Finance, Appraisal and Valuation

< Sustainable Resources index

References

Adams, C. W., & Renkert, D. B. (2004). "Land pooling: Landowner-driven assembly and entitlement maximize economic and ecological value". Urban Land, 63(6), 72-76. Retrieved from http://www.uli.org/ResearchAndPublications/Magazines.aspx
Defines land pooling and readjustment (LP/R), a concept which has been around at least since the 1960s, and identifies approaches to and benefits from its current implementation to combat sprawl.

Alfaro, E., Gámez, M., & García, N. ANN+GIS: An automated system for property valuation. Neurocomputing, Volume 71(Issues 4-6), 7/9/08.
Although property valuation models have become an important paradigm in real estate market research, the results of the most well-known approaches are limited due to various data-related problems such as the non-linearity of relationships, the presence of noise, or the absence of necessary information. This paper focuses on overcoming these obstacles. We introduce an automated system for property valuation that combines artificial neural network models with a geographic information system, and both tools have shown their potential usefulness in the field of economic research. The artificial neural network models used in this work are the multilayer perceptron, the radial basis function, and Kohonen's maps. Keywords: Artificial neural networks; Geographic information systems; Housing prices

Appraisal Institute. (2002). The dictionary of real estate appraisal (4th ed.). Chicago, IL: Appraisal Institute. Retrieved from http://www.appraisalinstitute.org/store/p-65-dictionary-of-real-estate-appraisal.aspx

Beck, B., Skelley, J., Bergsman, S., Mears, D., & Newberg, S. (2004). "Smart growth schools". Urban Land, 63(10), 92-103. Retrieved from http://www.uli.org/ResearchAndPublications/Magazines.aspx
New education designs link institutions closely with communities. Includes sidebars 'Microsoft's School of the Future' by S. Bergsman and 'Educational Villages' by D. Mears and 'The Link Between Schools and Land Value' by S. Newberg.

Berton, B. (2007). "Financing the green premium". Urban Land, 66(6), 121-123. Retrieved from http://www.uli.org/ResearchAndPublications/Magazines.aspx

Blomberg, C., Daly, L. A., Williams, C., Nelson, T., Kohn, A. E., Barrett, S., et al. (2004). "Dialogue: in production". Urban Land, 63(11), 62-67. Retrieved from http://www.uli.org/ResearchAndPublications/Magazines.aspx
Representatives of eight architectural firms are asked to discuss building materials and technologies the real estate and construction industries can expect to see more of in the future. Sidebar by Jerelyn Wilson on the top ten green building products of 2004 as determined by BuildingGreen, Inc., publisher of 'Environmental Building News.'

Boyd, T. (2005). "Can we assess the worth of environmental and social characteristics in investment property". Proceedings of the Pacific Rim Real Estate Society (PRRES) Conference, January, Retrieved from http://www.prres.net/Proceedings/..%5CPapers%5CBoyd_Assess_Environmental_Social_Characteristics_Investment_Property.pdf
There is general agreement that environmental and social features, particularly those improving health and productivity of workers, will impact on the functionality of investment property. However there has been a range of opinions on whether this impact can currently be quantified through a valuation exercise (Lutzkendorf and Lorenz (2005), Sayce, Ellison and Smith (2004)). This paper examines the current literature on the assessment of the impact of environmental and social characteristics and the ability to assess the triple bottom line of investment property. It adds to the debate on the possible need for advanced techniques to assess the triple bottom line and identifies the key performance indicators that require measurement. The importance of post occupancy evaluations, the analysis of the current rental market and life cycle assessments, are identified as important components of the evaluation process. The paper also incorporates a triple bottom line case study assessment in Brisbane, Australia, which demonstrates the ability of the cash flow approach to assess the worth of environmental and social characteristics. In conclusion the paper identifies the additional data and research required to assess the worth of investment property using a triple bottom line approach. Keywords: sustainability, triple bottom line, appraisal, environmental benchmarks, market value, social indicators, cash flow valuation, simulation.

