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2010, Vol.20, No.1

  • 1.

    The Implicit Value of Community and Sports Facilities of Condominium in Seoul Metropolitan Area, Korea

    Sung, Nak Won | Lee, Young-Man | 2010, 20(1) | pp.9~27 | number of Cited : 2
    This study used Rosen's Hedonic Price Model to analyze effects of sports facilities and community facilities on housing price and their optimal size, which has been lately considered as a critical factor due to increasing demands for condominium house. According to analysis, it was found that housing price reached its peak when the space of community facilities was allocated as wide as about 3.25㎡ per household. And housing price reached its peak when the space of sports facilities was allocated about 2.05㎡ per household. It was found that the locational value of apartment house, which is a determinant of housing price, plays the biggest part in the pricing of housing. In addition, it was found that both environmental characteristics and complex characteristics were also factors having positive effects on housing price. This study classified high-technology security facilities into 6 levels and sought to analyze possible effects of each grade of those facilities upon housing price. As a result, it was found that housing price could increase as high-technology security facilities became upgraded into certain level, but the excess of such a certain level could not have effects on housing price.
  • 2.

    A Study on Creating Hot Spring Characteristics Index

    신우진 | 문소연 | 2010, 20(1) | pp.29~46 | number of Cited : 0
    Five-day-work-week and continuous aging of population have led people to participate in leisure activities. Even though a large number of tourist attractions including hot springs have been developed, the appraisal of hot spring sites have rarely studied. This makes appraisers hard to assess hot spring sites. In this research, regional factors and individual factors were selected based on relating literatures. A hedonic price model was developed using 170 hot spring parcels in Korea. Results showed that four regional factors(temperature, yield of hot spring, the distance from the nearest waterside, the distance from the nearest golf course) and two individual factors(lot size, slope) were statistically significant at 5% significance level. In addition, study results suggested a useful outcome for appraisers, 'the hot spring characteristics index', which was computed based on the yield of hot spring and temperature.
  • 3.

    Issues & Improvements in the Living Compensation System for Public Works in Korea

    Pil Park | 2010, 20(1) | pp.47~67 | number of Cited : 9
    Improvements in the living compensation system for public works in Korea are as follows. First, migration measure is required in the case under ten households of migrants. Second, tenants have to fall within the bounds of migration measure. Third, resettlement funds have to raise to the level of the establishment cost of living basis facilities. Fourth, residence relocation expenses have to be paid under the same conditions between owners and tenants. Fifth, the cases of expropriation have to fall within the bounds of living measure. Last, vocational training is required in the cases of changing professions of migrants.
  • 4.

    A Study on the Endurance Limit of the View's Right

    Choi, Hyung Suk | 김황중 | 2010, 20(1) | pp.69~85 | number of Cited : 4
    As the concern on the view's right and the needs to protect it legally increased, it is urgently needed to expand the established scope of it to the one including sky and make the judgement more quantitative and objective. This leads to a demand for more detail and objective standard for the endurance limit, adjusting established requisites for protecting view and theories on the endurance limit. The decision by Supreme Court in the Deokso Hyundai Apartment case impose some possibility of the approval for new sky view's right. The decision in the Oryun Villas case expands the scope of the protected right. It is recommend to introduce the sky view's right, a new concept for view and to perform in-depth study on it, considering various factors including the objectification of view's rate, the degree of mental and psychological damage due to pressure and loss of sense of openness, change in the value of real estate according the difference in sky view, detail endurance limit.
  • 5.

    A Study on the Relation of Commercial Real Estate Market and Macroeconomic factors

    장영길 | Lee,Choon-Sup | 2010, 20(1) | pp.87~113 | number of Cited : 25
    This study considers whether real estate and stock markets have Co-movement relationship in short-term. First, Our results offer reasonable support for strong Co-movement relationship between Commercial real estate price, stock market price and key macroeconomic factors. The implication is that where Co-movement relationship prevails, Commercial real estate and common stocks are substitutable assets over the short run and these assets may not be held together in a portfolio for diversification purpose. Secondly, The stock, T-bill influence commercial real estate market and GNP negatively affect the Vacancy, Rental market is affected by the capital markets and commercial real estate price. Third, the residential real estate market and the macroeconomic relationship did not appear. suggesting that other factors are at play. Our results reinforce the notion that vector autoregressive (VAR) and short-run dynamics are important in understanding market integration or segmentation Furthermore, Commercial real estate returns are found to be positively associated with stock returns, but negatively related to bond returns. Financial assets contribute greatly to the variance of Commercial real estate, while the impact of stock and T-bill is long and large.
  • 6.

