Abstracts for Vol.
All articles listed here are available for download in portable document format.
This study examines the impact of intra-project externalities and layout variables on the selling prices of 897 condominium units in the cities of Irvine and Santa Ana in Orange County, California. The results indicate that, when cost is not prohibitive, both appraisers and underwriters should take intra-project externalities and layout variables into consideration when estimating property values or underwriting residential mortgages for condominium properties. The topic of neighborhood redevelopment is central to residential appraisal and the lending process. The research uses a two stage hedonic price model of 12,100 individual residential sales in Cleveland, Ohio during 1992-94. The spatial variability of these effects is also explored.