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2011, Vol.21, No.3

  • 1.

    A Study on Spatial and Temporal Structure of Land Price in Seoul (1996~2007) with Land Price Function and Spatial Statistics

    Chang-Deok Kang | 2011, 21(3) | pp.9~29 | number of Cited : 11
    Abstract
    Urban economists and real estate researcher analyze the spatial pattern of land price to understand the change of urban spatial structure and sub-market of land. This study aims to analyze the spatial and temporal structure of land price in Seoul between 1996 and 2007 with land price function and spatial statistics. The study with recent data on land price finds that land price function with monocentric models have more explanatory power in the spatial variation of retail-office land price. In polycentric models, distance to the two key urban centers, CBD and Kangnam sub-CBD, mainly explains the spatial pattern of residential and retail-office land price in Seoul. Finally, spatial statistics, Moran’s I and Getis-Ord G, confirms that the concentration of higher residential land price appeared in Kangnam and Seocho-Gu while that of retail-office land price did in CBD and Kangnam sub-CBD.
  • 2.

    A Study on the Analysis of Value Influence for the Compensation Appraisal of Landscape Woody Plants -With Special Emphasis on a Field Sheet and a Judicial Precedent-

    권오순 | Choi, Hyung Suk | 2011, 21(3) | pp.31~48 | number of Cited : 1
    Abstract
    This article deals with value influence of landscape woody plants which are a kind of green plants, and it aims at studying the process and the method of the value influence analysis for the compensation appraisal of landscape woody plants. Whenever appraisers appraise the value of landscape woody plants, they should make a note of a field sheet for calculating two kinds of a revision ratio. One is a revision ratio of transplantation cost which is falling under economies of scale, and the other is a revision ratio which is falling under the ratio of production cost except that of transaction cost. It is decided that a revision ratio of transplantation cost to fall under economies of scale is 75% in this article. It is decided that a revision ratio to fall under the ratio of production cost except that of transaction cost is from 48% to 65%, when the species of a landscape woody plant is known to appraisers. But it is decided that a revision ratio to fall under the ratio of production cost except that of transaction cost is 50%, when the species of a landscape woody plant is unknown to appraisers. The analysis of value influence means the process such as the field survey of value influence, making note of a field sheet and making decision of the size of a revision ratio. This article also researches and analyzes the trend of judicial precedents which is closely falling under the appraisal of landscape woody plants.
  • 3.

    Compensation and Valuation of the Shop Key Money

    박상현 | 2011, 21(3) | pp.49~71 | number of Cited : 23
    Abstract
    Commecial tenant is to receive fair compensation for key money which could be rewarded if it were not for public works projects. The key money is customary in a tenancy transaction but it is not receptive to the current law. Therefore in order to qualify for compensation it should be specified in the Land Compensation Act. In this article, I researched into the problem of business compensation system which is current commercal tenancy compensation system. Then I decided that key money should be compensated to obtain fair compensation.. In order to give legal basis to this, I divided key money into locational key money, facility key money and operation key money, and defined each concept. Locational key money is consideration for the transfer of a tenancy and it is a tenancy value. Thereupon it can be compensated according to the regulation of the non-ownership rights compensation in the Land Compensation Act. And operation key money is consideration of the transfer of the goodwill which is transferred in combinaton with a tenancy. Therefore it should be compensated with the tenancy. Locational key money and operational key money are seperated and appraised conceptually and in reality,they can be appraised totally as the sum of the current values of the total expected surplus operaton income. However, in order to change the administration which do not compensate the key money of the commercial lease, it is necessary to regulate a shop tenancy and its combinated goodwill as the object of the compensation in the Land Compensation Act clearly and the valuation methods should be regulated in the Act. In order to guarantee the stability and transferability of the shop tenancy it is necessary to extends lease renewal period of five years into seven years and it is required to control the commercial lease landlord’s restrictions on the transfer under good causes through the amendment of the Commercial Buildings Lease Protection Act.
  • 4.

