Real Estate

High Life: Condo Living in the Suburban Century

by Matthew Lasner

Forthcoming from Yale University Press in 2012

Today, one in five homeowners in American cities and suburbs lives in a multifamily home rather than a single-family... more Today, one in five homeowners in American cities and suburbs lives in a multifamily home rather than a single-family dwelling. As the American dream evolves, precipitated by declining real estate prices and a renewed interest in city living, many predict that condos will become the predominant form of housing in the 21st century. In this unprecedented study Matthew Gordon Lasner explores the history of co-owned multifamily housing in the United States, from New York City's first co-op, in 1881, to contemporary condo and townhouse complexes coast to coast. Lasner explains the complicated social, economic, and political factors that have increased demand for this way of living, situating the trend within the larger housing market and broad shifts in residential architecture. He contrasts the prevalence and popularity of condos, townhouses, and other privately governed communities with their ambiguous economic, legal, and social standing, as well as their striking absence from urban and architectural history.

Coskun, Yener. (2012). A Brief Analysis of Turkish Housing Market. SPH Newsletter 10 (April): 10-12.

by Yener Coşkun, MRICS

Coşkun, Yener. (2012). A Brief Analysis of Turkish Housing Market. SPH Newsletter 10 (April): 10-12.

It is believed that home ownership offers
both material and non-material benefits
to the individuals and... more It is believed that home ownership offers
both material and non-material benefits
to the individuals and also society. However
this belief may be also related to
psychological/economical issues, economic/
financial agents enjoy to satisfy
the need of better housing. Turkey, having
nearly 68 percent home ownership
rate and also very dynamic housing
markets, is not an exception.

3 Ways to Make Affordable Housing Finance Work in India

by realism.IN Partners

Author: Dr. Julia Freybote; Portland State University, USA

In recent years, the overall definition of Emerging Markets has expanded from BRIC nations (Brazil, Russia, India,... more In recent years, the overall definition of Emerging Markets has expanded from BRIC nations (Brazil, Russia, India, China) and includes nations such as South Africa. South Africa, a fellow-emerging country, has developed an approach to tackle the issue of affordable housing finance. Given my professional experience in that country and this opportunity to reach readers through realism.IN, I would elaborate on how they are trying to make it work there. I list some salient features of housing affordability that can be observed in South Africa. Also, these may provide some useful clues for addressing the issue of affordable housing in India:

Retour sur le drame de l'Île des Diamants : l'investissement immobilier des grands projets urbains à Phnom Penh

by Gabriel Fauveaud

Cet article se propose de revenir sur la mort, suite à un mouvement de foule qui eut lieu le 22 novembre 2010, de plus... more Cet article se propose de revenir sur la mort, suite à un mouvement de foule qui eut lieu le 22 novembre 2010, de plus de 350 personnes sur le pont d’un grand projet urbain privé actuellement en construction à Phnom-Penh. Il s’agira pour nous, à partir de ce drame marquant, de souligner certaines dynamiques contemporaines de la construction des espaces urbains de la capitale cambodgienne. A travers le grand projet de l’Île des Diamants, nous souhaitons interroger le rôle des grands promoteurs immobiliers dans la fabrication de la capitale. Pour ce faire, nous évoquerons l’internationalisation des modes de construction en Asie du Sud-Est et au Cambodge qui se caractérise par un retrait de la planification urbaine et une multiplication des projets urbains privés. L’exemple de l’Île des Diamants nous permettra d’illustrer certaines grandes tendances de l’urbanisation à Phnom-Penh. Nous montrerons comment l’évolution du discours sur la ville moderne génère des antagonismes au sein de la politique urbaine actuelle, et interrogerons la capacité des grands investisseurs immobiliers à fabriquer des espaces urbains pérennes.

