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Back Matter

Back Matter 2014 AMERICAN REAL ESTATE SOCIETY JOURNAL MANUSCRIPT PRIZE WINNERS Journal of Real Estate Research Best paper in 2013 volume as selected by the ARES membership. Discounting and Underpricing of REIT Seasoned Equity Offers Kimberly R. Goodwin 35:2, 153–72 Taking the Lie Out of Liar Loans: The Effect of Reduced Documentation on the Performance and Pricing of Alt-A and Subprime Mortgages Michael LaCour-Little and Jing Yang 35:4, 507–54 Journal of Real Estate Portfolio Management Best paper in 2013 volume as selected by the ARES membership. Are Green REITs Valued More? Vivek Sah, Norman G. Miller, and Biplab Ghosh 19:2, 169–77 Congratulations to all the authors. 2013 ARES MANUSCRIPT PRIZE WINNERS The American Real Estate Society proudly announces the following manuscript prize winners for research papers presented at the American Real Estate Society’s 29th Annual Meeting. Apartments, sponsored by the National Multi Housing Council (NMHC): Luis Mejia and Kyle Potter for ‘‘The Value Behind the Value-Add: Multifamily Rent Growth After Renovations.’’ CoStar Data, sponsored by the CoStar Group: Spenser J. Robinson for ‘‘A New Paradigm— CoStar and the Matching Method.’’ Housing, sponsored by the Lucas Institute for Real Estate Development and Finance at Florida Gulf Coast University: Jing Zhang, Robert De Jong, and Donald R. Haurin for ‘‘Are Real House Prices Stationary?’’ Evidence from New Panel and Univariate Data. Industrial Real Estate, sponsored by the NAIOP Research Foundation: David M. Harrison for ‘‘Further Evidence on Political Risk in Industrial Property Markets.’’ Innovative Thinking ‘‘Thinking Out of the Box,’’ sponsored by the Maury Seldin Advanced Stud- ies Institute (MSASI): Scott Wentland, Xun Bian, and Raymond Brastow for ‘‘Neighborhood Tipping and Sorting Dynamics in Real Estate: Evidence from the Virginia Sex Offender Registry.’’ Marc Louargand Best Research Paper by a Practicing Real Estate Professional, sponsored by the James R. Webb ARES Foundation: Grant I. Thrall for ‘‘Who Buys for Cash, and Where.’’ Mixed-Use Properties, sponsored by the NAIOP Research Foundation: Hyeoncheol Jang, Alan J. Ziobrowski, and Philip A. Seagraves for ‘‘Younger Agent Versus Older Agent in Residential Brokerage.’’ Office Buildings/Office Parks, sponsored by the NAIOP Research Foundation: Jeremy Gabe and Michael Rehm for ‘‘Who Pays Green Office Building Premiums: Owners or Tenants.’’ Real Estate Brokerage/Agency, sponsored by the National Association of Realtors (NAR): Ping Cheng, Zhenguo (Len) Lin, Yingchun Liu, and Michael J. Seiler for ‘‘The Benefit of Search in Real Estate Market.’’ Real Estate Cycles, sponsored by Pyhrr/Born Trust for Real Estate Cycle Research: Stephen E. Roulac, Stephen A. Pyhrr, Annette Kaempf-Dern, and Andreas Pfnu¨ r for ‘‘Is There a Market Cycle in Market Cycles Research?’’ Real Estate Education, sponsored by Dearborn Real Estate Education: Annette Kaempf-Dern, Andreas Pfnu¨ r, and Stephen E. Roulac for ‘‘Real Estate Perspectives as Major Cluster Attributes for the Analysis of the Last Decades’ Real Estate Research.’’ Real Estate Finance, sponsored by Real Capital Analytics (RCA): S. McKay Price, Jesus M. Salas, and C.F. Sirmans for ‘‘Entrenchment, Governance, and Conference Calls: Evidence from REITs.’’ Real Estate Investment, sponsored by the Education Foundation of the CCIM Institute: Jian Yang, Robert I. Webb, and Jin Zhang for ‘‘Price Jump Risk on the U.S. Housing Market.’’ Real Estate Investment Trusts, sponsored by the National Association of Real Estate Investment Trusts (NAREIT): Desmond Tsang and Crocker Liu for ‘‘CEO Bonus: Alternative Performance Versus Gamesmanship.’’ Real Estate Market Analysis, sponsored by CBRE Econometric Advisors: Patrick Smith for ‘‘The Impact of Consumer Sentiment on Single Family Home Prices.’’ Real Estate Portfolio Management, sponsored by the Royal Institution of Chartered Surveyors (RICS): Nina Adams Rogers, Imre Karafiath, and Kimberly Winson-Geideman for ‘‘The Impact of Trading Volume on REIT Volatility Using the GARCH Model.’’ Real Estate Valuation, sponsored by the Appraisal Institute (AI): Joseph T.L. Ooi, Thao T.T. Le, and Lee Nai Jia for ‘‘Construction Quality and House Prices.’’ Retail Real Estate, sponsored by the International Council of Shopping Centers (ICSC): Jonathan Wiley, Yu Liu, and Paul Gallimore for ‘‘Out of Town Buyers: Anchored by Local Prices and Proximity.’’ Seniors Housing, sponsored by the National Investment Center for the Seniors Housing and Care Industry (NIC): Donald R. Haurin, Chao Ma, Stephanie Moulton, and Jason Seligman for ‘‘Re- verse Mortgages: Consumer Selection.’’ Sustainable Real Estate, sponsored by the NAIOP Research Foundation: Spenser J. Robinson for ‘‘Managing Well by Managing Good—The True Story of Sustainable Real Estate Premiums.’’ S P E C I A L I S S U E S JOURNAL OF REAL ESTATE RESEARCH Real Estate Brokerage (Summer, 1988): Sponsored by the National Association of REALTORS (NAR). Corporate Real Estate (Fall, 1989): Sponsored by AICAM and HHASI. Appraisal (Spring, 1990): Sponsored by the Appraisal Institute (AI). Determinants of Demand (Fall, 1991): Sponsored by NAR. Environmental Influences on Value (Summer, 1992): Sponsored by AI. Real Estate Investment (Fall, 1992): Sponsored by the Pension Real Estate Association. Corporate Real Estate (Fall, 1993): Sponsored by the International Association of Corporate Real Estate Executives (NACORE). Retail Real Estate (Winter, 1994): Sponsored by International Council of Shopping Centers. Real Estate Brokerage (Winter, 1995). REITs (1995: Vol. 10(3 / 4)): Sponsored by the National Association of Real Estate Investment Trusts (NAREIT) and Equitable Real Estate Investment Management. Regulation and the Mortgage Lending Process (1996: Vol. 11(1)): Sponsored by the Mortgage Banker’s Association. International Real Estate Investment (1996: Vol. 11(2)): Sponsored by Jones Lang Wootton USA. Apartments (1996: Vol. 11(3) & Vol. 11(4)): Sponsored by MIG Realty Advisors. International Real Estate Investment (1997: Vol. 13(3)): Sponsored by Jones Lang Wootton USA. Residential Appraisal and the Lending Process (1998: Vol. 15(1 / 2)): Sponsored by the Fannie Mae Foundation. Property / Asset Management (1998: Vol. 15(3)): Sponsored by the BOMI Institute. REITs (1998: Vol. 16(3)): Sponsored by the National Association of Real Estate Investment Trusts. Corporate Real Estate (1999: Vol. 17(3)): Sponsored by NACORE International. Cycles in Real Estate (1999: Vol. 18(1)): Sponsored by PricewaterhouseCoopers and SynerMark Investments. Residential Real Estate Brokerage: (2000: Vol. 20(1 / 2)): Sponsored by Realty One. Corporate Real Estate (2001: Vol. 22(1 / 2)): Sponsored by NACORE International. Multifamily Housing (2003: Vol. 25(2)): Sponsored by Freddie Mac. Issues For Inner-City Real Estate Markets: (2003: Vol. 25(4)): Sponsored by the Real Estate Research Center of Morehouse College. The Home Mortgage Disclosure Act (HMDA): (2007: Vol. 29(4)): Sponsored by Wells Fargo. Chinese Real Estate Markets: (2012: Vol. 34(3)). A R E S M O N O G R A P H S 1994: Essays in Honor of James A. Graaskamp: Appraisal, Market Analysis and Public Policy in Real Estate (481 pages). 1995: Alternative Ideas in Real Estate Investment (189 pages). 1996: Megatrends in Retail Real Estate (co-sponsored by ICSC: 378 pages). 