    Comovements of Korea REITs/Real Estate Funds and U.S. REITs before and after 2007-2008 Global Financial Crisis

    Kim, Bum-Suk | 2010, 20(1) | pp.115~137 | number of Cited : 9
    This paper examines comovements of Korean REITs and Real Estate Funds - Macquarie Central CR REITs, Kocref 7, Kocref 8, and Macquarie Infrastructure Fund - and U.S. REIT index. before and after 2007-2008 global financial crisis. Global economies as well as real estate markets had suffered due to the global financial crisis caused by the U.S. subprime mortgage defaults. This study found that, n the long term, there is no strong co-integration between Korean REITs, Real Estate Funds and Dow Jones U.S. selected REITs, Dow Jones Industrial Average. Kocref 7 and Kocref 8, however, had co-integration with Dow Jones U.S. selected REITs, Dow Jones Industrial Average. before the crisis. Granger causality tests show that Dow Jones U.S. selected REITs, Dow Jones Industrial Average affect Kocref 7, Kocref 8, and Macquarie Infrastructure Fund. in the short term. Such impact get stronger after the global financial crisis. In short, in the short term, Korean REITs and Real Estate Funds are affected by the U.S. real estate and stock markets. But in the long-term, Korean REITs and Real Estate Funds do not move together with the U.S. real estate and stock markets. This results indicate that Korean REITs and Real Estate Funds can be useful tools for international diversification.
  • 7.

    Sales Forecasting Model for the Department Store Development

    Sangyoub Lee | Kim, Jae Hwan | 2010, 20(1) | pp.139~162 | number of Cited : 6
    As the growth of department stores, which have led the distribution industry, started to decrease recently, large-scale discount stores have emerged as a new format of retail business and taken the central position in the distribution industry. As large-scale discount stores gain more and more momentum in opening, there appears a shift to the competition structure between department stores and large-scale discount stores. Despite the latter's remarkable growth, however, it should be noted that the two retail formats deal with different items in each product category and attract consumers with different preferences. Thus approaches to opening between them should naturally be different. In addition to the old approach toward opening a distribution facility including location analysis and market potential(MP) analysis, they should consider the unique characteristics of department stores to estimate sales. Thus this study divided the main variables to affect the sales of department stores into population and economic factors, location factors, internal environment factors, and differential factors. Then the investigator selected their input variables. Based on the factors to affect sales and sales data, I devised an estimation model of regression analysis and artificial neural networks. Based on the national statistics and the data of A department stores across the nation from the first quarter of 2002 to the fourth quarter of 2006, I compared the estimated and actual sales of 2007 and reviewed the model's accuracy. In order to compare and assess total 505 cases by the regions and analysis methods, I divided the model composition into four(the Seoul metropolitan area(including Seoul), the Seoul metropolitan area(excluding Seoul), the rest of the nation, and the entire nation) and made estimations. As a result, the Seoul metropolitan area(including Seoul) model showed the highest estimating power at 96.6%. Using the model with the best estimation of sales, I predicted the sales of a new A department store for 2008. The relative importance of the input variables used in estimating sales turned out to influence the sales of a new department store. Thus it's suggested that sales should multiply when they compose the store's MD(merchandise) based on those variables.
  • 8.

    An Analysis of the Information Asymmetry between Bank Headquarters and Branch Offices: Using the Mortgage Loan Approval Data

    Seungwoo Shin | Seon-Jong Yoo | 2010, 20(1) | pp.163~179 | number of Cited : 1
    This study investigates the information asymmetry between bank headquarters and branch offices. It seems reasonable to suppose that, when a bank’s headquarters, through its communications with its branch offices, defines the procedures, formulas and principles on which to base residential mortgage lending decisions with crystal clarity, there should be no cases in which branch-based lending decisions are disapproved by headquarters. We use data collected during the year 2009 at a branch office of one of Korea’s largest banks. We use discriminant analysis and binomial logistic regression analysis to measure the level of miscommunications between bank headquarters and a branch office and explain what causes such inefficiencies in communication. This study finds that the disapproval rate is about 4.29%, which is considerably larger. We conjecture that this results from differing interpretations of default risk, based on our measurement of credit variables such as DTI2 and other debt obligation. We suggest that such loan decision reversals occur in part because a branch officer has qualitative information about the credit quality of mortgage applicants that headquarters lacks.
  • 9.