    Transaction Price Determinants of Individual Stores in Shopping Complexes : Based on Space Syntax Analysis

    박수훈 | Chang-Moo Lee | Lee Jae Woo | 2011, 21(3) | pp.73~90 | number of Cited : 7
    Abstract PDF
    Retail location has been recognized as the prime determinant of property value. Despite of numerous studies on the relationship between location and property value, there are few empirical studies that explain the relationship individual store location in shopping complexes and its effect on transaction price. This study analyzed transaction price determinants of individual stores in shopping complexes by the hedonic regression model. Especially, topological information derived from Space Syntax is applied to the empirical model as the independent variable. The results of empirical analysis show that individual store location is a prime determinant of transaction price, and there are substantial variations of individual stores transaction price in shopping complexes. Furthermore, the hedonic regression models with accessibility as independent variable have good explanatory power about transaction price determinants of individual stores. Finally, the results from this study give us help in understanding of individual stores transaction price determinants in shopping complexes, and can be applied to valuation of income-producing properties.
  • 5.

    Determinants of Office Prices -Focus on Transaction Factors and Spatial Autocorrelation-

    박종기 | Sang Kyeong Lee | 강승일 | 2011, 21(3) | pp.91~108 | number of Cited : 21
    Abstract
    The purpose of this paper is to analyze determinants of office prices in Seoul city, focusing on transaction factors and spatial autocorrelation. I established various hedonic price models and spatial econometric models for data transacted from 2000 to 2009. It is turned out that the transaction factors, such as experience of transaction, part transaction and the combination of investors and investment methods impact on prices. Some location and structure characteristics are significant impact factors. The price of office in CBD is higher than Gangnam and Yeoido region. The height of building, lot area and steel framed reinforced concrete construction give positive impacts on prices but the distance of subway station and the age of building give negative impacts. The existence of spatial autocorrelation is verified by using spatial autoregressive model(SAR) and spatial autocorrelation model(SEM) and additionally Moran’s I test, LM error test, LR test, Wald test. This suggests that spatial autocorrelation should be taken into account when analyzing determinants of office prices. I think this findings may be useful when buying or selling offices.
  • 6.

    An Analysis of the Problem in Business Building Lease Protection Act

    yim yoon-soo | Choi Wanho | 2011, 21(3) | pp.109~126 | number of Cited : 6
    Abstract
    The Business Building Lease Protection Act used contribute to a stable business of petty merchants by setting a standard for protection of their rights. However, their rights are not actually protected due to unstable position of the tenant and several problems are raised in the process of enforcement. In addition, other problems to be supplemented are appearing according to rapidly changing contemporary request such as a redevelopment of urban downtown. Authors analyzed these problems and present following improvements under this situation in this study. First, the Business Building Lease Protection Act limits its application scope but it is desirable to apply this act to all building leases other than residential purpose. The Act should be applied to all building leases except those for residential purpose regardless of any application under the Building Act, such as profit or nonprofit and corporate or noncorporate. Second, the opposition power needs to have a reliability. Article 3.1 of the act requires an application of business registration under article 5 of the Law of Delivery of Building and Value Added Tax Law but the authenticity of the lease contract to be submitted when applying business registration could be a problem. In reality, securing the reliability through system arrangement of business registration is the most important, and a supplement to ensure the reliability and responsibility of officials in charge and arrangement of provisions of the tax law should be required. Third, a new original list of business building lease registration for business registration announcement should be computerized in order to supplement the public announcing system, and it is reasonable to introduce the commercial registration system as an opposition requirement against business building lease. Fourth, Article 10.1 defines that the leaser should not refuse the renewal request of the lease contract from 6 months prior to expiry till 1 month after expiry date without a good reason. This provision should be revised because it limits a property right of the leaser excessively. Fifth, the leaser is entitled to refuse the renewal request for 5 years when it needs to recover the occupation of the building in order to demolish or rebuild a part or the whole of the building under article 10.1.7 of the Act. However, this limits a right of the tenant to claim the premium against the leaser.
  • 7.