1997: Seniors Housing (sponsored by the National Investment Center for the Seniors Housing and Care Industries: 248 pages). 1998: Ethics in Real Estate (co-sponsored by the Howard Hughes Corporation: 317 pages). 1999: Essays in Honor of James A. Graaskamp: Ten Years After (436 pages). 2000: Real Estate Education: Past, Present and Future (co-sponsored by the European Business School: 523 pages). 2001: Real Estate Valuation Theory (sponsored by the Appraisal Institute: 430 pages). 2002 / 3: Essays in Honor of William N. Kinnard, Jr. (co-sponsored by the Appraisal Institute and the RICS Foundation: 328 pages). 2006 / 8: Indigenous Peoples and Real Estate Valuation Issues (co-sponsored by the Appraisal Institute Education Trust and the Appraisers Research Foundation). 2009 / 11: Essays in Honor of James R. Webb. N E W $ 1 , 0 0 0 M A N U S C R I P T P R I Z E CoStar Group will provide a $1,000 manuscript prize for the best research paper presented at the ARES Annual Meeting that uses CoStar data. CoStar has comprehensive, detailed property level information and up to 15 years of historical data in most major markets throughout the U.S. and U.K. They currently track approximately 1.6 million commercial properties totaling 30 billion square feet and have verified comparable sales data on approximately 1.3 million sales transactions—all property types, including retail, multifamily, hospitality and land. Anyone interested in obtaining CoStar data for research purposes should contact: Jay Spivey Director of Analytics CoStar Group, Inc. 2 Bethesda Metro Center, 10th Floor Bethesda, MD 20814 Phone: 888-576-9223 Fax: 888-537-9358 Email: jspivey@costar.com JRER LEGACY A WA RDS WINNERS The American Real Estate Society (ARES) Legacy Awards are for the three best papers published in the Journal of Real Estate Research (JRER) in selected years. The awards are $25,000, $10,000, and $5,000. The 2012 Awards below were determined by the votes of the JRER Editorial Board. The awards cover the period 2009–2011. YEAR PUBLISHED AMOUNT AUTHORS TITLE 2011 $25,000 Nasser Daneshvary, Short-Term Own-Price and Terrence M. Clauretie, Spillover Effects of Distressed & Ahmad Kader Residential Properties: T he Case of a Housing Crash 2010 $10,000 Gary Pivo & Jeffrey D. Income, Value and Returns in Fisher Socially Responsible Office Properties 2010 $5,000 Michael LaCour-Little, Home Equity Extraction by Eric Rosenblatt, & Homeowners: 2000-2006 Vincent W. Y ao 2014 RED PEN AWARD WINNERS AMERICAN REAL ESTATE SOCIETY Journal of Real Estate Research Brent Ambrose Daniel Winkler Journal of Housing Research Kimberly R. Goodwin Journal of Real Estate Literature Michael J. Highfield Journal of Sustainable Real Estate Steve C. Bourassa C ALL FOR PAPERS Journal of Sustainable Real Estate The American Real Estate Society, in cooperation with and funding by the CoStar Group, announces a call for papers for the seventh volume of the Journal of Sustainable Real Estate (JOSRE). Authors are encouraged to submit original research that can help investors, developers, appraisers, lenders, asset managers, elected government officials and land use regulators improve their strategies, decision-making, and understanding of the impact of sustainable real estate practices. Topics and questions of interest include: Philosophical and Definitional n How green measurement systems have evolved? n Who should set standards and what measurement systems should be used? That is what metrics could be used to better reflect total life cycle occupancy costs and building operational efficiency? Regulatory Issues n How has disclosure and transparency affected the market? Will we see increasing transparency? n Can we learn anything from some of the incentive systems versus requirement systems in terms of effectiveness and efficiency? Financing, Insurance, and Valuation Issues n What financing mechanisms are there to help with sustainable investments? What impediments? n How do insurance costs vary for sustainable buildings? Hi-Performance Building Systems n What is the impact of green buildings on worker productivity and morale, or retail sales, and benefits that go beyond energy savings? Can these be valued? Do they or will they eventually translate into rent? n How have building management systems evolved and what is the state of the art? Why does it take so long for property owners to embrace new building management systems and to connect all the features and systems in a building? Corporate Green and Sustainable Strategies and Policies n How many public and private companies have green policy statements? How has this affected real estate decisions? n Portfolio approaches to energy consumption: Are carbon credits possible for larger scale developments and portfolios? n What are the new technologies and strategies affecting water consumption? Are they cost effective? Evaluating Retrofit and Improvements versus Payoffs n What is the ideal timing to invest in green features? Can green features be packaged into ideal combinations? Net Zero and Living Building Challenge Case Studies, Strategies, and Lessons Learned n What can we learn from net zero and or net water buildings? n Are the strategies used in the living buildings challenge applicable to the private sector? All manuscripts are subject to anonymous double-blind review by practicing professionals and academicians. Manuscripts must be written to be understandable by institutional real estate investors; lengthy formulas and mathematics should appear in an appendix. Applied empirical studies will be given preference. Style guidelines are available online at www.josre.org and www.aresnet.org. Submissions are preferred in MS Word or PDF format. The submission deadline is May 30, 2015 but with continuous online publication from September 1, 2014. Authors should submit their manuscript to Myla Wilson at mwilson@sandiego.edu or greenjournal@sandiego.edu and to Norm Miller at nmilller@sandiego.edu. Senior Editor: Norm Miller, University of San Diego, email: nmiller@sandiego.edu Associate Editor: Nico B. Rottke (Europe), European Business School, email: rottke.ebs@rem-institute.org Associate Editor: Robert Simons (North America), Cleveland State University, email: r.simons@csuohio.edu Associate Editor: Kwame Addae-Dapaah (Asia), email: megyefotease@gmail.com CALL FOR PAPERS JOURNAL OF HOUSING RESEARCH The American Real Estate Society announces a call for papers for the Journal of Housing Research (JHR). The objective of the JHR is to serve as an outlet for theoretical and empirical research on a broad range of housing related topics, including but not limited to, the economics of housing markets, residential brokerage, home mortgage finance and mortgage markets, and international housing issues. All submitted manuscripts are subject to double-blind peer review by members of the journal’s Editorial Board and other real estate scholars and professionals. Electronic submissions are strongly encouraged, either as email attachments, CD-ROM or disk. Preferable word processing format is as a PDF or Microsoft Word file. Paper submissions require four copies of the manuscript. The JHR style is similar to the Journal of Real Estate Research (see www.aresnet.org or a copy of the journal for a style guide). Final revisions must be in Word, WordPerfect or other acceptable word-processing program. Manuscripts should be original, unpublished works not under publication consideration anywhere else. Interested authors should contact or submit manuscripts to: Justin D. Benefield Auburn University College of Business 405 W. Magnolia Ave., Suite 303 Auburn, AL 36849 jhr@auburn.edu 2015 Membership Renewal Form American Real Estate Society Name________________________________________Title/Department__________________________ Company/University____________________________________________________________________ Address______________________________________________________________________________ City__________________________State_______ ZIPCode________+_ ___Country______________ Phone ____________________________ Fax ________________________________________________ Email________________________________________________________________________________ 2015 Membership Dues ___ ProfessionalMembership(circle one) Method of Payment PrintedMedia……………..