Chapter II Property Agents and Motor Dealers Act 2000 (Qld): The answer to our prayers or the devil in disguise?

by Tammy Johnson

Hidden in plain sight? – TV transmitter masts, estate agents and the contingencies of fields of vision

by Luke Bennett

This essay uses Berger's notion of "ways of seeing" to interpret how law and practice condition an estate... more This essay uses Berger's notion of "ways of seeing" to interpret how law and practice condition an estate agent's approach towards depiction of a coastal bungalow. The essay explores how the Property Misdescription Act 1991 conditions the agent's gaze and results in the partial appearance (and partial non-appearance) of an large adjacent TV transmitter mast. It also considers the enthusiasts for whom such communication apparatus might actually be an attractive feature, were they in the marketplace.

Value Added From Money Managers in Private Markets? An Examination of Pension Fund Investments in Real Estate

by Aleksandar Andonov

Co-authored with Piet Eichholtz (Maastricht University) and Nils Kok (Maastricht University)
Working Paper

Real estate is the most important alternative asset class for pension funds and represents on average more than five... more Real estate is the most important alternative asset class for pension funds and represents on average more than five percent of their total holdings. We employ a previously unexplored international database to examine the investments of some 880 pension funds in direct real estate and REITs over the 1990-2009 period. We document that larger funds are more likely to invest in real estate internally, have lower costs, and higher returns. Smaller funds are more likely to invest in direct real estate, through external managers and fund-of-funds, but largely ignore REITs. This significantly increases their costs and reduces their returns. Moreover, U.S. pension funds' investment costs are twice as high as those of their foreign peers, and their gross and net performance is lower. The underperformance of U.S. pension funds in real estate investments is most striking in the last two years of the sample period, which may be due to opportunistic investment behavior pre-crisis.

The debt crisis in Dubai

by Marga Peeters

After a historically long economic high-growth period the real estate sector in Dubai was hit hard in November 2009.... more After a historically long economic high-growth period the real estate sector in Dubai was hit hard in November 2009. Earlier that year, Dubai's oil-rich neighbour Abu Dhabi supported Dubai with financial aid. A number of facts shows that the debt problems of Dubai remain a concern for the United Arab Emirates. Several transmission channels are discussed along which a Dubai debt crisis can impact global developments.

Own-your-owns, Co-ops, Town Houses: Hybrid Housing Types and the New Urban Form in Postwar Southern California

by Matthew Lasner

Journal of the Society of Architectural Historians 68, no. 3 (Sept. 2009): 378-403

Behind This Facade: The Generic Condo as a Space of Autonomy

by Matthew Lasner

tarp: Architecture Manual, Insidious Urbanism issue (Spring 2011): 45-49

Estate Guidelines (Philippines)

by Historically Digitized

Financial Information Crash Course 1

by Jim Jones

work in progress, but open to public feedback.

discussion on how refnancing can create savings for mortgage holders. discussion on how refnancing can create savings for mortgage holders.

Financial Tools explained - part 1

by Jim Jones

part of an ongoing financial tools education series.

this paper deals with one of the useful financial tools that is currently under utilised in the domestic property... more this paper deals with one of the useful financial tools that is currently under utilised in the domestic property market - the Home Equity Line of Credit.

The Global Financial Crisis and the Turkish Housing Market: Is There a Success Story?

by Yener Coşkun, MRICS

Coşkun, Yener. (2011). The Global Financial Crisis and the Turkish Housing Market: Is There a Success Story?. Housing Finance International 25 (3): 6-14.

Turkish households traditionally prefer to invest
in real estate over other investment alternatives. more Turkish households traditionally prefer to invest
in real estate over other investment alternatives.
Demographics, immigration to urban areas, urbanization,
industrialization and urban renewals are
known to have significant effects on the domestic
demand for real estate in Turkey. Foreign direct
investments (FDI) have also led real estate markets
to grow since the 2000-2001 banking crisis.

Housing Market Without Mortgage: The Need of Transformation (English). Spring-Summer

by Yener Coşkun, MRICS

Coşkun, Yener. (2010). Housing Market Without Mortgage: The Need of Transformation (English). Spring-Summer. GMTR Real Estate Turkey Executive Summary,pp: 30.

