Who has really paid for the Reconstruction of East Germany? Expected and Realized Returns on Real Estate Investments in East and West Germany in the 1990s

We evaluate the profitability of investments in residential property in Germany after unification with a focus on the comparison of East and West Germany. Calculations are carried out for (1) the after-tax return an investor might have expected at the beginning of the 1990s, and (2) the after-tax return that has been realized ten years after. We compare a set of statistical data for investments in fifty major cities by using complete financial budgeting. The results show that tax subsidies could not always protect investors from losing money, but they have boosted realized returns after tax considerably. Therefore, it was indeed the taxpayers, not the investors, who have borne the cost of reconstructing East Germany.

Economic analysis of the gypsy moth problem in the Northeast.

Cover title.

Human Mobility, Exposure to the Built Environment, and Health

Thesis (Ph.D.)--University of Washington, 2016-06

Effects of artificial foods on the blood chemistry of the Australian magpie

Bird feeding on residential property is a popular activity throughout Western countries. Advocates insist the practice is beneficial, while opponents maintain that it can result in a wide range of negative outcomes including malnutrition. The biological effects of 'backyard feeding' were studied in Australian magpies Gymnorhina tibicen during the non-breeding season in 1999 in the Greater Brisbane and the Lockyer Valley regions, south-east Queensland, Australia. Six magpie populations were selected and 70 birds were individually tagged for identification. The birds were provided with processed foods, 20-40 g per bird daily. To monitor the effects of the food, blood chemistry and body mass (BM) were used as indices. Significant effects were observed in BM and plasma cholesterol (PC), showing strong sensitivity to food provisioning. Significant effects on PC and uric acid were found only when birds were fed dog sausage. Results suggest that blood PC levels in magpies are readily influenced by, probably, the lipids present in food, and that the type of food can affect blood PC levels. These effects may occur widely among fed magpies if the influence that we demonstrated at plasma level can be generalized. Following the free-ranging study, six magpies were captured and subjected to a 6-day captive experiment to determine whether the selected foods had the potential to alter the birds' blood chemistry. It was found that all of the foods, when provided ad libitum, influence at least two of the three blood parameters (PC and non-esterified fatty acids). Due to its popularity, wildlife feeding will continue. To make wildlife-feeding activities truly sustainable, there is a need for further studies. This study clearly demonstrated that the physiology of wild magpies can be affected by 'backyard feeding'.

Household Preferences for Financing Hurricane Risk Mitigation: A Survey Based Empirical Analysis

After a series of major storms over the last 20 years, the state of financing for U.S. natural disaster insurance has undergone substantial disruptions causing many federal and state backed programs against residential property damage to become severally underfunded. In order to regain actuarial soundness, policy makers have proposed a shift to a system that reflects risk-based pricing for property insurance. We examine survey responses from 1394 single-family homeowners in the state of Florida for support of several natural disaster mitigation policy reforms. Utilizing a partial proportional odds model we test for effects of location, risk perception, socio-economic and housing characteristics on support for policy reforms. Our findings suggest residents across the state, not just risk-prone homeowners, support the current subsidized model. We also examine several other policy questions from the survey to verify our initial results. Finally, the implications of our findings are discussed to provide inputs to policymakers.

Contested Play and Clean Water: McMillan Park, Race, and the Built Environment in Washington, D.C., 1900-1941

This study focuses on the intersection of the politics and culture of open public space with race relations in the United States from 1900 to 1941. The history of McMillan Park in Washington, D.C. serves as a lens to examine these themes. Ultimately, the park’s history, as documented in newspapers, interviews, reports, and photographs, reveals how white residents attempted to protect their dominance in a racial hierarchy through the control of both the physical and cultural elements of public recreation space. White use of discrimination through seemingly neutral desires to protect health, safety, and property values, establishes a congruence with their defense of residential property. Without similar access to legal methods, African Americans acted through direct action in gaps of governmental control. Their use of this space demonstrates how African-American residents of Washington and the United States contested their race, recreation, and spatial privileges in the pre-World War II era.

The relationship between house prices and demographic variables: an Australian case study

Purpose – The process for examining the value of house prices in an urban city has given limited attention, if any, to demographic variables associated with urban geography. Although the disciplines of property/real estate and demography have moved closer, little progress has been made when modelling house prices using population-related data in the field of urban geography to explain the level of house prices.

Design/methodology/approach – This paper proposes an innovative model to examine the influence of population variables on the level of house prices. It used a two-stage approach as follows: principal components analysis (PCA) identified social dimensions from a range of demographic variables, which were then retained for further analysis. This information was sourced from two Australian Bureau of Statistics censuses undertaken involving all Melbourne residents during 1996, 2001, 2006 and 2011; multiple regression analysis examined the relationship between the retained factor scores from the PCA (as independent variables) and established residential house prices (as the dependent variable).

Findings – The findings confirm the demographic profile of each household, which is directly related to their decisions about housing location and house prices. Based on a case study of Melbourne, Victoria, it was demonstrated that households with specific demographic characteristics are closely related to a certain level of house prices at the suburban level.

Originality/value – This is an innovative study which has not been previously undertaken for an extended period of time to facilitate an analysis of change over time.