…………… $350 Electronic Media………………………. $300 TotalDues $___________ Both (printed andelectronic)…….……. $400 ____Check (Payable to ARES) Paymentbycheck preferredby ___ AcademicMembership(circle one) ARES PrintedMedia……………..…………… $175 Electronic Media………………………. $135 Both (printed andelectronic)………….. $200 Method of Payment ___VISA ___MasterCard___Discover ___ Academic RetiredMembership(circle one) PrintedMedia……………..…………… $105 Card # _________ - _________ - _________ - _________ Electronic Media………………………. $85 Both (printed andelectronic)……….…. $145 Expiration ________ CVV (on back of card) ________ ___ StudentMembership(circle one) Authorized Signature ________________________________ PrintedMedia……………..…………… $105 Electronic Media………………………. $85 ________________________________ Address on card Both (printed andelectronic)….………. $145 ________________________________ ___ LifeMembership ___PrintedMedia Date________________________ ___ElectronicMedia Forinformation on becoming a LifeMember, contactMike Seiler at (757)683-3505 or mseiler@odu.edu. Return this form with paymentto: DianeQuarles ___ Corporate Membership (circle one) Manager, ARES Member Services PrintedMedia……………..…………… $675 ClemsonUniversity Electronic Media………………………. $600 Pennell Center for Real Estate Development Both (printed andelectronic)……….…. $700 300 Sirrine Hall Clemson, SC 29634 ___ Fellows Contribution Regular…………. $250 Phone: 864-656-1373 ___ FellowsContributionDistinguished....... $500 Fax: 864-656-7519 ___ FellowsContributionBenefactor……..$1,000 ___ Endowed Doctoral Sponsorship ........ $10,000 ___ Endowed InternationalScholar ……. $25,000 ___ Sponsor................................................. $1,500 ___ Regent................................................. $3,000 ___ President’sCouncil............................. $6,000 EDITORIAL POLICY and SUBMISSION GUIDELINES Journal Objectives The Journal of Sustainable Real Estate (JOSRE) is an official publication of the American Real Estate Society (ARES). JOSRE is committed to publishing the highest quality analytical, empirical, and clinical research that is useful to business decision-makers in the fields of real estate development, economics, finance, investment, law, management, marketing, secondary markets, and valuation. Theoretical papers that fail to provide testable or policy implications are discouraged. Data used in empirical research must be thoroughly documented and sufficient details of computations and methodologies must be provided to allow duplication. Authors are encouraged to provide data (at a reasonable cost) for replication purpose should such a request arise. The Editorial Board of JOSRE is interested in expanding the frontiers of scholarly real estate research and is willing to work with any potential author who is developing new and exciting ideas. Please visit http: / / www.josre.org for the most up-to-date information on the Journal. Review and Publication Policies The Editor reads each submitted manuscript to decide if its topic and content of the paper fit the objectives of JOSRE. Manuscripts that are appropriate are assigned anonymously by the Editor to one member of the Editorial Board and at least one other reviewer. The Editor makes the final decision regarding re-submissions. Upon receiving a re-submission, the Editor determines whether or not the manuscript should re-enter the reviewing process, be accepted or simply be returned. The Editor determines the publication schedule for accepted manuscripts. As a general rule, the Editor attempts to ‘‘balance’’ the topics covered in any one issue. Consequently, the Editor may choose the articles to be included in a given issue from among those already accepted for publication. This general rule will be set aside should the Board of Directors decide to do so, such as in the case of a special issue devoted to a single topic. Submission Requirements Authors should submit a manuscript that is double-spaced and paginated. The cover page, which will be removed before the manuscript is sent to a reviewer, should contain: the title, all authors and their affiliations (mailing addresses), phone and fax numbers, and email addresses. Except for the cover page, all pages should be numbered consecutively. Submitted manuscripts should be original research, and the names appearing on the manuscript should be that of the individuals who conducted the research. The manuscript should not be under review simultaneously at another journal nor substantially resemble those that are under review at another journal. Upon acceptance, ARES automatically owns the copyright of the manuscript. The transfer of copyright will ensure the widest possible dissemination of information. Submission via email is strongly encouraged. Except for the final version, manuscripts w w can be submitted via email in Word or PDF file formats to nmiller@sandiego.edu. Submitted papers will be sent to reviewers via email, whenever feasible. For manuscripts submitted via email, the expected turnaround time is eight weeks. For hard copy submissions, the expected turnaround time is twelve weeks. Upon acceptance, authors will have to submit a PC-compatible disk containing the file of the manuscript, four style- correct hard copies and a signed release form. The Editor does not accept responsibility for damage or loss of submitted papers. Articles and correspondence can also be directed to: Norman G. Miller University of San Diego Burnham-Moores Center for Real Estate 5998 Alcala Park Drive San Diego, CA 92110-2492 Phone: 619-260-7939 Email: nmiller@sandiego.edu Abstract An abstract of not more than 100 words is required. Headings Primary, secondary and tertiary heading should be indicated by numbering or in outline fashion (i.e., I, II, A, B, i, ii, etc.). Such outlining / numbering is for editorial purposes only and will not appear in print. Summary Each manuscript should include at the end of the text, a non-technical summary statement of the main conclusions. Exhibits Illustrations must be titled and numbered consecutively as exhibits with Arabic numbers. Please check that the text contains a reference to each exhibit. Verify that all numerical amounts add up to totals shown in the tables and that significant digits are rounded to no more than 2 or 3 numbers. All figures need to be sharp, clear and laser-quality. Exhibits in the final version must not be in color. Mathematical Proofs, Equations Lengthy mathematical proofs and extensively detailed mathematical tables should be placed in an appendix (or omitted entirely) and every effort should be made to explain the proofs. Equations should be placed on a separate line, centered and numbered consecutively at the right margin. Endnotes Endnotes in the text must be cited consecutively. They should be double-spaced and appear on a separate page. Avoid numerous and lengthy endnotes. References References must be presented alphabetically by the last name of the author and be double- spaced. References must be dated, and the citations in the text must agree. Only those references cited within the text should be included. The references must fit the following format: Deutsch, C.H. Commercial Property: Retail Space; For Retailers, It’s Space for Hard-Put Landlords. The New York Times, January 26, 1992, 10:1. Judge, G.G., W.E. Griffiths, R.C. Hill, H. Lutkepohl, and T.