Market Competition for High-Density Residential Land

• Authors: Matthew L. Cypher , Darren K. Hayunga

Title variants

LT

Rinkos konkurencija dėl gyvenamųjų sklypų su dideliu gyventojų tankumu

Abstracts

EN

We investigate the potential competition between multifamily and condominium developers for raw land throughout the U.S. When considering the entire sample period, we find evidence that condominium developers paid, on average, more for land than their multifamily counterparts. Alternatively, when we separate the sample into low versus high-growth locations and two time subperiods, we observe that the premium is not entirely consistent. The average premiums appear to be largely a result of the high-growth locations from 2004 to mid-2008. Indeed, the results demonstrate that condominium developers paid over 60 percent more for land in high-growth states during the later subperiod. This extraordinary premium calls into question the price formation process in these locations.

LT

Savo darbe nagrinėjame potencialią konkurenciją tarp daugiabučių namų ir kooperatinių namų vystytojų dėl žemės sklypų visoje JAV teritorijoje. Nagrinėdami visą imties laikotarpį, aptinkame įrodymų, kad kooperatinių namų vystytojai už sklypus vidutiniškai mokėjo daugiau nei jų kolegos, statantys daugiabučius namus. Kita vertus, suskirsčius imtį į lėtai ir sparčiai besivystančias vietoves bei du laikotarpius, pastebima, kad priemoka ne visiškai pastovi. Regis, priemokų vidurkį iš esmės lemia sparčiai besivystančios vietovės ir laikotarpis nuo 2004 m. iki 2008 m. vidurio. Iš tiesų rezultatai rodo, kad per šį laikotarpį kooperatinių namų vystytojai sparčiai besivystančiose valstijose už sklypus mokėjo per 60 proc. daugiau. Tokia neįtikėtina priemoka verčia abejoti tose vietovėse taikomu kainodaros procesu.

Keywords

EN

High-density residential land; Condominium development; Apartment development; Construction market; Undeveloped land

• Publisher: Sciendo
• Journal: International Journal of Strategic Property Management
• Year: 2010
• Volume: 14
• Issue: 1
• Pages: 19-34

Contributors

author

Matthew L. Cypher

• Invesco Real Estate, Three Galleria Tower, Suite 500, 13155 Noel Road, Dallas, Texas 75240, USA

author

Darren K. Hayunga

• Department of Finance and Real Estate, University of Texas at Arlington, Box 19449, Arlington, TX 76019, USA

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Identifiers

DOI

10.3846/ijspm.2010.03