The Establishment of the Real Estate Regulation and Supervision Agency of Turkey (RERSAT)

by Yener Coşkun, MRICS

Coşkun, Yener. (2011). The Establishment of the Real Estate Regulation and Supervision Agency of Turkey (RERSAT). Housing Finance International 25 (4): 42-51.

The Turkish real estate market has shown noticeable developments in recent years due to various reasons. In this... more The Turkish real estate market has shown noticeable developments in recent years due to various reasons. In this article, we are attempting to define the pros and cons of the Turkish real estate market. We are also questioning whether the deficiencies may decrease the potential value of the opportunities in the Turkish real estate market, and what kind of measures could be taken for the benefit of consumers/ investors in real estate. To analyse these issues, the paper aims to develop a problem-solution framework for the Turkish real estate market.For a better disciplinary framework for public/market based real estate activities, we suggest that a Real Estate Regulation and Supervision Agency of Turkey (RERSAT) should be established as a new government agency.

Global Financial Crisis and Market-Based Housing Finance: An Assessment for the Turkey

by Yener Coşkun, MRICS

Coşkun, Yener and Kursat Yalcıner. (2011). Global Financial Crisis and Market-Based Housing Finance: An Assessment for the Turkey. Finans Politik & Ekonomik Yorumlar Dergisi 48 (558): 81-93.

In this article, based on the past/current local housing finance initiatives,market conditions, national housing... more In this article, based on the past/current local housing finance initiatives,market conditions, national housing policy and lessons from global financial crisis, we examine whether market based housing finance system may provide efficient policy instrument to solve housing (finance) question of Turkey. We used literature review and data/case study analyses to examine research question. We conclude that market based housing finance initiatives in Turkey were generally unsuccessful. The reasons of the failure of development of affordable mortgage products through market based housing finance system may be summarized as: sub-optimal design of housing finance system/instruments/intermediaries, macro-economic instabilities and lack of efficient subsidy mechanisms. Moreover, Mortgage Law No. 5582, the latest market-based housing finance regulation in Turkey, seems also unsuccesfull due to inherent/clear structural problems. Therefore, as a policy suggestion, we would like to emphasize that current Turkish market-based housing finance system requires a new design based on lessons from global financial crisis and also an efficient incentive structure.

An Analysis Of The Opportunities And Weaknessess Of The Turkish Real Estate Market

by Yener Coşkun, MRICS

Working Paper, ERES Conference 2010 Milano 23- 26th June 2010.

Real estate is one of the foremost and traditional investments for Turkish household. In addition to this traditional... more Real estate is one of the foremost and traditional investments for Turkish household. In addition to this traditional demand, it has also observed that Turkish real estate market becomes one of the popular investment destination for foreign investors. 2003-2007 period would be accepted as the boom period for Turkish economy in general and real estate sector in specific. Although there are considerable opportunities in the market, both Turkish economy and real estate sector suffer important structural problems. Hence, the objective assesment for the Turkish real estate market requires a cost-benefit analysis. In this paper, the author is attempting to reach an objective approach presenting both strong and also weak sides of market. The critical point is current deficiencies of the market may result negative impacts on further development. As a solution, we suggest that Real Estate Regulation and Supervision Agency should be established as a new government agency. To our view, primary expectation of this agency is to issue regulations/standards for real estate brokerage/ marketing/appraisal, and also housing finance to enhance consumer protection, public interest and market efficiency.
Keywords: Turkish real estate market, consumer protection in real estate, real estate appraisal, Real Estate Regulation and Supervision Agency.
Jel Classification: G21, R14, O18.

Time to Define Prime

by Lesley Atkinson-Baldwyn

Paper presented at ERES (European Real Estate Society) conference in Eindhoven in June 2011.

Why Real Estate Regulation and Supervision Agency Should Establish?

by Yener Coşkun, MRICS

Coşkun, Yener. (2011). Why Real Estate Regulation and Supervision Agency Should Establish? GMTR Türkiye 21: 68.