Boyd, T., & Kimmet, P. (2005). "THE TRIPLE BOTTOM LINE APPROACH TO PROPERTY PERFORMANCE EVALUATION". Proceedings of the Pacific Rim Real Estate Society (PRRES) Conference, January, Retrieved from http://www.prres.net/papers/Boyd_The_Triple_Bottom_Line_Approach.Pdf
The utility of enclosed space is the basic performance measure for built assets. Historically these assets have been assessed on the ability of the occupier to pay for the space, resulting in an expression of the financial return from the investment. This concept is being expanded today by astute investors who are taking account of longer-term considerations, and, in particular, the sustained optimal utility of the space. This paper is concerned with the development of triple bottom line performance benchmarks for operational built assets. Specifically it maps out the conceptual changes taking place from short-term financial agendas to longer-term economic, environmental and social considerations. While reasonable progress has been made developing environmental rating systems for building design and operation, significantly less work has been done identifying and measuring the social factors relating to built assets. With this in mind, particular emphasis is placed on the identification and measurement of the most relevant social issues. The case study research of the CRC-CI project on ‘The Evaluation of the Functional Performance of Commercial Buildings’ is outlined, and the complementary work of other leading researchers in this field is reviewed. Finally, avenues for further research are suggested. Keywords: Social indicators, efficiency, environmental benchmarks, evaluation, cultural issues

Broughton, J. (2006, Green Building Costs, Savings and Value. Environmental Design + Construction and Marketer,

Cate, B. E. T. (2007). "European property investment". Urban Land, 66(6), 132-133. Retrieved from http://www.uli.org/ResearchAndPublications/Magazines.aspx

Cervero, R., Duncan, M., Burrough, D. J., Dunphy, R. T., & Metcalf, G. (2002). "Transit's added value: at what point does locating near transit raise real estate values". Urban Land, 61(2), 77-84. Retrieved from http://www.uli.org/ResearchAndPublications/Magazines.aspx
Sidebars on light-rail in Phoenix, the effects of smart growth on financing for transportation, and car-sharing.

Cyrenne, P., Fenton, R., & Warbanski, J. (2006). "Historic Buildings and Rehabilitation Expenditures: A Panel Data Approach". Journal of Real Estate Research, 28(4), 349-379.
Using a panel data set, a hedonic model is estimated to determine the characteristics of buildings that have influenced the market value assessments of a set of historic and non-historically designated buildings. Holding constant the characteristics of buildings, the findings indicate higher assessed values for some classes of historic buildings. Furthermore, using a two-stage Heckman sample selection model, the findings show that the expenditures on renovations contribute significantly to the change in assessed values of buildings, although less than might be expected. These and other results may be helpful in the design of cost effective rehabilitation strategies for historic preservation. ABSTRACT FROM AUTHOR Copyright of Journal of Real Estate Research is the property of American Real Estate Society and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts)

Dunn, C., & Goodspeed, R. (2007). "Lake Tahoe rediscovered: to succeed in Tahoe, as elsewhere, developers must identify the instrinsic value of their property early on". Urban Land, 66(9), 136-139. Retrieved from http://www.uli.org/ResearchAndPublications/Magazines.aspx
Development and environmental issues in the Tahoe Basin. Sidebar on Carson City by Rob Goodspeed.

EBSCO Publishing. (2001). Journal of property valuation and taxation.

Emerald. (1999). Journal of property investment & finance. Retrieved from http://sys.lib.clemson.edu:2048/login?url=http://www.emeraldinsight.com/1463-578X.htm

Esty, D. C., & Winston, A. S. (2006). Green to Gold: How Smart Companies Use Environmental Strategy to Innovate, Create Value, and Build Competitive Advantage (1st ed.) Yale University Press. Retrieved from http://www.amazon.com/Green-Gold-Companies-Environmental-Competitive/dp/0300119976/ref=pd_bbs_sr_1?ie=UTF8&s=books&qid=1220531382&sr=8-1

Frej, A. B., Browning, W. D., & Urban Land Institute. (2005). Green office buildings : a practical guide to development . Washington, D.C.: ULI-Urban Land Institute. Retrieved from http://www.amazon.com/Green-Office-Buildings-Practical-Development/dp/0874209374/ref=sr_1_1?ie=UTF8&s=books&qid=1220532792&sr=1-1

Fusscas, A., & Muldavin, S. (2007, "Financing Green Development". Urban Land Green, 2, 80.
The ultimate level of sustainability for a commercial project will be determined by preexisting physical, geographic, and/or economic constraints and the level of investestment and risk taken by the owner, Increasingly, a reduced "carbon footprint" will be critical.