    A Study on the Structure of Monthly Rent with Security Deposit in the Retail Market

    Lee Young Ho | Sung-soo Koh | 2011, 21(3) | pp.127~147 | number of Cited : 9
    Abstract
    Interests in the commercial property which is in the pursuit of rental profit are increasing according to the depression of housing market after the financial crisis. Therefore the factors which affect the leaseholder’s investment behavior are important with a shift of paradigms in the commercial property rental market. Especially, the lease contract structure in the retail is needed to get a new point of view because of being not standard. The purpose of this study is to attempt to verify the leverage effect on security deposit in the retail rental market. Also this study analyzes the factors which affect the lease contract structure in the retail. This study tests the leverage effect hypothesis, the interest-seeking hypothesis and the leaseholder’s mortgage financing hypothesis. Emprical analysis can not find the explicit evidences that support the leaseholder’s mortgage financing hypothesis. Rather, Emprical analysis confirms the leverage effect hypothesis and the interest-seeking hypothesis. Consequently the characteristic of security deposit is difficult to support any hypothesis explicitly.
  • 8.

    A Study on Value Determination Factors for Apartment Site

    최경관 | Joo Hyun Cho | 2011, 21(3) | pp.149~168 | number of Cited : 4
    Abstract
    It is important to analyze the effect of a floor area ratio and apartment price on land value for appraising a apartment site because these affect the land demand. However, few analyses have been done on these. The purpose of this study is to empirically analyze the effect of a floor area ratio and apartment price on land value by Two Step Least Squares Method. Despite the regional limitations, there are profitable suggestions are as follows; the effect of a floor area ratio and apartment price on land value are empirically proven and a credibility of appraisal will increase by applying these statistical data.
  • 9.

    A Study on Home Owners’ Decision on Staying or Leaving under the Constraint of Real Property Affordability -Focusing on Residents in Urban Redevelopment Areas in Seoul-

    지규현 | Jin Kim | KIM, JIN-YOO | 2011, 21(3) | pp.169~184 | number of Cited : 0
    Abstract
    Based on 3,276 responses listed in “Survey on Living Conditions in Under-developed Areas, Seoul,” the purpose of this paper is to examine the residents’ financial affordability of new condominium units and then estimate the possibility of their resettlement in redevelopment areas after the completion of projects. Also, this study aims at testing whether their affordability and perspective for redevelopment projects influence their decision on restaying at the newtown or not. We calculated each household’s payable maximum bidding price for a new home under the constraints of LTV(Loan-to-Value) and DTI(Debt-to-Income) and compared it with the average condominium price of current neighborhood. For the latter issue, we regressed their affordability and redevelopment perspective on the resettlement decision, with some other household characteristics such as paterfamilias’ age, number of persons in household, years of residence and dependence on operating income from current property. Only 19.9% of households in under-developed areas are estimated to afford new homes therefore their resettlement seems very hazy after the completion of projects. Furthermore, our study shows that their affordability and perspective regarding redevelopment look statistically significant in their decision making to stay or leave the sites.
  • 10.

    A Study of Regeneration Policy through an Analysis of Questionnaire of Employee and Employer in Seoul Digital Industrial Complex

    양대웅 | Kim, Cheol-Hong | 2011, 21(3) | pp.185~204 | number of Cited : 11
    Abstract
    The Purpose of this study is to analyze the current state of Seoul Digital Industrial Complex and to derive a long-term regeneration-developmental direction of Industrial complex and surrounding city. The research result is derived from a review of previous studies and questionnaire of employee and employer. The finding is that all of road, transport facilities, park, plaza, resting place, residence, culture and welfare, etc. are needed urgently to improve the current circumstance and environment. To improve these issues, we have to prepare the regional innovation system, the business support comprehensive service system, the human resource support, appropriate administrative system, and the local governance systems.
  • 11.