-C. Lee. The Theory and Practice of Econometrics. Second edition, New York: John Wiley, 1985. Kinnard, W.N. Tools and Techniques for Measuring the Effects of Proximity to Radioactive Contamination of Soil on Single-Family Residential Sales Prices. Paper presented at the Appraisal Institute Symposium, October 1991. Mills, E.S. The Value of Urban Land. In H. S. Perloff, editor, The Quality of the Urban Environment, Baltimore, MD: Johns Hopkins University, 1971, 229–53. Shilton, L., W. O’Connor, K. Teall, and J.R. Webb. Real Estate Taxation and Commercial Loan Underwriting. Decision Sciences, 1992, 23:5, 1162–73. Acknowledgment Authors may include a brief acknowledgment. It should appear after the references. Special Note Authors are strongly advised to review a recent issue of the JOSRE to confirm that their manuscript is in the style the Journal requires. For nonmembers, a submission fee of $200 is required (one year’s Academic Membership dues). THE AMERICAN REAL ESTATE SOCIETY Officers President President Elect Vice Program Chair Michael J. Seiler David Harrison Michael Highfield College of William & Mary Texas Tech University Mississippi State University Vice President and Director of Finance Secretary Program Chair Joseph B. Lipscomb* Thomas M. Springer William G. Hardin III Texas Christian University Clemson University Florida International University Meeting Planner Director of Industry Liaison Executive Director Arthur L. Schwartz, Jr.* Willard McIntosh* Stephen Pyhrr* University of South Florida–Emeritus USAA Kennedy Wilson Director of Strategy Ombudsperson Treasurer Stephen E. Roulac* Larry E. Wofford* Karl Guntermann Roulac Global LLC & University University of Tulsa of Ulster Arizona State University Historian and Parliamentarian Director of Publications Director of Development Joseph D. Albert* Michael J. Seiler William G. Hardin, III James Madison University Florida International University College of William & Mary Appointed Positions Editors, JREPM Editors, JHR Associate Executive Director Peng Liu Justin Benefield Christopher Manning* Cornell University Auburn University Loyola Marymount University Greg MacKinnon Ken H. Johnson Doctoral Seminar Director Pension Real Estate Association Florida Atlantic University Elaine Worzala* College of Charleston Simon Stevenson Geoffrey K. Turnbull University of Reading University of Central Florida Director of International Liaison Eamonn D’Arcy Co-Editors, JREL Editor, JOSRE University of Reading David M. Harrison Norman G. Miller* Texas Tech University University of San Diego Newsletter Editor Susan Thrall Mauricio Rodriguez* Ass. Editors, JOSRE Business Geography Advisors Texas Christian University Kwame Addae-Dapaah Director of Placement Michael J. Seiler Nico B. Rottke Jesse Saginor College of William & Mary European Business School Texas A&M University Co-Editors, JREPE Robert Simons* Elections Officer William G. Hardin, III Cleveland State University John S. Baen Florida International University Editor, JRER University of North Texas H. Shelton Weeks Ko Wang Director, Critical Issues Seminar Florida Gulf Coast University Johns Hopkins University Ron Throupe Eli Beracha ARES Webmasters University of Denver University of Wyoming Mark Sunderman University of Memphis Case Editor, JREPE Sean Salter Ko Wang Middle Tennessee State University Johns Hopkins University Executive Editor, JHR Leonard Zumpano University of Alabama Board of Directors Eli Berachi (2014–17) Robert A. Simons* (2012–17) Ken Johnson (2013–18) Florida International University Cleveland State University Florida International University Peter Burley (2011–16) G. Stacy Sirmans* Steven P. Laposa* (2010–15) REALTORt University / NAR Florida State University Alvarez & Marsal Real Estate Advisory Bruce Cole (2014–15) Services Mark Sunderman (2014–19) University of South Carolina University of Memphis Margaret McFarland (2012–17) Sofia Dermisi (2010–15) University of Maryland Grant I. Thrall* (2013–18) University of Washington Business Geography Advisors S. McKay Price (2014–19) Terry R. Dunkin (2012–17) Lehigh University John Williams* (2011–16) Al and Dunkin Real Estate Advisors Morehouse College Sean Salter (2011–16) Andrew C. Florance (2010–15) Middle Tennessee State University Richard Wincott (2008–13) CoStar Group Altus Group Douglas Sawyer (2009–14) Kimberly Goodwin (2013–18) CCIM Institute & Sawyer Properties Elaine M. Worzala* (2011–16) University of Southern Mississippi College of Charleston IRES Board Members Velma Zahirovic-Herbert (2012–15) Kimberly Winson-Geideman Karen Gibler (2011–14) University of Georgia (2013–16) Georgia State University University of Melbourne *Past ARES President 1 Part 1 3 Chemical Hazardous Sites and Residential Prices: Determinants of Impact Perry Wisinger 23 Value Capitalization Effect of Protected Properties: A Comparison of Conservation Easement with Mixed-Bag Open Spaces Jay Mittal 47 Power Lines and Perceived Home Prices: Isolating Elements of Easement Rights and Noise Pollution Michael J. Seiler 63 ‘‘Not in My Backyard’’: The Effect of Substance Abuse Treatment Centers on Property Values Claire R. La Roche, Bennie D. Waller, and Scott A. Wentland 93 The Effect of a Large Hog Barn Operation on Residential Sales Prices in Marshall County, KY Robert A. Simons, Youngme Seo, and Spenser Robinson 113 Part 2 115 A Study of LEED vs. Non-LEED Office Buildings Spatial & Mass Transit Proximity in Downtown Chicago Sofia Dermisi 143 Monte Carlo Cash Flows and Sustainability: How to Decide on Going Green Michael Stein, Wolfgang Braun, Marta Salvador Villa `, and Volker Binding 163 The Effect of Sustainability on Retail Values, Rents, and Investment Performance: European Evidence Hans Op ‘t Veld and Martijn Vlasveld 187 Walk Score: The Significance of 8 and 80 for Mortgage Default Risk in Multifamily Properties Gary Pivo 211 Green Office Buildings: A Qualitative Exploration of Green Office Building Attributes Robert A. Simons, Spenser Robinson, and Eunkyu Lee J O S R E V o l . 6 N o . 1 – 2 0 1 4 u u I S S N : 1 9 4 9 - 8 2 7 6 J o u r n a l o f S u s t a i n a b l e R e a l E s t a t e American Real Estate Society Vol. 6 u No. 1 u 2014 http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Journal of Sustainable Real Estate Taylor & Francis

Back Matter

Journal of Sustainable Real Estate , Volume 6 (1): 18 – Jan 1, 2014
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Publisher
