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2014, Vol.24, No.4

  • 1.

    The Issues and Improvements on the Exit Strategies of Newtown and Urban Renewal Projects

    정주희 | 2014, 24(4) | pp.7~24 | number of Cited : 3
    The purpose of the study is to draw the issues regarding the exit strategies of the newtown and urban renewal projects of Seoul city to discuss future improvement tasks. The main results are as follows:Fisrt, measures are required for budget expansion for subsidizing sunk costs of project committees; handling the sunk costs of housing redevelopment association; a forum for discussion among the principal agents; follow-up of deductible expenses about sunk costs; government subsidy for sunk costs. Second, there is need for scale-up of government subsidy on infrastructure costs and increase of the number of the subsidy recipients, reform of the criteria of the subsidy budget distribution, and adoption of compulsory municipal support. Third, restarting a newtown or an urban renewal project after a field survey requires reduction of the administrative process period and conflict management. On the contrary, discontinuance of a project requires public management and supervision, and proposal and promotion of alternative project.
  • 2.

    A Study on the Housing Price Change Rate after Pre-sale Acquisition : Focused on Pangyo New Town

    박주연 | 박찬일 | Seon-Jong Yoo | 2014, 24(4) | pp.25~37 | number of Cited : 2
    This study analyzes housing attributes that affects the housing price change rate after pre-sale acquisition. By applying hedonic price model, the study derives a regression equation whose dependent variable is price change rate. The estimation for entire Pangyo was analyzed, followed by estimation for East Pangyo and West Pangyo separately. The result for entire Pangyo shows that larger floor space had lower price change rate. Higher stories and famous housing brand had higher price change rate. Housing located on the first floor had lower price change rate. The closer location to Pangyo Interchange had positive effects on price change rate. In East Pangyo, possibility of being assigned to special purposed school had positive effects on price change rate. The distance to the elementary school showed negative effect for East Pangyo, positive effect for West Pangyo. In East Pangyo, along with insignificancy of Woonchonngchun contiguity, closer distance to Tachyon had lower price change rate indicating indifference to accessibility to environmental elements. This study shows despite new town developed at same period adjacent to each other, particular attributes had different effects causing the price change to appear differently.
  • 3.

    Urban Regeneration Policies of the Ruhr, Germany: Case Studies on Phoenix and Stadtkrone, Dortmund

    Dong-Ho Shin | 2014, 24(4) | pp.39~53 | number of Cited : 5
    Abstract PDF
    The Ruhr area was an engine of economic growth in Germany since the 1900s. However, the area has gone through a serious process of de-industrialzation since the early 1970s. The City of Dortmund, a core city of the Ruhr, lost 70 thousand jobs in its traditional sectors, such as coal-mining, iron and steel-making, and brewery, during the decades between 1960 and 1990. As a result, the City has been suffering from social, economic, and environmental problems. To tackle such problems, the City has attempted innovative approaches to urban and economic regeneration since the 1990s. This paper analyses and evaluates the processes and performance of the City’s policies of urban renewal, using two case study areas: Stadtkrone Ost and Pheonix Ost/West.
  • 4.

    A Study of the improvements on the Right to the Claim for the Sale of the Housing Reconstruction Union in the Lawsuit Case Analysis

    김요한 | Sangyoub Lee | 2014, 24(4) | pp.55~69 | number of Cited : 2
    Toward the success of reconstruction project, the coordination of many parties who have different interests and perspectives such as union and its members, those who don't consent to establish the union, contractor, consulting company, and local government entity is critical. It is very difficult to support them by system to proceed the reconstruction project in reasonably while considering various interests of them. Accordingly this study intends to reduce the possibility of legal disputes between union which is a project operator and owners of land who don't consent to this project by suggesting the improvements of 'the system of claim for the sale' in housing reconstruction project and to resolve actual disputes. Based on the judgments in actual suit cases, the three major problems sorting the cases by issues have been analyzed and the feasible and reasonable improvement on above three issues have been suggested by referencing the studies of previous researchers and law suit cases.
  • 5.

    A Study on the Unscrambling of Woody Plant Involved Terminologies in Loss Compensation

    김영화 | 2014, 24(4) | pp.71~89 | number of Cited : 0
    This study is intended to easily apply the appraisal regulations by woody plant, after reclassifying and unscrambling woody plant terminologies to solve problems caused by the absence of the concept of the current loss compensation by woody plant. To achieve this, the additional concept of woody plants according to the social and chronological changes and the abstract concept of woody plants in discord with market conditions were modified or reclassified to easily apply the appraisal method of loss compensation, after identifying the present state of terminologies related to loss compensation of woody plants and the practical problems of applying appraisal regulations. Especially, woody plants for production and sales owned by landscape architects were unscrambled and subdivided as the concept that says “productive landscape woody plants” to solve problems of non-unscrambled concept of sapling and practical problems of applying the appraisal method by classifying saplings into ornamental trees.
  • 6.

