Korea Real Estate Review 2021 KCI Impact Factor : 0.75

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pISSN : 2092-5395 / eISSN : 2733-8339

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2012, Vol.22, No.3

  • 1.

    A Study on the Improvement of Land Price Estimation in Development Charge System

    이우재 , Hunhee Cho | 2012, 22(3) | pp.7~36 | number of Cited : 2
    Abstract
    Recent amendments to the Restitution of Development Gains Act (05/19/2011) improve transparency in and ease development cost estimation through the introduction of a standard cost system. However, estimating the land price is yet to see any systematic improvement. Valuation-detailed criteria and methods are insufficient. In this study, the problems of the current land price estimation system are presented. Through simulation techniques and by assuming simplified development projects in each case, the development charges are determined. This study analyzes the causes of problems and examines the impact of the problems on the development charge. This study suggests a way to improve on the problems indicated, and analyzes the expected effects. The results of the analysis are as follows. First, when criteria are used interchangeably, the development charge -calculated as per the developer- is different. Second, because the interpretation of the normal transaction price in a purchase and the accepted standards are unclear, imbalance occurs between the initial land price and the final land price. Therefore, this study suggests that appraisal should be applied and the estimated land price should be raised for accuracy. The study also proposes to apply the same criteria throughout the development project area.
  • 2.

    A Study on Valuation of Reverse-MortgageLoan’s Collateral Property

    Sungkyu Park | 2012, 22(3) | pp.37~58 | number of Cited : 3
    Abstract
    Reverse mortgage loans were introduced to serve as secure supplies of living expenses for elderly property owners. However, reverse mortgage loan’s collateral property valuation can be distorted due to interested party’s incentives, and the purpose of this study is to show this distortion in a logical manner. The importance of collateral property valuation in reverse mortgage loans and in preventing loan defaults is corroborated in previous studies. Based on this, it is shown theoretically that lender opportunism and agency problem can occur in reality due to intrinsic characteristics of reverse mortgage loans, namely public guarantee and non-recourse, and can be represented as over valuation. At the same time, it is observed that under valuation is possible if the public guarantee provision is removed. These are applied to Korea’s reverse mortgage loans and analyses of internet surveyed market price and officially assessed land price confirm that possibility of over valuation is very high in housing pensions while the possibility of under valuation is very high in agricultural land pensions during property value declining periods such as now. Moreover, it is demonstrated through a simple simulation that discrimination between urban areas and rural areas ensues in reverse mortgage loans because of these over or under valuations. Objective mortgage property valuation must be ensured in order to do away with such discrimination and to minimize potential loan losses. In conclusion, the implication is drawn that valuer and valuation standards must be re-established to ensure objective mortgage property valuation.
  • 3.

    An Empirical Analysis of Unredeemed Receivables in Real Estate Secured Receivables

    조문형 , Yoon, Dong gun | 2012, 22(3) | pp.59~79 | number of Cited : 2
    Abstract
    Along with the recent shrinking of the real estate market, financial institutions that have loaned money with real estate as security have to see that uncollected auction obligations whose selling price is lower than the claimed one at the auction to collect the loan obligations increase. Unless they are collected through a real estate auction, they become bonds with no security, so they turn out to be uncollectable, insolvent obligations. This problem is not just limited to financial institutions, but it may also occur in the real estate acquired by the account receivable security of the manufacturing business that produces and sells goods on credit. In the manufacturing business, the order of setting up rights is often fixed farther behind than that of financial institutions, so there is more possibility to have uncollected obligations. In terms of security assessment or security management expertise, there is much difference from the financial sector. Through positive analysis on the cases of the recent five years which have been actually sold in the real estate auction, this study verifies the necessity of managing the security of manufacturing business and analyzes its correlation with the failure rate. The positive analysis was conducted on the failure rate with the subjects of apartments and shopping district articles based on the second-order creditors, and this study gained the followings results:First, according to the result of verifying the difference of average in the occurrence of uncollected obligations in real estate in the department of security in the financial sector and manufacturing business, there is more possibility of real estate failure in the department of security in the manufacturing business than the financial sector. This implies that in terms of the evaluation of real estate security or the management of security in the manufacturing business, there must be some difference from the financial sector. Second, according to the result of analyzing correlation as assuming that the occurrence of uncollected obligations (the failure rate) is correlated with the business indicators or the period of being on credit, there was the highest correlation with the auction’s successful bid rate. The BSI indicator, one of the business indicators studied before, had no correlation with the failure rate, and it showed negative correlation with the successful bid rate and failure rate. Third, according to the result of conducting multiple regression analysis with the independent variables of the successful bid rate found to have correlation in the correlation analysis with the failure rate and the data sold in auction including the elapsed time, apartment articles showed higher explanatory power to the regression model than the shopping district. The analysis showed that in both apartments and shopping district articles, the successful bid rate affects more negatively the change of the failure rate than the elapsed time. The elapsed time was found to be significant in the significant level of 5% in the shopping district articles; thus, they exert great effect on the change of the failure rate of apartment articles. Follow-up research should examine the business indicators that can prevent failure in advance through correlation analysis between various business indicators and the failure rate. And more research is needed to prevent failure as doing such things as initiating prior management by recognizing the warning of failure at a certain state that the proper business indicators are on.
  • 4.

