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A Study on the Land Contract Price Curve in Real Estate Development

  • Korea Real Estate Review
  • 2013, 23(2), pp.171-185
  • Publisher : korea real estate research institute
  • Research Area : Social Science > Law > Law of Special Parts > Law of Real Estate

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ABSTRACT

In any real estate development project, land contract prices tend to rise as contract closure rate increases. The study has analyzed this increasing trend and found that it shows a cubic curve, where price at which contracts were being closed were low in early stage of the project, higher as more contracts were closed, and increased exponentially when closure rate was over 80 percent. Unlike Lee Jung Jeon’s curve that shows a price increase with higher contract closure rate, the cubic model found in this study showed a surge in contract price as closure rate surpassed a certain threshold point. In land contract, contract price point does not find an equilibrium automatically, and the cubic model of this study, where contracts are closed at low price in the beginning and at higher prices as more contracts were being closed, seems to be a better tool in explaining how contract price increases on both practical and theoretical lovels.

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