Geoghegan, J. "The value of open spaces in residential land use". Land use Policy, 2008(7/9/2008)
The preservation of open spaces has become an important policy topic in many regions. Policy tools that have been used include: cluster zoning; transferable development rights; proposed land taxes to fund purchases of remaining open spaces; and private organizations that buy land. This paper develops a theoretical model of how different types of open spaces are valued by residential land owners living near these open spaces, and then, using a hedonic pricing model, tests hypotheses concerning the extent to which these different types of open spaces are capitalized into housing prices. The empirical results from Howard County, a rapidly developing county in Maryland, USA, show that “permanent” open space increases near-by residential land values over three times as much as an equivalent amount of “developable” open space. This methodology can be used to help inform policy decisions concerning open space preservation, such as effectively targeting certain areas for preservation, or as a means of creative financing of the purchase of conservation easements, through the increase in property taxes, resulting from the associated increase in property values. Author Keywords: Open space; Land preservation; Hedonic models

Green, H. E. (1999). "Where the smart money is going". Urban Land, 1(1), 26. Retrieved from http://www.uli.org/ResearchAndPublications/Magazines.aspx
An analysis of market trends for real estate investors.

Greenspace: do the math.(2000). Urban Land, 59(4), 37-37. Retrieved from http://www.uli.org/ResearchAndPublications/Magazines.aspx
In response to critics who contend that smart growth is too expensive for communities to implement, the Trust for Public Land has released a report demonstrating that land conservation is a wiser investment than unregulated land use.

Gyourko, J. E., & Rybczynski, W. (2000). Financing New Urbanism Projects: Obstacles and Solutions. Housing Policy Debate, 11(3), 733-750. Retrieved from http://www.fanniemaefoundation.org/programs/hpd/pdf/hpd_1103_gyourko.pdf
A survey of 23 industry practitioners from the development and finance fields yields a number of important conclusions regarding the financing of New Urbanism projects. First, these projects are perceived as generally riskier than typical real estate projects; their multiple-use nature is the basis of that perception. For urban infill projects, the perceived risk is low, while for suburban projects, the perceived risk is high. The relatively high perceived risk for most New Urbanism projects imposes relatively high required rates of return, which in turn require these projects to generate cash flow quickly to be financially attractive to investors. In addition, the development of multiple uses—or multiple product types—in a single project is viewed as inherently more difficult to evaluate and implement. Financiers consequently favor larger, more experienced developers for multiple-use projects in general and New Urbanism projects

Heinfeld, D. (2007, Putting the "Green Costs More" Myth to Rest. Urban Land Green, 2, 56.
many developers have shied away from green buildings due to the expense of construction. However, a growing number of projects are proving their supposed higher cost to be an urban myth.

Hubbard, K. (2007, "Case Study: Hines, CalPERS Join Forces to Build Green". PREA Quarterly, , 68.
Within the past decade, a marked shift has occurred in the attitude toward green building. Applying environmental friendliness to the real estate industry, although a well-meaning notion, was seen from a business standpoint as simply too expensive and impractical. What a difference a few years can make. Technological advances and a growing understanding of the cost benefits and increased long-term value of sustainable development have fueled tenant demand, developer response, and investor confidence.

Keating, D. M. (2002). The valuation of wetlands (2nd ed.). Chicago, Ill.: Appraisal Institute. Retrieved from http://www.amazon.com/Valuation-Wetlands-Second-Michael-Keating/dp/0922154740/ref=sr_1_1?ie=UTF8&s=books&qid=1220535566&sr=1-1

Kemper, C. (2005). "Crossing cultures: environmentally conscious thought leaders are becoming more vocal about the impact of the built environment". Urban Land, 64(8), 22-24. Retrieved from http://www.uli.org/ResearchAndPublications/Magazines.aspx
Describes the approach of Denver real estate developers Mark Falcone and Tom Gougeon of Continuum Partners, a 'real estate development firm collaboratively founded on a belief in the connection between long-term, sustained property value and high-quality urban design.'

Knaap, G., & Song, Y. (2003). "New urbanism and housing values: a disaggregate assessment". Journal of Urban Economics, 54(2), 218. doi:10.1016/S0094-1190(03)00059-7
In this paper, we attempt a formal analysis of the virtues of new urbanism, a movement hailed as the most significant movement in urban planning and architecture in this century. We proceed using the tools of Geographic Information Systems (GIS) to develop quantitative measures of urban form. We then incorporate those measures in a hedonic price analysis. We find that our measures of urban form capture meaningful differences in the characters of urban neighborhoods that could well have direct impacts on the utility of urban residents. Further, we find that such differences are capitalized into residential property values. The results imply that some but not all of the design features of new urbanism provide benefits for which urban residents are willing to pay. Author Keywords: New urbanism; Housing price; Urban form; Quantitative measures

