality/value

This study is the first empirical attempt to examine user acceptance of smart home services, as most of the prior literature has concerned technical features.

Details

Industrial Management & Data Systems, vol. 117 no. 1
Type: Research Article
ISSN: 0263-5577

Keywords

Book part
Publication date: 18 August 2022

Margarethe Kusenbach

This chapter is based on 68 interviews in 12 mobile home parks that were part of a larger ethnographic study, conducted in 2005–2010 in West-Central Florida. Data analysis…

Abstract

This chapter is based on 68 interviews in 12 mobile home parks that were part of a larger ethnographic study, conducted in 2005–2010 in West-Central Florida. Data analysis revealed diverse patterns of perception, sentiment, and interaction among neighbours, here understood as ‘neighbour culture’, both across and within communities. American mobile home communities are characterised by a high propinquity of residents and exposure to cultural housing stigma; however, these conditions alone did not determine local neighbour culture. In the analysis, I illustrate prominent patterns of neighbouring, ranging from perceptions and treatments of neighbours as (imagined) ‘family’ in senior communities to, partially, ‘trailer trash’ in suburban family communities. Going beyond description, I argue that the identified supportive, minimalist, and antagonistic forms of neighbour culture are linked to broader spatial and social structural contexts, as well as personal identities. This chapter’s findings have the potential to strengthen the theoretical framing and research of neighbouring in local and global perspectives in the future.

Details

Neighbours Around the World: An International Look at the People Next Door
Type: Book
ISBN: 978-1-80043-370-0

Keywords

Book part
Publication date: 30 September 2014

Edward N. Wolff

I find that median wealth plummeted over the years 2007–2010, and by 2010 was at its lowest level since 1969. The inequality of net worth, after almost two decades of little…

Abstract

I find that median wealth plummeted over the years 2007–2010, and by 2010 was at its lowest level since 1969. The inequality of net worth, after almost two decades of little movement, was up sharply from 2007 to 2010. Relative indebtedness continued to expand from 2007 to 2010, particularly for the middle class, though the proximate causes were declining net worth and income rather than an increase in absolute indebtedness. In fact, the average debt of the middle class actually fell in real terms by 25 percent. The sharp fall in median wealth and the rise in inequality in the late 2000s are traceable to the high leverage of middle-class families in 2007 and the high share of homes in their portfolio. The racial and ethnic disparity in wealth holdings, after remaining more or less stable from 1983 to 2007, widened considerably between 2007 and 2010. Hispanics, in particular, got hammered by the Great Recession in terms of net worth and net equity in their homes. Households under age 45 also got pummeled by the Great Recession, as their relative and absolute wealth declined sharply from 2007 to 2010.

Details

Economic Well-Being and Inequality: Papers from the Fifth ECINEQ Meeting
Type: Book
ISBN: 978-1-78350-556-2

Keywords

Open Access
Article
Publication date: 5 March 2020

Fredrik Brunes, Cecilia Hermansson, Han-Suck Song and Mats Wilhelmsson

This paper aims to analyze how nearby property prices are affected by new construction projects in Stockholm. If there is an impact on property prices, the authors endeavor to…

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Abstract

Purpose

This paper aims to analyze how nearby property prices are affected by new construction projects in Stockholm. If there is an impact on property prices, the authors endeavor to investigate whether the effects vary among different areas within the municipality, for different groups of inhabitants and for different types of housing (i.e. public versus private housing).

Design/methodology/approach

The authors use a difference-in-difference specification in a hedonic model, and the sample consists of more than 90,000 observations over the period 2005-2013.

Findings

The results are robust and indicate that house prices in nearby areas increase following the completion of infill development. The results also indicate that infill development has a positive spillover effect on nearby dwelling prices only in areas with lower incomes, more public housing units and more inhabitants born abroad.

Originality/value

It provides an analysis on how nearby property prices are affected by new construction projects by creating a restricted control area, so as to make the treatment group and the control group more homogeneous. Thus, it mitigates any potential problems with spatial dependency, which can cause biased standard errors.

Details

Journal of European Real Estate Research , vol. 13 no. 1
Type: Research Article
ISSN: 1753-9269

Keywords

Abstract

Details

Sustainability Assessment
Type: Book
ISBN: 978-1-78743-481-3

Article
Publication date: 24 March 2020

Albert Saiz

Digital and information technologies (IT) are becoming silently pervasive in old-fashioned real estate markets. This paper focuses on three important avenues for the diffusion of…

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Abstract

Purpose

Digital and information technologies (IT) are becoming silently pervasive in old-fashioned real estate markets. This paper focuses on three important avenues for the diffusion of IT in commercial real estate: online brokerage and sales, the commoditization of space and Fintech in mortgage and equity funding. We describe the main new markets and products created by this IT revolution. The focus is on the pioneering US market, with some attention devoted to the specific firms and institutions taking these innovations into the mainstream. We also carefully analyze the economic underpinnings from which the new technologies can expect to generate cash flows, thus becoming viable—or not. Finally, we discuss their likely impact on established players in the commercial real estate arena.

Design/methodology/approach

In this paper, the author chooses to focus on three separate arenas where the IT revolution—sometimes referred to as Proptech, as applied to real estate—is having discernible impacts: sales and brokerage, space commoditization and online finance platforms. The author invites the reader to think seriously about the economic fundamentals that may—or may not—sustain new business models in Proptech. Real estate economists and investors alike need to be critical of new business models, especially when they are being aggressively marketed by their promoters. Trying to avoid any hype, the author provides thoughts about the likely impact of the innovations on their markets, guided by economic and finance theory, and previous experience.

Findings

The author evaluates the evolution of commercial real estate brokerage. While innovations will, no doubt, have an impact on the ways in which we buy and lease commercial properties, the lessons from the housing market should make us skeptical about the possibility of the new technologies dramatically facilitating disintermediation in this market. In fact, new oligopolies seem to be emerging with regard to market data provision.

Practical implications

Proptech will change some aspects of the real estate industry, but not others!

Originality/value

As change pervades the property industry, only a relatively few research pieces are illustrating or—more importantly—providing insights about the likely economic and financial impacts of IT penetration. Similarly, only a few papers have so far addressed the economic viability of the alternative business models of tech startups targeting real estate markets and transactions.

Details

Journal of Property Investment & Finance, vol. 38 no. 4
Type: Research Article
ISSN: 1463-578X

Keywords

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