Abstract: This study contributes to the hedonic pricing literature in housing. Despite the large number of such studies and the broad range of variables examined, prior studies have not systematically considered the impact on housing prices of the physical condition of their immediate neighborhood. Most likely this failure is attributable to the fact that such data do not exist in published form. Most hedonic studies base their analysis on published data or data easily derived from satellite images. Few studies make use of data collected in the field. Yet both theory and casual observation suggest that the physical condition of neighboring houses should contribute to explaining housing prices. The size of this impact is important also as it plays a role in the theory of neighborhood change, which attributes the downward slide of neighborhoods to the initial deterioration of a few houses, which through their negative externalities start a broader trend. This study set out to show that physical disorder matters in explaining property prices and to derive estimates of the order of magnitude of the impact of disorder on sales prices. While physical disorder is a prominent part of the literature on fear of crime and neighborhood change, it so far has been neglected in hedonic pricing studies. This study has addressed this deficiency. The hedonic analysis confirms the importance of physical disorder in explaining housing values and derives the impact on price of individual disorder characteristics. This study also shows that the presence of neighborhood disorder significantly reduces the final sales price of a property, relative to the original listing price. The contribution of current finding is that this decline is not fully anticipated by the realtor's listing price. This analysis therefore shows the importance of any information on disorder when estimating the listing price. Finally, the study shows the cost that neighbors can inflict on each other, by not maintaining their houses and neighborhood. For the first time, it provides specific estimates of the cost associated with individual disorder attributes. The results also are indicative of the importance externalities play in explaining neighborhood change.

This book of CRIOCM 2021 (26th International Conference on Advancement of Construction Management and Real Estate) presents the latest developments in real estate and construction management around the globe. The conference was organized by the Chinese Research Institute of Construction Management (CRIOCM) working in close collaboration with Tsinghua University. Written by international academics and professionals, the book discusses the latest achievements, research findings and advances in frontier disciplines in the field of construction management and real estate. Covering a wide range of topics, including building information modeling, big data, geographic information systems, housing policies, management of infrastructure projects, intelligent construction and smart city, real estate finance and economics and urban planning and sustainability, the discussions provide valuable insights into the implementation of advanced construction project management and real estate market in China and abroad. The book offers an outstanding resource for academics and professionals.

These conference proceedings cover an outstanding view for academics and professionals to share research findings on the latest developments in real estate and construction management. The Chinese Research Institute of Construction Management (CRIOCM) in collaboration with Chongqing University organized CRIOCM2014, the 19th International Symposium on “Advancement of Construction Management and Real Estate.” The proceedings collect 105 selected papers addressing the following key themes: Sustainable Urbanization, Sustainable Construction, Urban Construction and Management, Affordable Housing, Urban Land Development and Utilization, Management for Large Infrastructure Projects, Green Construction Materials and Construction Waste Management, Development and Management for Mountainous Towns, Advancement of Construction Project Management, Redevelopment in Disaster Areas, Law and Policies for Construction and Real Estate, Information Technology for Construction Management and Real Estate and lastly Other Topics.

This open access book discusses booming housing markets in cities around the globe, and the resulting challenges for policymakers and central banks. Cities are booming everywhere, leading to a growing demand for urban housing. In many cities this demand is out-pacing supply, which causes house prices to soar and increases the pressure on rental markets. These developments are posing major challenges for policymakers, central banks and other authorities responsible for ensuring financial stability, and economic well-being in general.This volume collects views from high-level policymakers and researchers, providing essential insights into these challenges, their impact on society, the economy and financial stability, and possible policy responses. The respective chapters address issues such as the popularity of cities, the question of a credit-fueled housing bubble, the role of housing supply frictions and potential policy solutions. Given its scope, the book offers a revealing read and valuable guide for everyone involved in practical policymaking for housing markets, mortgage credit and financial stability.

This book critically assesses the hedonic pricing technique as a method of imputing monetary values for the implicit attributes of housing. The hedonic technique is widely used, particularly in the US, but increasingly in Europe and Asia and has proved to yield important results and influence cost-benefit analysis. Scott Orford breaks new ground in this volume by exploring hedonic house price models within a geographical rather than purely economic context. He reevaluates the microeconomic theory of housing markets and concludes that only by treating housing market dynamics as inherently spatial can empirical results conform to the theory that underpins them. He also makes conclusions with respect to locational externalities, which have important implications as to how the built environment is valued.