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2016, Vol.26, No.2

  • 1.

    An Study on the Cause of Abandoned Vacant Houses

    노민지 | Seon-Jong Yoo | 2016, 26(2) | pp.7~21 | number of Cited : 26
    Abstract
    Housing abandonment contributes to neighborhood decline. It is a significant problem, especially in places facing population loss. However, government have no solution to the vacant houses problems. Also, there have been little researches on this topic. The purpose of this study is to analyze the impact of socioeconomic characteristics and housing market conditions on abandoned vacant houses. We used multiple regression to identify significant relationships between abandoned vacant houses (‘other vacant’ as a proxy for abandonment) and socioeconomic characteristics, and housing market conditions factors. The findings from this analysis suggest that the percent of abandoned vacant houses increases with higher percentages of aged houses and the supply of new houses. They also suggest that the percent of abandoned vacant houses decreases with a number of households and higher percentages of employees. We conclude that these cities should struggle with vacant houses by managing existing house and monitoring house supply.
  • 2.

    An Empirical Study on the impact of Corporate Real Estate in the M&A Market

    강원철 | Sung-soo Koh | 2016, 26(2) | pp.23~38 | number of Cited : 1
    Abstract
    This research analyzed the relationship of the probability of being M&A and corporate real estate holding ratio based on 2,184 companies for the period 2008 to 2013, using Logit analyses. The purpose of this study is to expand domestic research related to corporate real estate and to provide basic methodological tools to successful M&A, proving the information- useful of corporate real estate. The main findings were as follows. First, possession real estate holding ratio exerted a significant positive (+) effect on the probability of becoming a target of M&A. In contrast, investment real estate holding ratio had a positive (+) effect on the probability of becoming a target of M&A, but this was not significant. Thus possession real estate increases the probability of being a target of M&A, while investment real estate does not. Second, corporate real estate holding ratio exerted a significant positive (+) effect on the probability of being M&A. This means that the more corporate real estate held by a corporation, the greater the probability of being a target of M&A. Third, investment-company M&A had a greater influence on the probability of being a target of M&A than within-sector M&A. Fourth, KOSPI-market M&A had a significant positive (+) effect on the probability of being M&A. In contrast, KOSDAQ-market M&A had a positive (+) effect on the probability of being M&A, but this was not significant.
  • 3.

    A Study on the Surrender of Real Estate and Rental Claims in U.S. Property Law

    Kim, Sang-Jin | 2016, 26(2) | pp.39~58 | number of Cited : 0
    Abstract
    A residential tenancy is terminated by either: (1) Abandonment; (2) Surrender; or (3) Unlawful Detainer. Agents should never be involved with the: (1) Abandonment; (2) Surrender; or (3) Unlawful Detainer process on behalf of the owner. The agent should not post notices, leave business cards or do anything to assist the owner with the abandonment, surrender or unlawful detainer process. Surrender is a “mutual written agreement” between landlord and tenant to terminate the lease. A surrender is accomplished when the tenant gives a 30-day written notice terminating a month-to-month tenancy. A surrender may also be accomplished when a tenant gives written notice of an early termination of the lease (i.e., tenant wants to vacate the premises early). The landlord should carefully review any surrender agreement to make sure that they are not releasing the tenant from amounts that remain unpaid under the lease. Perhaps the most common situation giving rise to a claim of surrender by operation of law is the re-letting of the premises to a new tenant after a lessee has abandoned them before the end of his term, notice of intention to continue to look to the original lessee to make up deficiencies, if any, sometimes being given and sometimes not. Whatever may be said as to the proper holding on sound legal reasoning, it is certainly true that the courts are holding that such re-letting does not necessarily bring about a surrender by operation of law; particularly is this true where the lessor has given notice to the first lessee that the new lease is made on his account, or without prejudice to any claims against him on the original lease. This way the eviction is to be handled by court order and the lock-out by the Sheriff. This is the safest way to evict a tenant with the least amount of exposure.
  • 4.

    An Analysis of Factors Affecting Office Rents: Evidence from Ho Chi Minh City, Vietnam

    Chung, You Seok | Oh Saejoon | 2016, 26(2) | pp.59~70 | number of Cited : 1
    Abstract
    The purpose of this study is to empirically analyze the affecting factors of offices rents in Ho Chi Minh City, Vietnam. Vietnam is one of the five major foreign direct investment countries of Korea, whose invigorating markets, including property market, Korean companies have actively invested in. The environment of Ho Chi Minh City seemed like that of Korea in the early 2000's, when foreign investment funds had flooded in. The rapid economic growth and urbanization in Vietnam have triggered and accelerated the investment in offices with fine grade. Along with collected office rent data reflecting the recent foreign and domestic situation in Ho Chi Minh, this study used variables in advanced researches to assess the impact on its market. It showed the similar outputs of advanced researches, confirming the necessity of foreign capital investment and systematic management system; offices owned by foreign investors and managed by office management system were paid higher rents. It could provide not only investors in Vietnam but academic researchers of property market in developing countries with precise and practical information for investment decision. In addition, it could serve as a basis for further studies of related academic field for better understanding of office markets.
  • 5.

