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2012, Vol.22, No.1

  • 1.

    A Theoretical Approach on the Effects of Mortgage Choices on Real House Price Dynamics

    You, Seungdong | Seungwoo Shin | 2012, 22(1) | pp.7~23 | number of Cited : 3
    This study investigates both housing market and residential mortgage market in an integrated manner. We argue that real housing prices can be influenced by mortgage choices between adjustable rate mortgage and fixed rate mortgage in the housing market. In an imperfect housing finance market, an exogenous shock can have different impacts on real housing prices depending on the relative share of two different types of mortgages. In this theoretical work, we add fixed and variable housing costs assumptions to the model proposed in Stein (1995). We show in a theoretical fashion that house price dynamics are more volatile with an exogenous shock in the housing market in which more borrowers have variable-rate housing cost.
  • 2.

    A Study on the Trends of Shop-Area Size of Super-Supermarket(SSM) and the Determinants of Sales of SSM

    SHIN WOOJIN | 문소연 | 2012, 22(1) | pp.25~38 | number of Cited : 15
    Recently SSM (Super-Supermarket) has been regulated with distance; however, there is no regulation about size of SSM. Moreover, related literatures have discussed that the size of SSM is simply examined as a main factor influencing on total supermarket sales. This study focuses on identifying the trends of shop-area size of SSM and investigating the effects of the size of SSM on sales increment of SSM. The study sample was composed of 395 SSM of three franchises in Korea with sales data in 2009. For analyses, a regression model was conducted with sales of SSM as the dependent variable. Results show that the size of SSM in large cities is decreased; however, the size of SSM in local area is increased. In addition, when the shop-area of SSM is increased by 1㎡, the sales of SSM is increased by 0.05%, and when the number of annual average buyers are increased by 1 person, the sales of SSM is increased by 0.1%. Finally, the sales of SSM in Seoul Metropolitan Area, Kangwon-Do, and Chungchung-Do are about 9.4%~27.4% higher than the sales of SSM in other place. Based on the results, it is suggested that the regulation for the size of SSM should be considered by local governments.
  • 3.

    A Study on the Appraiser’s Professionalism for making Income Capitalization Approach Appraisal Model of the Commercial Officially Assessed Reference Land Price -Based on Income Approach Appraisal Model of Commercial Officially Assessed Reference Land-

    Choi, Tae Kyu | Seon-Jong Yoo | 2012, 22(1) | pp.39~77 | number of Cited : 2
    This study examines the appraiser’s professionalism for making Income Capitalization Approach Appraisal Model of the Commercial Officially Assessed Reference Land Price by using the AHP. The Commercial Officially Assessed Reference Land is appraised by Income Capitalization Approach Appraisal Model(Soojung Model). The theoretical and practical limit of the Soojung Model was summarized as follows:First, the Soojung Model is contrary to the principle of vacant land assumption appraisal because it calculates the net operating income vested in land by mirroring the condition of the building in it. Second, the Soojung Model is an appraisal model discrepant from the investment behavior of the real estate market(integrated sales of land and building) by physically distinguishing the net operating income of land from that of building and applying the net operating income. Third, the ‘income rate’ is applied to the Soojung Model though it may be different from the capitalization rate in terms of meaning and calculation process. To present an New Income Capitalization Approach Appraisal Model(New Model), the questionnaire research was conducted as the views that appraisers participating in the officially assessed reference land price had on the Soojung Model. As a questionnaire research results, New Model should have the principle of vacant land assumption appraisal, applying the net operating income of both land and building, applying cost of building and reversion value of land.
  • 4.

    The effect of Macroeconomic Factors on Real Estate Investment Funds

    Jong-min Park | Jun, Sang-gyung | 2012, 22(1) | pp.79~107 | number of Cited : 3
    It has been estimated that some macro-economic factors may influence Asset Operation Companies to decide whether to establish new funds investing on real estate or not. The objectives of this thesis are to find out what factors are relevant to establishing new funds through the empirical analysis using the ratio data of economical indices and practical fund amounts at current month over those at previous month. Regression analysis using the model of -3 month timelag has made it clear that interest factor among macro-economic indices has negative influence on the amount of real estate funds. The factor of international trading payment balance with foreign countries is statistically more significant and the coefficient is generally negative, however, the coefficient of this factor for the total amount of public subscription for foreign investment is positive.
  • 5.

    The Effect of the Type of Landscape View and the Ratio of View Screening on Housing Prices

    김황중 | Choi, Hyung Suk | 2012, 22(1) | pp.109~125 | number of Cited : 7
    The purpose of this study was to assess the economic values of the scenery for a given property. This was done by distinguishing the types of scenery into: mountain range, riverside, park, ocean and cityscape views. In order to evaluate the degree of the values related to a property’s scenery in relation to total housing prices, the Choice Experiment was used in measuring the additional WTP (willingness to pay) according to the specified views and the ratio of view visibility. The experiment yielded the following set of results. Firstly, it was reported that the additional WTP on mountain range and ocean views were estimated to be lower than that of river and aforementioned terrain views. Secondly, it was analyzed that the additional WTP was reduced at 50% of the ratio of view screening, and the additional WTP at 80% of the raito of the view openness (the ratio of view screening, 20%), was relatively higher than at 100% of the ratio of it (the ratio of view screening, 0%).
  • 6.