Taylor & Francis
Copyright
© 2014 American Real Estate Society
ISSN
1949-8284
DOI
10.1080/10835547.2014.12091857
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Abstract

2014 AMERICAN REAL ESTATE SOCIETY JOURNAL MANUSCRIPT PRIZE WINNERS Journal of Real Estate Research Best paper in 2013 volume as selected by the ARES membership. Discounting and Underpricing of REIT Seasoned Equity Offers Kimberly R. Goodwin 35:2, 153–72 Taking the Lie Out of Liar Loans: The Effect of Reduced Documentation on the Performance and Pricing of Alt-A and Subprime Mortgages Michael LaCour-Little and Jing Yang 35:4, 507–54 Journal of Real Estate Portfolio Management Best paper in 2013 volume as selected by the ARES membership. Are Green REITs Valued More? Vivek Sah, Norman G. Miller, and Biplab Ghosh 19:2, 169–77 Congratulations to all the authors. 2013 ARES MANUSCRIPT PRIZE WINNERS The American Real Estate Society proudly announces the following manuscript prize winners for research papers presented at the American Real Estate Society’s 29th Annual Meeting. Apartments, sponsored by the National Multi Housing Council (NMHC): Luis Mejia and Kyle Potter for ‘‘The Value Behind the Value-Add: Multifamily Rent Growth After Renovations.’’ CoStar Data, sponsored by the CoStar Group: Spenser J. Robinson for ‘‘A New Paradigm— CoStar and the Matching Method.’’ Housing, sponsored by the Lucas Institute for Real Estate Development and Finance at Florida Gulf Coast University: Jing Zhang, Robert De Jong, and Donald R. Haurin for ‘‘Are Real House Prices Stationary?’’ Evidence from New Panel and Univariate Data. Industrial Real Estate, sponsored by the NAIOP Research Foundation: David M. Harrison for ‘‘Further Evidence on Political Risk in Industrial Property Markets.’’ Innovative Thinking ‘‘Thinking Out of the Box,’’ sponsored by the Maury Seldin Advanced Stud- ies Institute (MSASI): Scott Wentland, Xun Bian, and Raymond Brastow for ‘‘Neighborhood Tipping and Sorting Dynamics in Real Estate: Evidence from the Virginia Sex Offender Registry.’’ Marc Louargand Best Research Paper by a Practicing Real Estate Professional, sponsored by the James R. Webb ARES Foundation: Grant I. Thrall for ‘‘Who Buys for Cash, and Where.’’ Mixed-Use Properties, sponsored by the NAIOP Research Foundation: Hyeoncheol Jang, Alan J. Ziobrowski, and Philip A. Seagraves for ‘‘Younger Agent Versus Older Agent in Residential Brokerage.’’ Office Buildings/Office Parks, sponsored by the NAIOP Research Foundation: Jeremy Gabe and Michael Rehm for ‘‘Who Pays Green Office Building Premiums: Owners or Tenants.’’ Real Estate Brokerage/Agency, sponsored by the National Association of Realtors (NAR): Ping Cheng, Zhenguo (Len) Lin, Yingchun Liu, and Michael J. Seiler for ‘‘The Benefit of Search in Real Estate Market.’’ Real Estate Cycles, sponsored by Pyhrr/Born Trust for Real Estate Cycle Research: Stephen E. Roulac, Stephen A. Pyhrr, Annette Kaempf-Dern, and Andreas Pfnu¨ r for ‘‘Is There a Market Cycle in Market Cycles Research?’’ Real Estate Education, sponsored by Dearborn Real Estate Education: Annette Kaempf-Dern, Andreas Pfnu¨ r, and Stephen E. Roulac for ‘‘Real Estate Perspectives as Major Cluster Attributes for the Analysis of the Last Decades’ Real Estate Research.’’ Real Estate Finance, sponsored by Real Capital Analytics (RCA): S. McKay Price, Jesus M. Salas, and C.F. Sirmans for ‘‘Entrenchment, Governance, and Conference Calls: Evidence from REITs.’’ Real Estate Investment, sponsored by the Education Foundation of the CCIM Institute: Jian Yang, Robert I. Webb, and Jin Zhang for ‘‘Price Jump Risk on the U.S. Housing Market.’’ Real Estate Investment Trusts, sponsored by the National Association of Real Estate Investment Trusts (NAREIT): Desmond Tsang and Crocker Liu for ‘‘CEO Bonus: Alternative Performance Versus Gamesmanship.’’ Real Estate Market Analysis, sponsored by CBRE Econometric Advisors: Patrick Smith for ‘‘The Impact of Consumer Sentiment on Single Family Home Prices.’’ Real Estate Portfolio Management, sponsored by the Royal Institution of Chartered Surveyors (RICS): Nina Adams Rogers, Imre Karafiath, and Kimberly Winson-Geideman for ‘‘The Impact of Trading Volume on REIT Volatility Using the GARCH Model.’’ Real Estate Valuation, sponsored by the Appraisal Institute (AI): Joseph T.L. Ooi, Thao T.T. Le, and Lee Nai Jia for ‘‘Construction Quality and House Prices.’’ Retail Real Estate, sponsored by the International Council of Shopping Centers (ICSC): Jonathan Wiley, Yu Liu, and Paul Gallimore for ‘‘Out of Town Buyers: Anchored by Local Prices and Proximity.’’ Seniors Housing, sponsored by the National Investment Center for the Seniors Housing and Care Industry (NIC): Donald R. Haurin, Chao Ma, Stephanie Moulton, and Jason Seligman for ‘‘Re- verse Mortgages: Consumer Selection.’’ Sustainable Real Estate, sponsored by the NAIOP Research Foundation: Spenser J. Robinson for ‘‘Managing Well by Managing Good—The True Story of Sustainable Real Estate Premiums.’’ S P E C I A L I S S U E S JOURNAL OF REAL ESTATE RESEARCH Real Estate Brokerage (Summer, 1988): Sponsored by the National Association of REALTORS (NAR). Corporate Real Estate (Fall, 1989): Sponsored by AICAM and HHASI. Appraisal (Spring, 1990): Sponsored by the Appraisal Institute (AI). Determinants of Demand (Fall, 1991): Sponsored by NAR. Environmental Influences on Value (Summer, 1992): Sponsored by AI. Real Estate Investment (Fall, 1992): Sponsored by the Pension Real Estate Association. Corporate Real Estate (Fall, 1993): Sponsored by the International Association of Corporate Real Estate Executives (NACORE). Retail Real Estate (Winter, 1994): Sponsored by International Council of Shopping Centers. Real Estate Brokerage (Winter, 1995). REITs (1995: Vol. 10(3 / 4)): Sponsored by the National Association of Real Estate Investment Trusts (NAREIT) and Equitable Real Estate Investment Management. Regulation and the Mortgage Lending Process (1996: Vol. 11(1)): Sponsored by the Mortgage Banker’s Association. International Real Estate Investment (1996: Vol. 11(2)): Sponsored by Jones Lang Wootton USA. Apartments (1996: Vol. 11(3) & Vol. 11(4)): Sponsored by MIG Realty Advisors. International Real Estate Investment (1997: Vol. 13(3)): Sponsored by Jones Lang Wootton USA. Residential Appraisal and the Lending Process (1998: Vol. 15(1 / 2)): Sponsored by the Fannie Mae Foundation. Property / Asset Management (1998: Vol. 15(3)): Sponsored by the BOMI Institute. REITs (1998: Vol. 16(3)): Sponsored by the National Association of Real Estate Investment Trusts. Corporate Real Estate (1999: Vol. 17(3)): Sponsored by NACORE International. Cycles in Real Estate (1999: Vol. 18(1)): Sponsored by PricewaterhouseCoopers and SynerMark Investments. Residential Real Estate Brokerage: (2000: Vol. 20(1 / 2)): Sponsored by Realty One. Corporate Real Estate (2001: Vol. 22(1 / 2)): Sponsored by NACORE International. Multifamily Housing (2003: Vol. 25(2)): Sponsored by Freddie Mac. Issues For Inner-City Real Estate Markets: (2003: Vol. 25(4)): Sponsored by the Real Estate Research Center of Morehouse College. The Home Mortgage Disclosure Act (HMDA): (2007: Vol. 29(4)): Sponsored by Wells Fargo. Chinese Real Estate Markets: (2012: Vol. 34(3)). A R E S M O N O G R A P H S 1994: Essays in Honor of James A. Graaskamp: Appraisal, Market Analysis and Public Policy in Real Estate (481 pages). 