Intra-Project Externality and Layout Variables in Residential Condominium Appraisals

Su Han Chan, Shin-Hering Michelle Chu, George H. Lentz () and Ko Wang ()
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Su Han Chan: Department of Finance The Chinese University of Hong Kong Shatin N.T. Hong Kong & Department of Finance California State University, Fullerton Fullerton, California 92634, http://www.cuhk.edu.hk/fin/index.htmlhttp://business.fullerton.edu/finance
Shin-Hering Michelle Chu: Department of Finance, Real Estate and Law California State Polytechnic University-Pomona Pomona, California 92768, http://www.csupomona.edu/~frl/
George H. Lentz: Department of Finance, Real Estate and Law California State Polytechnic University-Pomona Pomona, California 92768, http://www.csupomona.edu/~frl/

Journal of Real Estate Research, 1998, vol. 15, issue 2, 131-146

Abstract: 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. It documents that, at a micro-level, proximity to intra-project externalities such as greenspace, swimming pools, recreational areas, traffic noise, and the like, and project layout variables representing the location of individual condominium units within multiunit structures, have significant effects on the property values of units within a condominium project. 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.

JEL-codes: L85 (search for similar items in EconPapers)
Date: 1998
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Citations: View citations in EconPapers (2)

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