    Constitutional Review on Restriction of Exercise of Repurchase Right

    YONJU JUNG | 2011, 21(3) | pp.205~227 | number of Cited : 4
    Abstract
    This article addresses the problems of repurchase right according to Art. 91 (1) of the Act concerning the acquisition of land and etc. and the compensation thereof for public use(‘the Act’) in the light of constitutional guarantee of property right. The 2008Hun-Ba26, March 31, 2011 Case of the Constitutional Court triggered off this research. In the Case, the Court decided that Art. 91 (1) of the Act which restricts the exercise period of repurchase right is constitutional. However, the restriction form and the length of the exercise period of repurchase right cannot be justified in the light of the difficulty of actual exercise of repurchase right. On the other hand, Art. 91 (1) of the Act admits the objects of the repurchase right only to the land. Accordingly, the buildings and etc. which are taken for the public use are not included to the objects of repurchase right. Art. 91 (1) of the Act, however, cannot be justified in the light of the existenceguarantee of property right. Art. 91 (6) of the Act which restricts the exercise of the repurchase right in the case of the change of the project for public use cannot be justified because of same reasons. Besides, the repurchase right system of Art. 91 of the Act is problematic with regard to restriction of the qualification of repurchase right and exercise process and method thereof in the light of the guarantee of property right. In short, the repurchase right system of Art. 91 of the Act should be reformed according to the spirit of existenceguarantee of property right. For example, the objects of repurchase right have to be extended to the builings, other rights, etc. besides land which were taken for the public use. Art. 91 (6) of the Act which restricts the exercise of the repurchase right in the case of the change of the project for public use, should be abolished or Art. 91 (6) of the Act must be amended in order that the changed project may be reexamined in all aspects of constitutional conditions of the expropriation.
  • 12.

    A Law and Economic Analysis of Abuse of Judicial Discretion -Focusing on the Damages Decision in Appraisal Accidents-

    Sungkyu Park | 2011, 21(3) | pp.229~256 | number of Cited : 2
    Abstract
    Scholars in the field of law and economics have developed an various theoretical literature on the economic effects of liability rule in accidents, but have done little empirically testing of theoretical models. Institutionally, Korea have given a judge the full authority of damages decision in accident case. The probability of court’s abuse of judicial discretion can lead to inefficient outcomes. This study proposes to show these inefficiencies through analyses of case studies. It is common knowledge that courts can make errors in decisions regarding damages owing to asymmetric information and vagueness in standards. An important problem that this study addresses is that such constraints can effect random errors in court’s decisions on appraisal accidents. Because lack of consistency in court’s decisions cause incentives on the part of potential injurers or injured to engage in inefficient activities. In this respect, Korean courts’ excessive application of negligence rules in accident cases needs to be modified. And, strict liability rule in cases of professional accidents and the revised 50% threshold rule to complement contributory negligence in the US may serve as good references.
  • 13.

    An Exploration of Real Estate Research Issues in Scholarly Research Journals Under Different Policy Regimes

    LEE Hyunjeong | Jang, Yu Mi | 2011, 21(3) | pp.257~280 | number of Cited : 3
    Abstract
    This study is to examine the research issues in scholarly journals of real estate and to analyze the important topics by six administrations of which each political platform shapes real estate policies differently. The main method adopted in this study was content analysis, the three peer-reviewed academic journals enlisted in the Korea Citation Index (KCI) were selected, and 1,382 research articles published from 1977 to 2011 were investigated. From the literature review, the analytical criteria were structured including research themes, research topics, authorship and research funding sources, and the studied research papers were largely divided into either policy-oriented or academic purposes. The primary results were summarized as follows; 1) the number of research studies strikingly increased in the last decade, and recently the studies on real estate financing have been expanded quickly; 2) about one half of the studied articles were related to real estate policies, and many were supply-centered and housing-based while the overall focus shifted from development and production to real estate market; 3) sole authorship was predominantly found in the vast majority of the studies; and 4) research funding sources were very limited. The findings imply that real estate studies have strong and growing needs for multi-disciplinary approaches to and multi-level collaboration in the research, and also more studies on real estate financing and its investment tools are expected in the future.
  • 14.

    A Study on the Role of New Apartment Price and Existing Apartment Price In Housing Market

    Woo, Chul-Min | 심교언 | 2011, 21(3) | pp.281~296 | number of Cited : 2
    Abstract
    This paper aims at analyzing the function of the new and existing housing prices in the real estate market. Housing price has been the issue of many researchers and it was the cause of implementing the least upper bound regulation of the government. Consumers of the houses and government say the price of each market influences other market price. In this study, we will track the development of the new and the existing housing prices to create models of housing price respectively. Analyzing the causal relationship between those two market prices, we'll draw the implications of market policy to secure housing market stabilization.