Electronic Resource
Oxford, UK
:
Blackwell Publishing Ltd
Real estate economics
26 (1998), S. 0
ISSN:
1540-6229
Source:
Blackwell Publishing Journal Backfiles 1879-2005
Topics:
Economics
Notes:
This article investigates the performance of real estate auctions relative to negotiated sales. It uses a repeat-sales methodology to control for unobserved differences in the quality of auction properties. Properties auctioned in Los Angeles during the 1980s boom sold at an estimated discount of 0%–9%, while sales in Dallas following the oil bust obtained discounts of 9%–21%. This evidence is consistent with the theoretical prediction that the auction discount increases in downturns when a seller trades-off a longer expected selling time in a search market against an immediate auction sale. The study finds no evidence of the declining price anomaly.
Type of Medium:
Electronic Resource
URL:
http://dx.doi.org/10.1111/1540-6229.00737
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