Exploring Capitalization Rate Differentials Across Property Types

December 1997, Vol 22, No 3 Abstract: This manuscript presents the results of analytical work intended to empirically identify differences in transaction-based capitalization rates across office, warehouse, retail, and apartment properties during the period 1986-1996. The analysis indicates that capitalization rates differ across these property types along three dimensions: in the magnitude of their fixed, time-invariant… Read more

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The Impact of the Taxpayer Relief Act of 1997 On Real Estate Investors

December 1997, Vol 22, No 3 Abstract: If real estate investors are to maximize after-tax profits and maintain appropriate levels of capital investment, they must have a working knowledge of the latest legislative changes enacted by the United States Congress that pertain to real estate. On August 5, 1997, President Clinton signed into law the Taxpayer… Read more

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How Real Estate Debt Affects Asset Allocation

December 1997, Vol 22, No 3

Fuzzy Logic: The New Paradigm for Decision Making

August 1997, Vol 22, No 2 Abstract: Fuzzy logic is a system for decision making that is relatively new, particularly in terms of applications in the social sciences. While it has been studied and applied for some 20 years in the physical sciences, its applicability to the social sciences – and real estate analysis, in particular… Read more

Czech Republic & Hungary: Two Golden Real Estate Opportunities or Two Economic Quagmires?

August 1997, Vol 22, No 2 Abstract: When investigating real estate opportunities in the Czech Republic and Hungary, consideration must be given to the unknown economic downside present because of the accelerated growth and development underway in these evolving marketplaces. The information in the article is based on the author’s recent trips to these countries, where… Read more

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Closing Bermuda’s Naval Bases

August 1997, Vol 22, No 2 Abstract: In 1995, the United States of America, after 54 years of presence in Bermuda terminated its leases on the 1000+ acre naval bases which it had leased until 2040. This article discusses the strategy of conciliation employed by the Bermuda Government in negotiating closure and contrasts it with the likely results if it had chosen instead to bring a lawsuit against the U.S. Government for breach of contract. Read More