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  • Book
  • © 1988

Real Estate: Investment and Financial Strategy

Authors:

Part of the book series: Current Issues in Real Estate Finance and Economics (IREF, volume 1)

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eBook USD 109.00
Price excludes VAT (USA)
  • ISBN: 978-94-009-2663-9
  • Instant PDF download
  • Readable on all devices
  • Own it forever
  • Exclusive offer for individuals only
  • Tax calculation will be finalised during checkout
Softcover Book USD 149.99
Price excludes VAT (USA)
Hardcover Book USD 219.99
Price excludes VAT (USA)

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Table of contents (12 chapters)

  1. Front Matter

    Pages i-xi
  2. Introduction

    1. Introduction

      • Peter Chinloy
      Pages 1-9
  3. Valuation

    1. Front Matter

      Pages 11-11
    2. Valuation and Appraisal of Properties

      • Peter Chinloy
      Pages 25-47
  4. Financing

    1. Front Matter

      Pages 49-49
    2. Fixed Rate and Payment Mortgage (FRPM)

      • Peter Chinloy
      Pages 69-86
  5. Real Estate Investment: Holding Physical Assets and Properties

    1. Front Matter

      Pages 117-117
  6. Real Estate Investment: Holding Financial Assets

    1. Front Matter

      Pages 187-187
    2. Mortgage Securities

      • Peter Chinloy
      Pages 211-257
    3. Mortgages and Mortgage Security Hedging

      • Peter Chinloy
      Pages 259-289
    4. Mortgage Banking: Direct Lenders

      • Peter Chinloy
      Pages 291-310
  7. Back Matter

    Pages 310-315

About this book

This book has evolved from an interest in formalizing theories of real es­ tate financing and investment. While real estate has characteristics of illi­ quidity and heterogeneity, recent developments have created markets for financial claims on property assets. These financial claims render real es­ tate similar to other assets. These financial claims render real estate similar to other assets. Yet real estate markets retain degrees of ineffi­ ciency, suggesting possibilities for arbitrage opportunities. Such possi­ bilities are examined in the book. If sellers are prohibited by statute from transferring existing financing to buyers, they tend to hold properties longer when contract interest rates on loans exceed those prevailing in the market. Methods are required to account for and measure the quantity of mortgage equity arising from such favorable financing. Holders of mortgage backed securities face risks on both sides of interest rate movements. Should interest rates fall, debtors refinance. If interest rates rise, debtors do not refinance, and the holders of mortgage backed securities suffer capital losses. Hedging strategies are re­ quired. Mortgage warrants and option pricing mechanisms are discussed, and various equity unlocking mechanisms, such as collateralized mort­ gage obligations.

Keywords

  • Banking
  • Financing
  • Hedging
  • Investment
  • Real Estate
  • Real Estate Investment
  • Real Estate Investment Trust

Bibliographic Information

  • Book Title: Real Estate: Investment and Financial Strategy

  • Authors: Peter Chinloy

  • Series Title: Current Issues in Real Estate Finance and Economics

  • DOI: https://doi.org/10.1007/978-94-009-2663-9

  • Publisher: Springer Dordrecht

  • eBook Packages: Springer Book Archive

  • Copyright Information: Kluwer Academic Publishers, Boston 1988

  • Hardcover ISBN: 978-0-89838-233-4

  • Softcover ISBN: 978-94-010-7700-2

  • eBook ISBN: 978-94-009-2663-9

  • Edition Number: 1

  • Number of Pages: XII, 316

  • Topics: Financial Economics

Buying options

eBook USD 109.00
Price excludes VAT (USA)
  • ISBN: 978-94-009-2663-9
  • Instant PDF download
  • Readable on all devices
  • Own it forever
  • Exclusive offer for individuals only
  • Tax calculation will be finalised during checkout
Softcover Book USD 149.99
Price excludes VAT (USA)
Hardcover Book USD 219.99
Price excludes VAT (USA)