    A Study of the Effects of Reverse Mortgage for Alleviating the Elderly Poverty

    Lee Jin kyung | 2014, 24(4) | pp.91~101 | number of Cited : 11
    This study examines whether a reverse mortgage, which households live on their houses and they use as a mortgage source, alleviates the elderly poverty level. The paper researches on the actual condition of the elderly poverty and analyses the effects of reverse mortgage for alleviating the elderly poverty using a relative poverty rate(RPR) index, an absolute poverty rate(APR), and an income replacement rate index. The first finding is that elderly households have problems of super-aged speed and living alone, their disposable income is about 30% level compared with that of total households. Also, a public income transfer is about 32% among the disposable income. Their average housing price is 100 million won, their average real estate asset is 180 million won, and their average net asset is 200 million won. The second finding is that a reverse mortgage alleviates RPR and APR of elderly households. The decreasing level of RPR is 12%p, and it is largest when the real estate asset of elderly households is between 100 million and 400 million won. Also, the decreasing level of APR is 14%p and it is largest when the real estate asset of elderly households is between 100 million and 300 million won. The final finding is that a reverse mortgage has an optimum income security effect and an extension effect of income when the real asset of elderly households is over 200million won.
  • 7.

    A Study on the Local Residents' Perceptions of the "Haeng-Bok" Public Housing

    이훈 | HurJaeWan | 2014, 24(4) | pp.103~118 | number of Cited : 12
    The main purpose of the study is to empirically investigate the underlying conceptions of the local residents on the public rental housing project (so called Haeng-Bok House Project: HBHP) initiated by the current government. For this the practical survey was conducted on 255 residents randomly selected from various groups including supporters, neutralists and opponents of the HBHP. The empirical results show that the proportion of anti-HBHP is higher especially in the group of matrimony, housewives, homeowners, apartment residents and higher income group. Strong opposition is also observed from the people with higher satisfaction on their housing environments and with higher expenditure on their children’s education. Further the empirical study showed that the neighbouring local residents are relatively less favourable to the low-income and elderly class among the incoming tenants of HBHP. It finally turns out that local residents’ perception on HBHP has strong correlation with the types and characteristics of social capital of the local community.
  • 8.

    A Bayesian Spatio-temporal Analysis of Land Price

    Changro Lee | Eum Young-seob | Key-Ho Park | 2014, 24(4) | pp.119~135 | number of Cited : 2
    Land price, one of spatial phenomena, is not generated independently, but affected by the price of nearby land. ‘the price of nearby land’ means the price of neighboring lots which were sold recently. Using government announced land price data accumulated for more than 20 years, this study examines the consequences of explicitly allowing for the presence of spatial correlation as well as temporal one. A hierarchical bayesian estimation method is utilized in order to deal with both the temporal and spatial aspects of the data, and a plausible implementation method to overcome the 'big-n' problem is also considered in the study. The results indicate that submarkets of commercial land in Seoul are delineated more narrowly than those of residential land. As for the spatial pattern of land price distribution, Gangnam was clearly depicted as the highest land price area, and several isolated areas whose land price levels were similar to that of Gangnam were also created distinctly in 1996. These isolated areas, however, seem to be incorporated into a broader market area now. In addition, residential land shows stronger temporal correlation than commercial one does, which is due to the fact that the price of commercial land is more sensitive to a general economic cycle rather than the previous-year price level.
  • 9.

    Analysis of Spatial Distribution of Apartments in Ho Chi Minh

    정유석 | Kim, Jae Hwan | Joo Hyun Cho | 2014, 24(4) | pp.137~148 | number of Cited : 1
    This study focused on the apartment market in the real estate market of Ho Chi Minh, Vietnam where South Korean corporations were active with their investment and development projects. The analytical scope of the study included the spatial distribution of all apartments across the city, spatial distribution before and after the global financial crisis, unsold apartments, and foreigners-invested apartments. The ArcGIS led to the following findings: first, unsold apartments were usually located in the areas where the apartment prices were higher than publicly notified land prices. The study also examined apartment development before and after the global financial crisis and found that the development of large complex-type apartments became more active in urban outskirts after the crisis. The apartments developed by foreign companies were concentrated in the areas where the apartment prices were lower than publicly notified land prices, forming a cluster in certain areas of Zones 7 and 2 with low population density. Those findings will offer valuable data about the characteristics and location distribution composition of local apartment market in Ho Chi Minh to investors in the real estate market of Vietnam and serve as basic data to be consulted in investment analysis in future.
  • 10.

    The Impacts of the Risk Preference and DTI ratio on Homeowner’s Portfolio Choice

    Mihwa Lim | 2014, 24(4) | pp.149~159 | number of Cited : 3
    This study attempted to analyze the effect of the risk preference of the homeowning household on debts. As a result, it was found that the proportion of investment in risky assets such as stocks in financial assets, namely, the risk preference in this study, had a positive significant effect on household debts. This shows that the risk preference of the homeowning household has a significant effect on mortgage loans and other debts. That is the household having the high propensity to prefer risky assets, namely, the household having the high proportion of investment in stocks and bonds, tended to use mortgage loans and other debts. An attempt was made to analyze the effect of household mortgage burden and other debts burden on household consumption and savings. As a result, it was found that their effect on the cost of living and financial assets varied according to the household feeling the burden of household loans to income and the household feeling the burden of other debts. That is, the households having the burden of other debts, unlike the households using mortgage loans, tended to adjust financial assets. This result shows that the households engaged in reasonable economic activity to adjust the risk of mortgage loans and other debts.
  • 11.