1995: Alternative Ideas in Real Estate Investment (189 pages). 1996: Megatrends in Retail Real Estate (co-sponsored by ICSC: 378 pages). 1997: Seniors Housing (sponsored by the National Investment Center for the Seniors Housing and Care Industries: 248 pages). 1998: Ethics in Real Estate (co-sponsored by the Howard Hughes Corporation: 317 pages). 1999: Essays in Honor of James A. Graaskamp: Ten Years After (436 pages). 2000: Real Estate Education: Past, Present and Future (co-sponsored by the European Business School: 523 pages). 2001: Real Estate Valuation Theory (sponsored by the Appraisal Institute: 430 pages). 2002 / 3: Essays in Honor of William N. Kinnard, Jr. (co-sponsored by the Appraisal Institute and the RICS Foundation: 328 pages). 2006 / 8: Indigenous Peoples and Real Estate Valuation Issues (co-sponsored by the Appraisal Institute Education Trust and the Appraisers Research Foundation). 2009 / 11: Essays in Honor of James R. Webb. N E W $ 1 , 0 0 0 M A N U S C R I P T P R I Z E CoStar Group will provide a $1,000 manuscript prize for the best research paper presented at the ARES Annual Meeting that uses CoStar data. CoStar has comprehensive, detailed property level information and up to 15 years of historical data in most major markets throughout the U.S. and U.K. They currently track approximately 1.6 million commercial properties totaling 30 billion square feet and have verified comparable sales data on approximately 1.3 million sales transactions—all property types, including retail, multifamily, hospitality and land. Anyone interested in obtaining CoStar data for research purposes should contact: Jay Spivey Director of Analytics CoStar Group, Inc. 2 Bethesda Metro Center, 10th Floor Bethesda, MD 20814 Phone: 888-576-9223 Fax: 888-537-9358 Email: jspivey@costar.com JRER LEGACY A WA RDS WINNERS The American Real Estate Society (ARES) Legacy Awards are for the three best papers published in the Journal of Real Estate Research (JRER) in selected years. The awards are $25,000, $10,000, and $5,000. The 2012 Awards below were determined by the votes of the JRER Editorial Board. The awards cover the period 2009–2011. YEAR PUBLISHED AMOUNT AUTHORS TITLE 2011 $25,000 Nasser Daneshvary, Short-Term Own-Price and Terrence M. Clauretie, Spillover Effects of Distressed & Ahmad Kader Residential Properties: T he Case of a Housing Crash 2010 $10,000 Gary Pivo & Jeffrey D. Income, Value and Returns in Fisher Socially Responsible Office Properties 2010 $5,000 Michael LaCour-Little, Home Equity Extraction by Eric Rosenblatt, & Homeowners: 2000-2006 Vincent W. Y ao 2014 RED PEN AWARD WINNERS AMERICAN REAL ESTATE SOCIETY Journal of Real Estate Research Brent Ambrose Daniel Winkler Journal of Housing Research Kimberly R. Goodwin Journal of Real Estate Literature Michael J. Highfield Journal of Sustainable Real Estate Steve C. Bourassa C ALL FOR PAPERS Journal of Sustainable Real Estate The American Real Estate Society, in cooperation with and funding by the CoStar Group, announces a call for papers for the seventh volume of the Journal of Sustainable Real Estate (JOSRE). Authors are encouraged to submit original research that can help investors, developers, appraisers, lenders, asset managers, elected government officials and land use regulators improve their strategies, decision-making, and understanding of the impact of sustainable real estate practices. Topics and questions of interest include: Philosophical and Definitional n How green measurement systems have evolved? n Who should set standards and what measurement systems should be used? That is what metrics could be used to better reflect total life cycle occupancy costs and building operational efficiency? Regulatory Issues n How has disclosure and transparency affected the market? Will we see increasing transparency? n Can we learn anything from some of the incentive systems versus requirement systems in terms of effectiveness and efficiency? Financing, Insurance, and Valuation Issues n What financing mechanisms are there to help with sustainable investments? What impediments? n How do insurance costs vary for sustainable buildings? Hi-Performance Building Systems n What is the impact of green buildings on worker productivity and morale, or retail sales, and benefits that go beyond energy savings? Can these be valued? Do they or will they eventually translate into rent? n How have building management systems evolved and what is the state of the art? Why does it take so long for property owners to embrace new building management systems and to connect all the features and systems in a building? Corporate Green and Sustainable Strategies and Policies n How many public and private companies have green policy statements? How has this affected real estate decisions? n Portfolio approaches to energy consumption: Are carbon credits possible for larger scale developments and portfolios? n What are the new technologies and strategies affecting water consumption? Are they cost effective? Evaluating Retrofit and Improvements versus Payoffs n What is the ideal timing to invest in green features? Can green features be packaged into ideal combinations? Net Zero and Living Building Challenge Case Studies, Strategies, and Lessons Learned n What can we learn from net zero and or net water buildings? n Are the strategies used in the living buildings challenge applicable to the private sector? All manuscripts are subject to anonymous double-blind review by practicing professionals and academicians. Manuscripts must be written to be understandable by institutional real estate investors; lengthy formulas and mathematics should appear in an appendix. Applied empirical studies will be given preference. Style guidelines are available online at www.josre.org and www.aresnet.org. Submissions are preferred in MS Word or PDF format. The submission deadline is May 30, 2015 but with continuous online publication from September 1, 2014. Authors should submit their manuscript to Myla Wilson at mwilson@sandiego.edu or greenjournal@sandiego.edu and to Norm Miller at nmilller@sandiego.edu. Senior Editor: Norm Miller, University of San Diego, email: nmiller@sandiego.edu Associate Editor: Nico B. Rottke (Europe), European Business School, email: rottke.ebs@rem-institute.org Associate Editor: Robert Simons (North America), Cleveland State University, email: r.simons@csuohio.edu Associate Editor: Kwame Addae-Dapaah (Asia), email: megyefotease@gmail.com CALL FOR PAPERS JOURNAL OF HOUSING RESEARCH The American Real Estate Society announces a call for papers for the Journal of Housing Research (JHR). The objective of the JHR is to serve as an outlet for theoretical and empirical research on a broad range of housing related topics, including but not limited to, the economics of housing markets, residential brokerage, home mortgage finance and mortgage markets, and international housing issues. All submitted manuscripts are subject to double-blind peer review by members of the journal’s Editorial Board and other real estate scholars and professionals. Electronic submissions are strongly encouraged, either as email attachments, CD-ROM or disk. Preferable word processing format is as a PDF or Microsoft Word file. Paper submissions require four copies of the manuscript. The JHR style is similar to the Journal of Real Estate Research (see www.aresnet.org or a copy of the journal for a style guide). Final revisions must be in Word, WordPerfect or other acceptable word-processing program. Manuscripts should be original, unpublished works not under publication consideration anywhere else. Interested authors should contact or submit manuscripts to: Justin D. Benefield Auburn University College of Business 405 W. Magnolia Ave., Suite 303 Auburn, AL 36849 jhr@auburn.edu 2015 Membership Renewal Form American Real Estate Society Name________________________________________Title/Department__________________________ Company/University____________________________________________________________________ Address______________________________________________________________________________ City__________________________State_______ ZIPCode________+_ ___Country______________ Phone ____________________________ Fax ________________________________________________ Email________________________________________________________________________________ 2015 Membership Dues ___ ProfessionalMembership(circle one) Method of Payment PrintedMedia……………..