    A Study on Comparison in Money's Worth between Fixed Rate and Adjustable Rate Mortgage Loans in Korea

    마승렬 | Jung-Ju Kim | 2010, 20(1) | pp.181~204 | number of Cited : 5
    This paper is the first trial in evaluating money's worths of fixed rate and adjustable rate mortgages in Korea. To calculate the values, flows of monthly repayment contingent on a stochastic interest rate path model were generated. After setting a discount-rate term structure for computing present values, simulations were implemented. The result suggests that the money's worth of fixed rate mortgage is higher than that of adjustable rate mortgage when the current level of the two mortgages' interest rate were applied. Although borrowers might be sensitive to initial repayment, they would prefer the one with higher money's worth when they can calculate and compare the present values of the total monthly repayment(to maturity) among the options they have. Therefore, to expand the portion of fixed rate mortgage and alleviate instability and borrowers' bias toward adjustable rate mortgage in the Korean market, Korea Housing Finance Corporation needs to pour its efforts to promote the superiority of its commodity in terms of money's worth on the borrowers' side.
  • 10.

    A Study on Differences in the Residential Migration Factors of Baby Boom Generation in Seoul by the Origin of Urban or Rural Area and Preferences

    서수복 | 2010, 20(1) | pp.205~222 | number of Cited : 9
    In Korea, there is a baby boom generation which is similar to U.S or Japan. They have a bulky population system in particular period and social problems are emerging with retirement in a big scale. The retirement of baby boom generation is investigated to reduce their inhabitation level or expand their spatial migration to rural. According to this, it is necessary to prepare for political maneuver understanding residential migration factor for the spatial migration between urban and rural area. This research proves that the residential migration factors are different according to migration types after a retirement targeting for baby boom generation who is expected to have active residential migration, and suggests necessities of residential policy and implication. First, the residential migration factors are similarly analyzed with existing research in a case that hopes to live in rural area continually as those who are from rural. However, the baby boom generation is appeared to be lack of preparation after a retirement, so inhabitation insecurity should be prevented in advance through consumption plan of existing housing that the retirement generation presents and expansion supply of middle and small sized housing which is caused by downshift of them. Second, the group who prefers rural migration as an urban origin or as a rural origin is analyzed that kinship is an important factor of the residential migration. Preparation for a policy or amenity should be come out as soon as possible that could be satisfied with the spatial migration paying attention to connection such as family, the relatives and their hometown, and predicting a demand of rural migration. Third, government organization should be supplemented in order to promote a delicate policy which is related with the residential mobility of retirement generation. This is why the residential mobility of baby boom generation will be developed as totally different aspect from now on.
  • 11.

    A Study on the Housing Tenure According to Household Characteristics -Focus on the Housing Buying Times

    권치흥 | Joo Hyun Cho | Lee, Jong Eun | 2010, 20(1) | pp.223~246 | number of Cited : 7
    This paper is based on research that seeks to analyze the household characteristics by the housing buying time, to analyze the tenure choice of those households, and to identify the status of housing policy related to the households recently purchasing houses and present the measure to be taken for it. The binary logistic regression models in this paper is used. Finally, this study attempted to present the alternative in relation to the first housing purchase policy through the result of empirical analysis. It was found that the relative price as an independent variable was statistically significant. The all other product price eliciting this variable included the rent and user's expenses. It was found that there would exist the probability of choosing private ownership if government give consideration to the all other product price included in the user cost such as interest rates, LTV, taxes and the like. Among the age dummy, the householders ranging from 46 to below 60 years would be a higher probability of choosing the private house than 35 years. Accordingly, specially housing supply for newly-wedded couples has recently been promoted, but it is thought that it is desirable to integrate and operate the special housing supply system for newly-wedded couples under the first time housing supply system. And it was found that there would be a high probability that they would own their own house in the non-metropolitan area because of high housing price in metropolitan area. Accordingly, the nest housing is currently supplied in the district within the greenbelt and around the area adjacent to Seoul. It can be suggested that there would be a high possibility of having to expand nest housing to the area inside the metropolitan area in the future.
  • 12.

    Case study of the flexible unit floor plan in the multi-unit housing development-focused on SDP cases and modification by consumer analysis

    김동수 | Sangyoub Lee | 2010, 20(1) | pp.247~261 | number of Cited : 3
    In these days, the multi-unit housing market has been moved from the "supply-side" to the "consumer-side" and the consumer demand for housing diversity has been increased. Accordingly, various ways of multi-unit housing development should be considered to meet the homebuyer demand effectively and successfully. The homebuyer demand can be classified into two parts. One is the external conditions comprising location, surroundings, community and neighborhood facilities, schools, feasibility of habitation, etc. and the other is the internal conditions including unit floor plans, quality of specifications, interior finishes, amenities, landscaping, etc. In relates with the internal conditions, the homebuyer's discontent with the conventional unit floor plans, which are not easy to customize or modify beyond surface finishes and usually cause a lot of budget, time, efforts, and industrial waste to reconfigure spaces, can be withdrawn by the flexible unit floor plan designed with consideration of the human life cycle that includes the addition, growth, and departure of children, elderly relatives, or domestic caregivers, not to mention changes in occupants’ interests and needs. Eventually, homebuyers will take the flexible unit floor plan that more readily adapt to their changing needs. In conclusion, the discriminative and flexible unit floor plan can promote housing sales and generate the successful outcomes of the housing development. Therefore, this study intends to showcase the effective and flexible unit floor plan concept by analysing the process of unit floor plan development, surveying the development cases adopting flexible unit floor plans, finding problems, and improving them.
  • 13.