Lereah, D. A. (2005). Are you missing the real estate boom? : why home values and other real estate investments will climb through the end of the decade--and how you can profit from it (1st ed.). New York: Currency/Doubleday. Retrieved from http://www.amazon.com/Are-Missing-Real-Estate-Boom/dp/0385514344/ref=sr_1_1?ie=UTF8&s=books&qid=1220536881&sr=1-1

Lieber, R. C., Godbold, E. J. (., Campo, R., Vorwaller, G., Dunne, M. W., Heard, L., et al. (2004). "Finance dialogue: where is the U.S. real estate finance market headed? [intervew]". Urban Land, 63(10), 124. Retrieved from http://www.uli.org/ResearchAndPublications/Magazines.aspx

Lorenz, D., TrÃ…ck, S., & LÃ…tzkendorf, T. (2006). "Addressing risk and uncertainty in property valuations: a viewpoint from Germany". Journal of Property Investment and Finance, 24(5), 400-433.
Purpose ? Property returns are normally measured against the target rate for similar investments with comparable risks and liquidity. However, this analysis is normally undertaken in nominal terms and thus the risk of inflation, as it affects different investments, is not fully quantified. This paper seeks to analyse the effect of inflation on property investments. Design/methodology/approach ? This article examines the impact of inflation on gilt returns and relates this to property risk. Findings ? Investors may take a more pessimistic view of future inflation as an investment risk than the current official indices would indicate. In this context it may be that retail price index (RPI) and index adjusted for mortgage payments (RPIX) are not reliable indicators of inflation risk. It has been suggested that the difference between the two species of gilts as ?a calculation of inflation expectations should be regarded with suspicion because of the volume of index linked bonds is so small that individual trades can move the market?. Practical implications ? Economists and financial advisers and commentators have long recognised that inflation, in the sense of the tendency of the value of a currency to decline in purchasing power, distorts the picture of the worth, not only of individual assets but also of the whole economy. In this respect investment advisers often, in presenting their arguments, use yields that are net of the rate of experienced inflation taken from the performance of the RPI or the RPIX. Unless there is an understanding of the risk of inflation on property investments, such net rates may be misleading. Originality/value ? This study adds to the literature exploring the effect of inflation on property returns.

Lowe, T. R., & Chappell, T. W. (2007, "Special Considerations in the Valuation of Sustainable Properties". PREA Quarterly, , 44.

Malizia, E. E., & Goodman, J. (2000). "Mixed picture: are higher-density developments being shortchanged by opinion surveys?". Urban Land, 59(7), 12-12. Retrieved from http://www.uli.org/ResearchAndPublications/Magazines.aspx
Different survey techniques produce contradictory results when consumers are asked to choose between low density suburban developments and smart growth options for higher density.

McMahon, E. T. (2006). "Sustainability and property rights". Urban Land, 65(6), 30. Retrieved from http://www.uli.org/ResearchAndPublications/Magazines.aspx
'So-called takings measures are unfair, unwise, and based on a fundamentally flawed assumption - namely, that land use regulations, per se, decrease property values. On the contrary, sensible land use regulations almost always increase property values.'

Mendler, S. F., Odell, W., & Lazarus, M. A. (2005). The HOK Guidebook to Sustainable Design (2nd ed.) Wiley. Retrieved from http://www.amazon.com/HOK-Guidebook-Sustainable-Design/dp/0471696137/ref=sr_1_1?ie=UTF8&s=books&qid=1220538567&sr=1-1

Montpellier, A., & Rogers, B. (2006). "The business case for sustainable office design". Urban Land, 65(11), 134. Retrieved from http://www.uli.org/ResearchAndPublications/Magazines.aspx
'Owners and developers should evaluate sustainable design options based on a total cost of ownership economic analysis, rather than on the more standard life-cycle cost analysis.'

Muldavin, S., & Lockwood, C. (2006). "Q&A with Scott Muldavin". Urban Land, 65(10), 128-129. Retrieved from http://www.uli.org/ResearchAndPublications/Magazines.aspx
Muldavin is a real estate consultant based in San Rafael, Calif., who here 'discusses his current efforts to enable private sector investment in green buildings through his formation and leadership of the Green Building Finance Consortium (GBFC).'