    A Study on the Improvement of Appraiser Trainee System -Based on Analytic Hierarchy Process-

    최태규 | 2012, 22(3) | pp.81~105 | number of Cited : 0
    Abstract
    The appraisal market has been a lot of changes nevertheless, Appraiser Trainee system is not changed since 1989. It is mainly educate real estate. According to Korean Appraisal Act, appraisal business sector is diverse. But Appraiser's work is the main business of the real estate appraisal. Appraisal certified test is the main test of the real estate subject. Probably for these reasons, The appraisal market has been seriously challenged by some certification. This study examines the improvement of appraiser trainee system by AHP. And this study is summarized as follows;Appraiser Trainee System is reformed, a small class is operated in Appraiser Trainee Course and Appraiser Trainee Circumstances is reformed.
  • 5.

    A Study on Factors Affecting the Size of Office Building’s Total Operating Expenses -Focused on the Asset Management Company’s Office Building-

    KIM SUN JU , Seon-Jong Yoo , 박성호 | 2012, 22(3) | pp.107~128 | number of Cited : 8
    Abstract
    The sample is the data of 37 Commercial Real Estates that is managed by A property management company in 2010. The five determining variables (local, Exclusive rate, elapsed years, number of ground floor, Land area) were analyzed. Following are the order of standardized coefficients for these variables: ‘Number of ground Floor’(0.516)>‘Land area’(-0.379)>‘Exclusive rate’(- 0.347)>‘Local’(0.144)>‘Elapsed years’(0.081). Based on the results of multiple regression analysis of more than office buildings, suggesting implications for asset management are as follows. First, the number of ground floor to the higher increase in operating expenses. Therefore, asset management, high-rise office building operating expenses. Second, Exclusive rate, the more it will decrease operating expenses. Third, the “land area” is the greater increase in total operating expenses. Land area the size of the office building, so closely related to the size and increasing the land area will increase the scale of office buildings. Fourth, Local is not greater influence. The difference between metropolitan areas of the regional differences that occur close all elements due to the difference in labor costs are identical and so its impact is considered significant that does not appear. Finally, the ‘Elapsed years’ the larger the increase in operating expenses.
  • 6.

    A Study on the Land Policy for the North Korean Region of the Unified Korean Peninsula

    박영철 | 2012, 22(3) | pp.129~158 | number of Cited : 13
    Abstract
    The purpose of the research is to understand the current situation of land in North Korea and to draw political issues which may arise in the process of or after unification of the two Koreas. Secondly, it is to suggest political alternatives to integrate the land sector. The problems anticipated are throes, the return of land ownership, the guarantee to the right to live, and effective measures preventing land speculation and disorderly development. To integrate the sector of land, it is necessary to contribute to attain the goals given set by the government, to build the land system which enables social equity and economic efficiency, to invigorate the economy by rational use of land, and to prevent land speculation and disorderly development. The land policy direction is classified into political, legislative, and administrative issues. The political issues are the implementation of the political declaration, the political declaration on the expropriated land, and implementation of legislative and administrative actions to support political declaration described above. Compensation will be a practical alternative to deal with the expropriated land. The legislative issues include enactment of basic laws on land. Lastly, administrative issues are the establishment of comprehensive management agency, the establishment of organization for the conflict adjustment, the operation of housing privatization, and the preparation of long-term development plan.
  • 7.

    Behavior of Landlords on the Private Rental Housing

    현무준 , 방경식 , YoungKi Moon | 2012, 22(3) | pp.159~186 | number of Cited : 3
    Abstract
    The purpose of this research was to evaluate the behavior of private rental housing landlords, how they have the feasibility, continuity and willingness to register on the rental housing business. This research was based on survey analysis. The data were collected from the questionnaire that indicates the status of rental housing market in Korea and which also includes issues of private rental housing landlords behavior in the course of doing business. Frequency analysis, factor analysis, chi-square test and SEM (structural equation modeling) were used to analyze the data. In the results of this research, landlords on the private rental housing market prefer monthly rent which supports liquidity. Safe collection of rent fee and improving profitability through tax incentives motivate willingness to participate in the rental business and registration. Over 74% of the landlords of the registered group would maintain the status quo and about 39% of the non-registered group were to register in the rental business. This research offers two alternatives to improve the registration of landlords on the private rental housing market. 1) It is strongly suggested to provide tax incentives for registered landlords, 2) System that guarantees safe collection of monthly rent fee should be supplement.
  • 8.

