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https://hdl.handle.net/2142/71516
Description
Title
Site Valuation and Optimal Development
Author(s)
Scheu, Tim Francis
Issue Date
1985
Department of Study
Finance
Discipline
Finance
Degree Granting Institution
University of Illinois at Urbana-Champaign
Degree Name
Ph.D.
Degree Level
Dissertation
Keyword(s)
Economics, Finance
Abstract
Recent economic developments and legislative rulings have led to many changes in the housing industry. This paper investigates the relationship of a lot's size and configuration to profit. Specifically, this refers to the effect of a lot's frontage and depth dimensions on the cost of developing a lot and the value of a lot.
The purpose of this dissertation is to analyze the role of site value, development costs, and institutional constraints on the size and configuration of residential lots. A theoretical model is developed to analyze these factors. An empirical investigation of rules for valuing sites provides an opportunity to evaluate the validity of extensively used site valuation rules and also provides estimates for parameters used in the calibration of the theoretical model. The theoretical model and the estimated parameters can then be used to compute optimal lost size and configuration for residential developments.
The empirical results generally substantiate the existence of site valuation rules thus justifying their early use and development. The relatively few observations and small variation of depth values in the contemporary data lead to inconclusive results. Their use to provide estimates for parameters in the theoretical models is limited.
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