    A Location Assessment by the Productivity of the Natural Saltern : Focusing on Shin-An Gun

    서수복 | 조지훈 | 김재경 | 2012, 22(1) | pp.127~143 | number of Cited : 2
    Recently, the interest on the natural salt is increasing under the influence of health and natural disaster. However, the natural salt industry has a lower productivity and a bad influence on the local community owing to the salt import freedom in the past and the policy of disusing a saltern. The Korean natural salt produced in the wetlands with favorable natural environment has more minerals than those of other countries. Especially, Shin-An Gun producing over 60% in the national salt products is designated as the exclusive zone of natural salt industry because the quality of natural salt produced in Shin-An Gun and the southwest sea is highly valuated,Although Shin-An Gun has a good salt producing environment conditions, its productivity is low because areas of production are widely distributed over many islands, a conventional production method is used, and it is suffering from a shortage of workers. It is also difficult to carry forward a business because the exclusive zone area is widely spread. The aim of this paper is to evaluate the ranking of productivity according to the island locations spread in Shin-An gun, and to contribute to the intensive management of the exclusive zone by suggesting the excellent location in productivity. Our study shows that the orders of areas in achieving the efficient production by specializing as the natural saltern are in Jeungdo, Docho, Imja, Bigeum and Haeui. Especially, Jeungdo and Imja are the best of areas in productivity by favorable natural environment in spite of relatively low in production per unit. It is possible to solve the problem of the inefficient productivity if the mind of producers is improved.
  • 7.

    A Review of Shop Key Money based on Market Relationship

    경국현 | Baek SungJoon | 2012, 22(1) | pp.145~171 | number of Cited : 23
    Shop key money is formed based on an unofficial contract. However, owing to the ambiguous relationship between the rights, the disputes about the collection and compensation of the key money would become a social issue. This study reviewed the key money at a new angle, which is different from the traditional one. The key money can be interpreted in the relationship within the market, influencing on the origination and the fluctuation of the key money. From a new shop tenant’s standpoint, this study pointed out the tradition of paying premium is unreasonable because key money can fluctuate or become extinct by the relationship in the market. In addition, the study implies that merely complying with the lease agreement can establish a new lease practice without the need for paying key money.
  • 8.

    A Study on the Consistent Way to Calculate Estimated Compensation for Cadastral Resurvey Project -Hwang-Woon District Digital Cadastral Pilot Project Case-

    Seon-Jong Yoo | 2012, 22(1) | pp.173~195 | number of Cited : 8
    In 2011 the National Assembly passed Special Act on Cadastral Resurvey Project which causes many important issues both theoretically and practically. The digital cadastral project implementation process must make some landowner better off (area increase) and others worse off (area decrease) by changing the boundaries of ones’ own land. This study focuses on the consistent way to calculate estimated compensation if landlords are worse off or charge otherwise. The contributions of the study are threefold. Firstly we analyze the optimal way to calculate fair compensation or charge by comparing appraisal value method and a method based on the individual land value by public announcement in theoretic manner. Secondly we suggest a practically more feasible method among the two methods. For this end we collect considerable amount of data on both appraisal values and the individual land values by public announcement. Lastly we also recommend more desirable and efficient implementation strategy for government agency who is in charge of expanding digital cadastral project nationwide. As a concrete case study to support our research results we analyze Hwang-Woon District Digital Cadastral Pilot Project which was done in year 2010. Among many issues we stick to estimated fair compensation or charge calculation resulting from the area change due to the movement of boundaries of ones’ land.
  • 9.

    A Comparative Study on the License institution of Real Estate Broker Between Korea and Washington State in the United States

    유은길 | Jeong Keun Ahn | 2012, 22(1) | pp.197~223 | number of Cited : 2
    The purpose of this study is to compare the selective examination and education system of real estate broker in Korea with those in Washington State in the United States. This study is aiming at finding more advanced system through comparative analysis and interview survey. This study uses both literature data comparison and interview survey analysis on the basis of positive institutionalism theory. For literature and data comparison, the real estate laws and institutions of two countries were researched. The selective examination and education systems of two countries were reviewed. Especially, the interview survey results that collected the opinions of Korean-American real state brokers on the real estate license systems of two countries were analysed. In the results of this study and survey, it was found that the real estate license examination and continuing education systems of Washington State were more intensively organized than those of Korea. Washington State has pre-education course before taking real estate licence examination. After passing the licence examination, real estate brokers have to listen to the extra lectures every two years in order to work legally and consistently as a broker. The results of this study are giving good suggestions to us related to our real estate licensing systems.
  • 10.

    A Comparative Study on the Case of Renovation of Foreign Industrial Complexes

    Ha, Gweon-Chan | 2012, 22(1) | pp.225~244 | number of Cited : 7
    The need for renovation of industrial complexes in korea has gradually come to a forefront as 40 years have passed since they were constructed. Therefore, the demonstration complex was selected in Dec, 2009 and its approval was publicly announced in Nov, 2010 and the renovation of industrial complexes will be conducted on a full scale in 2011. This study attempted to make an intensive analysis of the nature, role and methodology of developers as well as the background of promotion with a focus on Trafford Park in the UK, Poblenou in Spain and industrial complexes in Singapore, which are the representative case of renovation as well as improvement of physical facilities. As a result, the following conclusion could be drawn:It is necessary to improve the hardware facilities equipped with the road, traffic network and the like the firms of diverse categories can occupy such as IT and so on in the existing manufacturing-centered industrial complex.