…………… $350 Electronic Media………………………. $300 TotalDues $___________ Both (printed andelectronic)…….……. $400 ____Check (Payable to ARES) Paymentbycheck preferredby ___ AcademicMembership(circle one) ARES PrintedMedia……………..…………… $175 Electronic Media………………………. $135 Both (printed andelectronic)………….. $200 Method of Payment ___VISA ___MasterCard___Discover ___ Academic RetiredMembership(circle one) PrintedMedia……………..…………… $105 Card # _________ - _________ - _________ - _________ Electronic Media………………………. $85 Both (printed andelectronic)……….…. $145 Expiration ________ CVV (on back of card) ________ ___ StudentMembership(circle one) Authorized Signature ________________________________ PrintedMedia……………..…………… $105 Electronic Media………………………. $85 ________________________________ Address on card Both (printed andelectronic)….………. $145 ________________________________ ___ LifeMembership ___PrintedMedia Date________________________ ___ElectronicMedia Forinformation on becoming a LifeMember, contactMike Seiler at (757)683-3505 or mseiler@odu.edu. Return this form with paymentto: DianeQuarles ___ Corporate Membership (circle one) Manager, ARES Member Services PrintedMedia……………..…………… $675 ClemsonUniversity Electronic Media………………………. $600 Pennell Center for Real Estate Development Both (printed andelectronic)……….…. $700 300 Sirrine Hall Clemson, SC 29634 ___ Fellows Contribution Regular…………. $250 Phone: 864-656-1373 ___ FellowsContributionDistinguished....... $500 Fax: 864-656-7519 ___ FellowsContributionBenefactor……..$1,000 ___ Endowed Doctoral Sponsorship ........ $10,000 ___ Endowed InternationalScholar ……. $25,000 ___ Sponsor................................................. $1,500 ___ Regent................................................. $3,000 ___ President’sCouncil............................. $6,000 EDITORIAL POLICY and SUBMISSION GUIDELINES Journal Objectives The Journal of Sustainable Real Estate (JOSRE) is an official publication of the American Real Estate Society (ARES). JOSRE is committed to publishing the highest quality analytical, empirical, and clinical research that is useful to business decision-makers in the fields of real estate development, economics, finance, investment, law, management, marketing, secondary markets, and valuation. Theoretical papers that fail to provide testable or policy implications are discouraged. Data used in empirical research must be thoroughly documented and sufficient details of computations and methodologies must be provided to allow duplication. Authors are encouraged to provide data (at a reasonable cost) for replication purpose should such a request arise. The Editorial Board of JOSRE is interested in expanding the frontiers of scholarly real estate research and is willing to work with any potential author who is developing new and exciting ideas. Please visit http: / / www.josre.org for the most up-to-date information on the Journal. Review and Publication Policies The Editor reads each submitted manuscript to decide if its topic and content of the paper fit the objectives of JOSRE. Manuscripts that are appropriate are assigned anonymously by the Editor to one member of the Editorial Board and at least one other reviewer. The Editor makes the final decision regarding re-submissions. Upon receiving a re-submission, the Editor determines whether or not the manuscript should re-enter the reviewing process, be accepted or simply be returned. The Editor determines the publication schedule for accepted manuscripts. As a general rule, the Editor attempts to ‘‘balance’’ the topics covered in any one issue. Consequently, the Editor may choose the articles to be included in a given issue from among those already accepted for publication. This general rule will be set aside should the Board of Directors decide to do so, such as in the case of a special issue devoted to a single topic. Submission Requirements Authors should submit a manuscript that is double-spaced and paginated. The cover page, which will be removed before the manuscript is sent to a reviewer, should contain: the title, all authors and their affiliations (mailing addresses), phone and fax numbers, and email addresses. Except for the cover page, all pages should be numbered consecutively. Submitted manuscripts should be original research, and the names appearing on the manuscript should be that of the individuals who conducted the research. The manuscript should not be under review simultaneously at another journal nor substantially resemble those that are under review at another journal. Upon acceptance, ARES automatically owns the copyright of the manuscript. The transfer of copyright will ensure the widest possible dissemination of information. Submission via email is strongly encouraged. Except for the final version, manuscripts w w can be submitted via email in Word or PDF file formats to nmiller@sandiego.edu. Submitted papers will be sent to reviewers via email, whenever feasible. For manuscripts submitted via email, the expected turnaround time is eight weeks. For hard copy submissions, the expected turnaround time is twelve weeks. Upon acceptance, authors will have to submit a PC-compatible disk containing the file of the manuscript, four style- correct hard copies and a signed release form. The Editor does not accept responsibility for damage or loss of submitted papers. Articles and correspondence can also be directed to: Norman G. Miller University of San Diego Burnham-Moores Center for Real Estate 5998 Alcala Park Drive San Diego, CA 92110-2492 Phone: 619-260-7939 Email: nmiller@sandiego.edu Abstract An abstract of not more than 100 words is required. Headings Primary, secondary and tertiary heading should be indicated by numbering or in outline fashion (i.e., I, II, A, B, i, ii, etc.). Such outlining / numbering is for editorial purposes only and will not appear in print. Summary Each manuscript should include at the end of the text, a non-technical summary statement of the main conclusions. Exhibits Illustrations must be titled and numbered consecutively as exhibits with Arabic numbers. Please check that the text contains a reference to each exhibit. Verify that all numerical amounts add up to totals shown in the tables and that significant digits are rounded to no more than 2 or 3 numbers. All figures need to be sharp, clear and laser-quality. Exhibits in the final version must not be in color. Mathematical Proofs, Equations Lengthy mathematical proofs and extensively detailed mathematical tables should be placed in an appendix (or omitted entirely) and every effort should be made to explain the proofs. Equations should be placed on a separate line, centered and numbered consecutively at the right margin. Endnotes Endnotes in the text must be cited consecutively. They should be double-spaced and appear on a separate page. Avoid numerous and lengthy endnotes. References References must be presented alphabetically by the last name of the author and be double- spaced. References must be dated, and the citations in the text must agree. Only those references cited within the text should be included. The references must fit the following format: Deutsch, C.H. Commercial Property: Retail Space; For Retailers, It’s Space for Hard-Put Landlords. The New York Times, January 26, 1992, 10:1. Judge, G.G., W.E. Griffiths, R.C. Hill, H. Lutkepohl, and T.