    Feasible Government Policy Directions to Ease the Accumulation of Unsold Housings

    박재룡 | Jung-Suk Yu | 2010, 20(1) | pp.263~280 | number of Cited : 9
    The purpose of this study is to suggest desirable policy directions to ease the accumulation of unsold housings despite tax cuts, deregulations and various incentives for the real estate market. To achieve this goal, we estimate the demand function of unsold housings and analyze the relationship between unsold housings and housing market. Then, we suggest feasible housing policies to reduce a large inventory of unsold newly-built apartments and to prevent housing inventory from having a negative impact on the real estate market as it slows down the supply of newly-built homes and causes bankruptcies among construction firms.
  • 14.

    The Evolution of Korean Land Policies since Independence, 1948~2008

    정희남 | 2010, 20(1) | pp.281~306 | number of Cited : 9
    The paper reviews 60 years' historical evolution of Korean land policies since independence in 1948. Major attention is paid to the role of the capitalist state's land policies in pursuing both economic accumulation and political legitimacy. The agrarian reform and land readjustment of the 1950s affected the construction of the national economic base after the liberalization from Japanese colonization and reconstruction from the Korean War. The land policies in the 1960s were designed to implement the labor-intensive industrialization, and that of the 1970s contributed to the transformation of the industrial structure to the heavy & chemical industrialization. The public-managed land development scheme (gongyeong gaebal) and Public Concept of Land Policies (toji gong-gaenyeom) in the 1980s were to stabilize land market. Various deregulation programs in the 1990s were to strengthen the national competitiveness in the era of globalization and to overcome foreign currency crisis. Major policies in the 2000s focussed on pursuing sustainable development and enhancing transparency of real estate market, which reflect the impact of democracy, informatization and globalization.
  • 15.

    Transfer of Development Rights(TDR) for Urban Landscape Preservation

    고민구 | Soon-Tak Suh | 2010, 20(1) | pp.307~327 | number of Cited : 2
    Recently, awareness of environment has been increased and consciousness of landscape preservation have also been improved in recent year. In Korea, land-use has been restricted in landscape zone, aesthetic zone and height district for landscape preservation. However landowners in preservation area located around CBD area expect high compensation money due to high land value of peripheral areas. So landowners continuously come into conflict with local government. Therefore the necessity of fundamental alternative that solves this problem has been increased. Transfer of development rights(TDR) are a market-based mechanism by their focus on concept of separating development right from land ownership and could compensate for lost property value due to zoning by the development windfalls in urban redevelopment. This study aimed at testing TDR within Korean contexts with special reference to regulation district for landscape preservation and suggesting policy implications for introduction and operation. The result of study showed that using possibility of TDR for landscape preservation is sufficient and urban redevelopment site could be much better than housing redevelopment site for receiving area. This study suggests that TDR is a second-best mechanism for adjusting windfalls and loss, reasonable alternative for landscape preservation and balanced between development and preservation. In addition, this is the key to making a successful case which would be valuable lesson for consensus-building process of policy participations.
  • 16.

    Pricing method improving the compensation liability of the fraternal insurance of real estate brokerage

    김대환 | 김혜란 | Ki Hyung Lee and 1other persons | 2010, 20(1) | pp.329~347 | number of Cited : 3
    It has been pointed out that disparities between clauses of the fraternal insurance in real estate brokerage and judicial precedents damage not only the solvency of the fraternal insurer, but also clients in the real estate market. Also the current pricing mechanism dwindles equity among real estate agents since the pricing mechanism does not reflect agent's business record over the year. This study suggests appropriate pricing mechanisms in the fraternal insurance of real estate brokerage for the short-term and long-term. In the short-term, the premium level should be adjusted according to the risk level in order to tighten the solvency of the insurer and protect the insured. In the long-term, we suggest two pricing methods; one is to vary the premium level based on the number of transaction and the other is to set both liability limit for each transaction and total annual liability limit for each brokerage house. Following our analysis, the former is suggested to improve the solvency of the insurer and to protect clients. Calculating premiums for the former mechanism, however, requires information for each transaction in the real estate market.