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- a decision based only on a specific rule or rules and not on any other consideration:
dictionary.cambridge.org/dictionary/english/technicality
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Following conventional economic theory, the demand for real estate space can be defined as the quantity of space or number of units demanded at various prices. In this sense, it is more appropriate to think of demand as a schedule as shown in Figure 2.1, rather than a single quantity.
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- The Importance of Real Estate Markets and of The Concept of Market Value
- Defining Economic Value
- The Standard Definition of ‘Market Value’
- Real Estate valuation
Real estate markets in one form or other have played central roles in the majority of financial crises that have assailed world economies in the past. The most recent crisis of 2008–2009, for example, had its origins in the US housing market , and followed what might be regarded as the standard pattern. The origins of this particular crisis can be ...
The word ‘value’, both as noun and verb is used widely in everyday speech. Its familiarity, however, belies a rather intractable concept, one that has exercised some of the finest minds down the centuries. A fuller account of the evolution of economic value theory is provided in Chap. 2. At this stage, it is sufficient to point out that there are c...
As has been pointed out already , the concept of market value is very important to the real estate discipline. The concept is central not only to everyday commerce, but also to at least three important individual rights in property, that of just compensation in compulsory acquisition, fair taxation and fair play in the marketplace (Schlaes 1984) . ...
The professional practice of real estate valuation (or appraisal in the US ) represents the practical expression of the translation of philosophical conceptions of value to the more utilitarian economic conceptions. Real estate valuation, especially the estimation of market value, serve very important economic functions as pointed out above. Inevit...
- Manya M. Mooya
- 2016
Dec 17, 2012 · Real Estate Economics: A point-to-point handbook introduces the main tools and concepts of real estate (RE) economics. It covers areas such as the relation between RE and the macro-economy, RE finance, investment appraisal, taxation, demand and supply, development, market dynamics and price bubbles, and price estimation.
- Nicholas G Pirounakis
- 2013
Black’s Guide’s Glossary of Real Estate Terms provides a complete reference dictionary of terms and phrases used in the commercial real estate industry. These definitions have been endorsed by numerous industry organizations as the Market Standard for their respective regions.
In commercial real estate (CRE), the terms “market” and “submarket” have many characteristics. 1. Hierarchy: In terms of geographic hierarchy, a region is made up of markets, and a market is made up of submarkets. 2. Boundaries: Markets and submarkets have generally accepted geographic boundaries that do not overlap.
Real estate economics refers to the study of the housing sector from an investment perspective, specifically focusing on the relationships between real estate values, investment decisions, and the broader economy.
This chapter explains the workings and characteristics of real estate submarkets and the interaction of the submarkets with the larger local market.