    A Study on the Plan to Establish the Specialized Escrow System for the Guarantee of Real Estate Transactions -Focused on the Determinants of the Establishment of the Escrow System-

    Choi, Su-Gil , Choi, Hyung Suk | 2012, 22(3) | pp.187~213 | number of Cited : 4
    Abstract
    Seeing that real estate is high in price and play a role as the economic goods, real estate transactions are slightly guaranteed only as part of the post relief system in case the accident occurs in transactions. In case of the real estate agent is excluded in the direct real estate transaction between buyer and seller, the parties to the transaction are never guaranteed. From an economic perspective, it is urgent to establish the accident prevention system as such a real estate transaction leads to the outcome difficult to overcome. Though the escrow system may not be obligatory in advanced countries such as the US and the like, it has been established as it has been mostly used in real estate transactions. On the other hand, it has been introduced in Korea 10 years ago and its need has been recognized by many real estate specialists. It has been suspended because of early trials and errors, it is a point in time to present the concrete plan to establish it through the analysis of the US escrow system firmly established in society. This study attempted to compare and analyze establishment factor of the US escrow system operating at the level of real estate accident prevention and the factor impedimental to the escrow system in Korea, thereby eliciting its establishment factor appropriate to the Korean situation. And it attempted to present the plan to establishment the escrow system through the questionnaire research on real estate agents and transactors. An attempt was made to analyze the establishment factor of the escrow system and make an empirical analysis of its establishment plan. As a result, the following results were obtained:First, real estate agents feel the need for the preventive measure for safe real estate transactions, indicating the will to adopt the escrow system. Second, they showed the will to adopt the escrow system as they had the higher degree of perceived future risk in the process of real estate transaction. And the parties to a transaction first showed a higher will to adopt the escrow system as they felt a need for it. Second, they showed the high will to adopt the escrow system as they felt a need for its establishment factor.
  • 9.

    A Study on the Relationship between Rent and Vacancy Rate in the Office Rental Market:a Time Series Analysis

    Chun Haejung | 2012, 22(3) | pp.215~233 | number of Cited : 20
    Abstract
    This research used time series data from the 3rd quarter of 1999 to the 1st quarter of 2012 to assess office rents and vacancy rates in Seoul, city center, Gangnam, Yeoui-do; and to observe the dynamic correlation between the office rents and vacancy rates and the macroeconomic variables affecting office rents and vacancy rates from a theoretical and empirical perspective. After confirming that there was a long run equilibrium relationship between the variables, a Vector Error Correction Model (VECM) was used to conduct an impulse response analysis and a variance decomposition analysis. Results of the analysis showed differences across locations however, the following variables showed the following relationship respectively in regards to office rent: positive (+) for domestic actual total production, negative (-) for vacancy rate, positive (+) for corporate stock profitability, and positive (+) for office rent itself. Furthermore, the following variables showed the following relationship respectively in regards to vacancy rate: positive (+) for office rent, negative (-) for employment, positive (+) for area of construction permit, and positive (+) for vacancy rate itself. We also confirmed that thoretical models and empirical results were the same and office rent and vacancy were affected by macroeconomic variables, that their interrelationship was significant. There were differences across locations in regards to the results of the theoretical model and empirical analysis, however, most results coincided with each other, and we were able to confirm that economic stimulation enhanced office rent levels and decreased office vacancy rates.
  • 10.

    A Study of the Bank Branches Market Share Analysis using the Huff Model

    김선철 , Byeongjun Rhim , Seon-Jong Yoo | 2012, 22(3) | pp.235~259 | number of Cited : 4
    Abstract
    Opening of bank branches now stores the bank did not consider the characteristics of the channel by internal standards of bank branches in certain areas, and opening and opening competitive position due to lack of objective analysis on the excess returns or negative returns through the competition to record low stores and even banks that have occurred. In this study, the establishment of bank branches, relocation, consolidation, mainly for an objective analysis for the closure of the commercial area the size of the commercial facility, or utilized for the store’s revenue estimate by using Huff model was estimated market share of bank branches and actual sales and market share by the deviation from a pure business profit and loss analysis, the estimated market share by taking advantage of Huff model and the validity of the explanatory power have demonstrated that high. Huff Model to estimate the market share of bank branches existing competitive analysis, sales of bank branches and opening new bank branches in strategic planning process useful for the analysis of the feasibility study offers alternative that can be used as a means of analysis proved to be.