-C. Lee. The Theory and Practice of Econometrics. Second edition, New York: John Wiley, 1985. Kinnard, W.N. Tools and Techniques for Measuring the Effects of Proximity to Radioactive Contamination of Soil on Single-Family Residential Sales Prices. Paper presented at the Appraisal Institute Symposium, October 1991. Mills, E.S. The Value of Urban Land. In H. S. Perloff, editor, The Quality of the Urban Environment, Baltimore, MD: Johns Hopkins University, 1971, 229–53. Shilton, L., W. O’Connor, K. Teall, and J.R. Webb. Real Estate Taxation and Commercial Loan Underwriting. Decision Sciences, 1992, 23:5, 1162–73. Acknowledgment Authors may include a brief acknowledgment. It should appear after the references. Special Note Authors are strongly advised to review a recent issue of the JOSRE to confirm that their manuscript is in the style the Journal requires. For nonmembers, a submission fee of $200 is required (one year’s Academic Membership dues). THE AMERICAN REAL ESTATE SOCIETY Officers President President Elect Vice Program Chair Michael J. Seiler David Harrison Michael Highfield College of William & Mary Texas Tech University Mississippi State University Vice President and Director of Finance Secretary Program Chair Joseph B. Lipscomb* Thomas M. Springer William G. Hardin III Texas Christian University Clemson University Florida International University Meeting Planner Director of Industry Liaison Executive Director Arthur L. Schwartz, Jr.* Willard McIntosh* Stephen Pyhrr* University of South Florida–Emeritus USAA Kennedy Wilson Director of Strategy Ombudsperson Treasurer Stephen E. Roulac* Larry E. Wofford* Karl Guntermann Roulac Global LLC & University University of Tulsa of Ulster Arizona State University Historian and Parliamentarian Director of Publications Director of Development Joseph D. Albert* Michael J. Seiler William G. Hardin, III James Madison University Florida International University College of William & Mary Appointed Positions Editors, JREPM Editors, JHR Associate Executive Director Peng Liu Justin Benefield Christopher Manning* Cornell University Auburn University Loyola Marymount University Greg MacKinnon Ken H. Johnson Doctoral Seminar Director Pension Real Estate Association Florida Atlantic University Elaine Worzala* College of Charleston Simon Stevenson Geoffrey K. Turnbull University of Reading University of Central Florida Director of International Liaison Eamonn D’Arcy Co-Editors, JREL Editor, JOSRE University of Reading David M. Harrison Norman G. Miller* Texas Tech University University of San Diego Newsletter Editor Susan Thrall Mauricio Rodriguez* Ass. Editors, JOSRE Business Geography Advisors Texas Christian University Kwame Addae-Dapaah Director of Placement Michael J. Seiler Nico B. Rottke Jesse Saginor College of William & Mary European Business School Texas A&M University Co-Editors, JREPE Robert Simons* Elections Officer William G. Hardin, III Cleveland State University John S. Baen Florida International University Editor, JRER University of North Texas H. Shelton Weeks Ko Wang Director, Critical Issues Seminar Florida Gulf Coast University Johns Hopkins University Ron Throupe Eli Beracha ARES Webmasters University of Denver University of Wyoming Mark Sunderman University of Memphis Case Editor, JREPE Sean Salter Ko Wang Middle Tennessee State University Johns Hopkins University Executive Editor, JHR Leonard Zumpano University of Alabama Board of Directors Eli Berachi (2014–17) Robert A. Simons* (2012–17) Ken Johnson (2013–18) Florida International University Cleveland State University Florida International University Peter Burley (2011–16) G. Stacy Sirmans* Steven P. Laposa* (2010–15) REALTORt University / NAR Florida State University Alvarez & Marsal Real Estate Advisory Bruce Cole (2014–15) Services Mark Sunderman (2014–19) University of South Carolina University of Memphis Margaret McFarland (2012–17) Sofia Dermisi (2010–15) University of Maryland Grant I. Thrall* (2013–18) University of Washington Business Geography Advisors S. McKay Price (2014–19) Terry R. Dunkin (2012–17) Lehigh University John Williams* (2011–16) Al and Dunkin Real Estate Advisors Morehouse College Sean Salter (2011–16) Andrew C. Florance (2010–15) Middle Tennessee State University Richard Wincott (2008–13) CoStar Group Altus Group Douglas Sawyer (2009–14) Kimberly Goodwin (2013–18) CCIM Institute & Sawyer Properties Elaine M. Worzala* (2011–16) University of Southern Mississippi College of Charleston IRES Board Members Velma Zahirovic-Herbert (2012–15) Kimberly Winson-Geideman Karen Gibler (2011–14) University of Georgia (2013–16) Georgia State University University of Melbourne *Past ARES President 1 Part 1 3 Chemical Hazardous Sites and Residential Prices: Determinants of Impact Perry Wisinger 23 Value Capitalization Effect of Protected Properties: A Comparison of Conservation Easement with Mixed-Bag Open Spaces Jay Mittal 47 Power Lines and Perceived Home Prices: Isolating Elements of Easement Rights and Noise Pollution Michael J. Seiler 63 ‘‘Not in My Backyard’’: The Effect of Substance Abuse Treatment Centers on Property Values Claire R. La Roche, Bennie D. Waller, and Scott A. Wentland 93 The Effect of a Large Hog Barn Operation on Residential Sales Prices in Marshall County, KY Robert A. Simons, Youngme Seo, and Spenser Robinson 113 Part 2 115 A Study of LEED vs. Non-LEED Office Buildings Spatial & Mass Transit Proximity in Downtown Chicago Sofia Dermisi 143 Monte Carlo Cash Flows and Sustainability: How to Decide on Going Green Michael Stein, Wolfgang Braun, Marta Salvador Villa `, and Volker Binding 163 The Effect of Sustainability on Retail Values, Rents, and Investment Performance: European Evidence Hans Op ‘t Veld and Martijn Vlasveld 187 Walk Score: The Significance of 8 and 80 for Mortgage Default Risk in Multifamily Properties Gary Pivo 211 Green Office Buildings: A Qualitative Exploration of Green Office Building Attributes Robert A. Simons, Spenser Robinson, and Eunkyu Lee J O S R E V o l . 6 N o . 1 – 2 0 1 4 u u I S S N : 1 9 4 9 - 8 2 7 6 J o u r n a l o f S u s t a i n a b l e R e a l E s t a t e American Real Estate Society Vol. 6 u No. 1 u 2014

Journal

Journal of Sustainable Real Estate – Taylor & Francis

Published: Jan 1, 2014

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