Clientele Effects and Condo Conversions

John D. Benjamin, Peter Chinloy, William G. Hardin and Zhonghua Wu

Real Estate Economics, 2008, vol. 36, issue 3, 611-634

Abstract: During an asset boom a property can develop a new usage. Appreciation investors emerge to change a property's occupant mix or letter grade. Rental investors not intending to change the mix or grade are outbid. Sellers receive a capitalized premium from the new type of bidder. For apartments in Miami‐Fort Lauderdale during 2004–2006, there is an asset pricing premium from condo converters. The price of real estate depends on clienteles in addition to characteristics.

Date: 2008
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