Understanding property cycles in a residential market

Purpose – This paper aims to review property cycle theory and the relevance of the larger body of knowledge about cycles with reference to the housing market. It also aims to highlight the lack of research into property cycles in the residential sector on a suburb or smaller region basis, as well as the potential for increased knowledge about cycles to assist to avoid housing stress.

Design/methodology/approach – The paper conducts a literature review of previous cycle research and encourages the use of cycle theory. It discusses the established body of knowledge about business cycles and the office market sector, as well as investigating levels of housing affordability and how detailed knowledge about property cycles can assist to decrease housing affordability in residential areas, which will eventually experience a downturn.

Findings – It is argued that an increased level of certainty about cycle behaviour in particular suburbs will give households a higher level of confidence when considering whether and when to enter the market. Property cycle research has the potential to assist low-income homeowners to better understand the characteristics of cycles and associated risks in each residential.

Research limitations/implications – This is a conceptual paper and has conducted a review of cycle research and housing affordability in certain countries. Some areas or countries may be affected to varying degrees by property cycles and levels of housing affordability.

Practical implications – In extended periods of high volatility it is argued that a better understanding of housing cycles will allow more homeowners to avoid negative equity and the stress associated with repossessions. Property cycles are unavoidable although there is typically relatively little information available in the open market about the timing and amplitude of cycles in individual areas.

Originality/value – This paper is unique as it highlights the potential for property cycles to be used to avoid housing stress in the residential market. Traditionally cycle research is used to increase returns and avoid downturns in the office and/or business sectors.

Selling prices of residential real property and operating costs of real estate offices in California : a preliminary report prepared for the California Real Estate Association /

"October, 1958."

Preliminary modelling outcomes : calculation of holding costs in greenfield residential development

Many of the costs associated with greenfield residential development are apparent and tangible. For example, regulatory fees, government taxes, acquisition costs, selling fees, commissions and others are all relatively easily identified since they represent actual costs incurred at a given point in time. However, identification of holding costs are not always immediately evident since by contrast they characteristically lack visibility. One reason for this is that, for the most part, they are typically assessed over time in an ever-changing environment. In addition, wide variations exist in development pipeline components: they are typically represented from anywhere between a two and over sixteen years time period - even if located within the same geographical region. Determination of the starting and end points, with regards holding cost computation, can also prove problematic. Furthermore, the choice between application of prevailing inflation, or interest rates, or a combination of both over time, adds further complexity. Although research is emerging in these areas, a review of the literature reveals attempts to identify holding cost components are limited. Their quantification (in terms of relative weight or proportionate cost to a development project) is even less apparent; in fact, the computation and methodology behind the calculation of holding costs varies widely and in some instances completely ignored. In addition, it may be demonstrated that ambiguities exists in terms of the inclusion of various elements of holding costs and assessment of their relative contribution. Yet their impact on housing affordability is widely acknowledged to be profound, with their quantification potentially maximising the opportunities for delivering affordable housing. This paper seeks to build on earlier investigations into those elements related to holding costs, providing theoretical modelling of the size of their impact - specifically on the end user. At this point the research is reliant upon quantitative data sets, however additional qualitative analysis (not included here) will be relevant to account for certain variations between expectations and actual outcomes achieved by developers. Although this research stops short of cross-referencing with a regional or international comparison study, an improved understanding of the relationship between holding costs, regulatory charges, and housing affordability results.

Section 64 of the Property Law Act 1974 (Qld) and the reluctant buyer

The decision of the Court of Appeal in Dunworth v Mirvac Qld Pty Ltd [2011] QCA 200 arose from unusual circumstances associated with the flood in Brisbane earlier this year. Maris Dunworth (‘the buyer’) agreed to purchase a ground floor residential apartment located beside the Brisbane River at Tennyson from Mirvac Queensland Pty Ltd (‘Mirvac’). The original date for completion was 12 May 2009. In earlier proceedings, the buyer had alleged that she had been induced to purchase the apartment by false, misleading and deceptive representations. This claim was dismissed and an order for specific performance was made with a new completion date of 8 February 2011...

The adoption of residential sustainability programs : lessons from the commercial sector

The article explains and compares sustainability programs available for use by residential and commercial premises; as well as the respective legal tenure frameworks of commercial and residential tenancies. It identifies that while the desire of commercial tenants drive the participation by landlords in these programs, residential tenants appear to be ignorant of sustainable measures. The article contends that the reason for this difference is rooted in the legal and social status of residential tenants. It explores the impact that secure tenure may have in promoting residential sustainability programs and concludes by observing that the lack of involvement of residential tenants in programs stems from the absence of tenure security, which prevents any long term cooperation between the parties.

Enabling sustainable property practices by ensuring security of tenure

Sustainable property practices will be essential for Australia’s future. The various levels of government offer incentives aimed at encouraging residents to participate in sustainable practices. Many of these programmes however are only accessible by owner occupiers, or landlords and tenants with long term tenancies. Improving security of tenure for tenants, to enable longer term tenancies, would positively impact upon property practices. This article explains what security of tenure is and identifies how a lack of security of tenure adversely impacts property practices. By comparison with Genevan property practices, it concludes by making suggestions as to how security of tenure can be reinforced.