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The Motivation for Institutional Real Estate Sales and Implications for Asset Class Returns

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  • David Guilkey
  • Mike Miles
  • Rebel Cole

Abstract

Since real estate assets are sold infrequently, analyses that use samples of exclusively sold properties to estimate pricing models may be seriously in error. This paper uses data on samples of sold and unsold properties and an appropriate statistical methodology to evaluate the extent of this bias. The results clearly show that it is important to control for sales motivations and that pricing equations that ignore this source of bias may be misleading.

Suggested Citation

  • David Guilkey & Mike Miles & Rebel Cole, 1989. "The Motivation for Institutional Real Estate Sales and Implications for Asset Class Returns," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 17(1), pages 70-86, March.
    • Handle: RePEc:bla:reesec:v:17:y:1989:i:1:p:70-86
    DOI: 10.1111/1540-6229.00474
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    Cited by:

    1. Stuart Fletcher, 1993. "Portfolio Considerations in Commingled Real Estate Funds," Journal of Real Estate Research, American Real Estate Society, vol. 8(2), pages 171-188.
    2. Steffen Sebastian & R. Maurer & Martin Pitzer, 2001. "Construction of a transaction based price index for the Paris housing market," ERES eres2001_276, European Real Estate Society (ERES).
    3. Timothy W. Viezer, 1999. "Econometric Integration of Real Estate's Space and Capital Markets," Journal of Real Estate Research, American Real Estate Society, vol. 18(3), pages 503-519.
    4. Franz Fuerst & Pat McAllister & Petros Sivitanides, 2011. "Flight to Quality? An Investigation of the Attributes of Sold Properties in Hot and Cold Markets," Real Estate & Planning Working Papers rep-wp2011-04, Henley Business School, University of Reading.

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