Risk and Private Real Estate Investments

Roger Brown

Journal of Real Estate Portfolio Management, 2004, vol. 10, issue 2, 113-127

Abstract: Executive Summary. The reason investors purchase individual properties is not well understood. The purchase of a parcel of real property comes with burdens peculiar to real estate. A close look at the activities of private investors discloses that they take advantage of the combination of ownership and control in ways that can affect the investment outcome. A similar influence, absent a controlling interest, is not available in securities markets. This study presents a theoretical model for why some investors self-select into a market in which they can combine entrepreneurial labor with their capital, resulting in a unique mix of determinism and probability.

Date: 2004
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DOI: 10.1080/10835547.2004.12089698

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