    A Study on the Relation between Feng shui and Appraised Value of Land

    김현준 | 홍병곤 | Hwang, Jea-hoon | 2014, 24(4) | pp.161~177 | number of Cited : 2
    This research focuses on how much Feng shui is related to our ordinary life and studies the relations between Feng shui and the appraised value of land, mainly seeking the Daejeon city Gyeryong-ro 27 sector. In order to indicate the relation with the appraised value of land, approaching to a good living condition, which people prefer living in an environmental aspect, SPSS statistics program was utilized. Also, to analogy the relation coefficient and coefficient of determination, a hypothesis was set the relationship between Feng shui and appraised value of land. This research has utilized various ways to resolve the factors of Feng shui and to demonstrate the relations between Feng shui elements and appraised value of land as well as the correlation of these two factors in a coefficient of determination.
  • 12.

    The Equilibrium Mechanism on the Metropolitan Housing Space and Capital Markets with Structural Breaks

    이무송 | Jung-Suk Yu | 2014, 24(4) | pp.179~194 | number of Cited : 2
    Abstract PDF
    This paper studies that the space market and the capital market are closely related and in the adjustment process through housing price increase and decrease by applying the panel system GMM model estimation for the metropolitan housing market to the DiPasquale and Wheaton quadrant correction model. We find that the nature of housing asset is changing through structural breaks in the housing market considering the rental income-oriented asset in housing price decrease and the capital gains-oriented asset in housing price increase. The metropolitan housing market has functioned as the capital gains-oriented sales market so far, with the jeonse price and sales price being heavily dependent on the expected price change of the housing property, while the sales price is affected and decided by the rental price in the normal quadrant model. In result, we find that the metropolitan housing market is not an efficient market coupling with the space market and the capital market. As the low-growth era is warned, the housing market is expected to be residential service-oriented. The housing policy needs to go further than the capital market-oriented anti-speculative measures in real estate and pump-priming efforts and aim at stabilizing the space markets in the future in order that the capital market and the space market are balanced.
  • 13.

    An Application of EGARCH-M Model on Analysing Real Estate Market with CAPM

    Roh Sang Youn | Seonghun Min | 2014, 24(4) | pp.195~205 | number of Cited : 8
    An analysis on the real estate market with CAPM was conducted using EGARCH-M model which contains stock return as well as average real estate market return as the proxy of market return in the CAPM formula. The empirical results suggest that: first, stock market return is significant as market return when using EGARCH-M model contrary to most previous literature using OLS, second, there is time-varying non-systemic risk premium in real estate market, third, the variance of return is asymmetric to the market information, forth, the correlation of stock return and real estate return is turned to positive(+) after Oct. 2009, last, the correlation of average real estate return and real estate return decreased after Oct. 2009.
  • 14.

    A Study on Applicable Standards and Improvement in Land Price Estimation for Restitution of Development Gains

    Lee, Woojae | Hunhee Cho | 2014, 24(4) | pp.207~224 | number of Cited : 1
    The key point of the development gains estimation is to estimate the increase in land value due to the implementation of development projects. The estimation of the land prices is in Article 10 of the Restitution of Development Gains Act. However, since the enactment of the law 12/30/89, Article 10 has been the most frequent target of petition to the Constitutional Court and statute interpretation. So it is urgent and necessary to improve the system of land price estimation. Therefore, the purpose of this study is to review the criteria of estimation and to present estimation standards classified into two. In addition, to analyze the problems of the estimation standards in terms of legal aspects⋅practical aspects⋅land price response and to present the improvement of the problems. First, the problem in ‘official land price standard’ is estimation of the land price by the appraisal in the absence of officially assessed individual land price. To improve the problem, this study present the deletion of the appraisal provision and the use of estimated land price. Second, the problem in ‘purchase price standard’ is that actual sale price is difficult to recognize the objectivity⋅reliability under the current criteria. To improve the problem, this study present the appraisal.
  • 15.

    Effects of Household Life Cycle and Economic Characteristics on Household Debt

    Kim Ju Young | 2014, 24(4) | pp.225~236 | number of Cited : 5
    Abstract PDF
    According to welfare panel data, middle class households have higher debt burden compared with other ones and also in terms of household life cycle, household head's age with 50s have higher debts than the other groups. This study helps to understand our viewpoints about the recent structure of household debt situation and determinants. Main results follows that. First, households who reside large city have more debt and economic situation of the household head determines their debt condition. Second, financial asset becomes one of the determinants to lower household debt. This means that portpolio of household asset have a meaning in keeping household debt with secure situation. Third, like other researches concerning with household debt, decision of real estate investment have a considerable effect of household debt. Research results shows that government need to have more careful approach in relaxing its financial regulations