    National Registration of Ownership Preservation on the Private Land and Compensation for Damages - Supreme Court Judgment:2014.12.11, 2011 Da 38219 -

    Jae Koon Koo | 2016, 26(2) | pp.71~84 | number of Cited : 0
    Abstract
    The Supreme Court of Korea denied the responsibility for state compensation to victims, when the government had the land which the owner was not written in the register book registered in the name of state. I studied on whether the Supreme Court Judgment (2014.12.11, 2011 Da 38219) is correct or not. It is hard to say that government officials are in compliance with the requirements set by laws and procedures, in the process of registration of ownership preservation in the name of state. According to the State Property Acts, the office of general administration or the head of a central government agency shall acquire any ownerless real estate as state property. The State Property Acts do not enumerate what kind of books to be surveyed. Nevertheless, officers compared only the state-owned property book, register books etc. They did not survey the ownership rights certificate which were made during the Japanese colonial era. The government officials neglected to survey whether the targeted land was ownerless real estate or not. However, the Supreme Court did not held the government officials responsible for the mistake. It is against the regulations Article 750 of the Civil Law and Article 2 of the State Compensation Act. The Supreme Court Judgement I have studied has a contradictory nature to another judgement on several key issues. The Supreme Court (2014.10.15., 2012 Da 100395) explicitly acknowledged the illegitimacy of public official’s action which registrated the ownership preservation of real estate(the public’s ownership rights certificate were made during the Japanese colonial era) in the name of state.
  • 6.

    An Analysis of the Changes of Household Income and Homeownership focused on Young Generation‘s Cohort Effects after Global Financial Crisis in 2008

    황관석 | Lee, Soo Wook | 2016, 26(2) | pp.85~96 | number of Cited : 2
    Abstract
    This study analyzed the changes of income, savings, assets, liabilities and homeownerhip of young generation household after the global financial crisis in 2008 with a cohort effects. Using the Korea Labor Panel Survey, We analyzed that four years’ change of young generation (25-39) and middle-aged (40-54) between 2003 to 2007 and 2008 to 2012. And we extracted the change of young generation’s cohort effects controlled age effects and time effects by applying the difference in differences method. We found that incomes and savings of young generation in 2008 cohort were each 8.3%p and 13.7%p lower than in 2003 cohort. Although assets were no significant, but liabilities were decreased 37.5%p in 2008 cohort, which was expected to result from reduced purchase of housing. And the ratio of the transition from rent to homeownership was reduced 16.3%p in 25-29 age group. These results suggest that income and housing support policy for the young generation should be enhanced.
  • 7.

    Dynamic Impacts of Spatial Proximity of School on Apartment Resale Prices

    Nam, Hyunggwon | Wonseok Seo | 2016, 26(2) | pp.97~109 | number of Cited : 12
    Abstract
    Although high school is regarded as an important step for entering university as well as becoming a member of society, many research literature has focused on the high school as a side issue. Then the purpose of this study is to analyze spatial impacts of high school proximity on apartment resale prices to remedy this deficiency accordingly. As a result, this study finds that if the high school is located near the apartment, the resale price is decreased compared to that of far apart. Typically, the apartment resale price goes to highest if a high school is located between 901 and 1,000 meter from the apartment. Based on this result, this study gives some policy implications. First, it is necessary for thoughtful consideration when deciding high school allocation because it gives significant impact on residents’ quality of life. Moreover, the current standard of student walking distance in urban planning scheme should be reconsidered because the result of this study suggests somewhat closer for the walking distance.
  • 8.

    Analysis of the Market-stabilizing Effect of Public Rental Housing Types

    Lee, Jai Yeong | Taewon Park | 2016, 26(2) | pp.111~121 | number of Cited : 4
    Abstract
    In this paper, we have investigated the impact of the public rental housing, which has been provided for the housing welfare, on the housing market in surrounding areas. Existing-unit- sing public rental housing, such as purchased rental housing and Jeon-se rental housing, as well as construction public rental housing, such as permanent rental housing and national rental housing, has significant impact on the private housing market. Therefore it was analyzed how the public rental housing in each region had impacts on the purchase price and Jeon-se price by using the fixed-effect model of Seoul panel data. As the result of analysis, public rental housing is effective in lowering the Jeon-se price of the surrounding area, but is found to have rather raised the purchase price. Broken down by category, construction public rental housing's effect on the charter price is relatively great. On the other hand, existing- nit-using public rental housing is found not to be statistically significant for the Jeon-se price. In conclusion, the public rental housing, which let down directly resident's burden through low rent, stabilizes the Jeon-se price. Therefore it is necessary to try to expand the government's public rental housing inventory. In particular, there is a need to increase the supply of construction public rental housing to enhance the effect of stabilizing the market.