Munro-Faure, P. (1999). "Sustainable Development and Land Administration Infrastructure Reforms: the Role of Markets and Land Valuation Systems–Agenda for Change?". UN-FIG Conference on Land Tenure and Cadastral Infrastructures for Sustainable Development, Melbourne, Australia, , 24-27. Retrieved from http://www.fig.net/figun/sessions/session4/munro-faure.pdf

Persram, S., Lucuik, M., & Larsson, N. (2007). "Marketing Green Buildings to Tenants of Leased Properties". Retrieved from http://www.cagbc.com/database/rte/Marketing%20Green%20Buildings%20to%20Tenants.pdf

Pivo, G., & McNamara, P. (2005). "Responsible property investing". International Real Estate Review, 8(1), 128-143. Retrieved from http://cbeweb-1.fullerton.edu/finance/irer/papers/past/vol8_pdf/Pivo-Mcnamara(128-143).pdf

Pivo, G. (2008). "Responsible property investment criteria developed using the Delphi Method". Building Research & Information, 36(1), 20. doi:10.1080/09613210701574795
This paper helps define responsible property investing (RPI) by using the Delphi Method to prioritize criteria for the evaluation of property investments. An international panel from the real estate and social investing sectors evaluated 66 criteria in terms of materiality to investors and importance to the public interest. A moderate to strong level of consensus was achieved. Criteria were ranked in terms of their materiality for financial performance and their importance to the public interest. Top ranked criteria were energy efficiency and conservation, high level of public transport services, transit-oriented development, daylight and natural ventilation, and contributes to higher density, mixed-use walkable places. There were few to no significant differences among the panellists by industry, gender or nationality. Factor analysis uncovered ten dimensions underlying the criteria. Based on this analysis, the panel would emphasize the creation of less automobile-dependent and more energy-efficient cities where worker well-being and urban revitalization are priorities. Leadership in Energy and Environmental Design (LEED) green building rating tools were compared with the results and found to be much stronger on environmental criteria than social concerns. The results can guide RPI portfolio audits, database development, third-party assessments of property companies, strategic consulting, the development of corporate reporting standards, RPI certification procedures, updated green building assessment tools, and cost-benefit studies to help guide asset managers.

Pivo, G., & Farnsworth, C. B. (2005). "Promising economics: the promising economics of green development are creating new investment opportunities". Urban Land, 64(10), 34-39. Retrieved from http://www.uli.org/ResearchAndPublications/Magazines.aspx
'Green or sustainable real estate encompasses various types of projects designed for social, environmental, and financial benefits. It includes resource-efficient, high-performance buildings, transit-oriented development, new urbanism, and conservation-oriented subdivisions and planned communities.' Illustrated examples include Terramor at Ladera Ranch, Calif.; Santana Row in San Jose, Calif.; and 8383 Wilshire Boulevard in Los Angeles. Sidebar on conservation design by Christina Farnsworth. In the GreenTech supplement, v.1, n.1, Fall 2005.

Platt, K. (1999). "City greenways". Urban Land, 58(3), 44-49. Retrieved from http://www.uli.org/ResearchAndPublications/Magazines.aspx
Advice for developers on planning parks and green open spaces in urban developments. Defines different kinds of open spaces and strategies for financing them into projects.

Platt, K., & Curran, P. (2003). "Green land planning: getting green development right requires a multidisciplinary analysis of the full spectrum of site issues". Urban Land, 62(7), 30-35. Retrieved from http://www.uli.org/ResearchAndPublications/Magazines.aspx
Outlines and describes the importance of various aspects of regional and community issues (e.g., climate, natural resources, transportation and infrastructure) as well as on-site planning issues (site selection, the natural and built environments) in developing a green land plan for a building project.

Porter, D. R. (2006). "Land, policy, and markets: Washington State weathers a stormy debate over accommodating growth". Urban Land, 65(10), 142-145. Retrieved from http://www.uli.org/ResearchAndPublications/Magazines.aspx
'Six urban counties in Washington State were required to evaluate the amount of buildable land they had designated in comprehensive plans' under pressure from a state law passed at the urging of the state's professional real estate association. The results of these buildable lands studies 'concluded that in most areas the counties had designated plenty of land for projected growth.'

Porter, D. R. (2006). "Smart growth scorecards". Urban Land, 65(6), 121-124. Retrieved from http://www.uli.org/ResearchAndPublications/Magazines.aspx
'If sponsored by credible organizations committed to securing fair treatment of proposals, scorecards and endorsement programs represent a positive step toward sensible decision making about development proposals.' Provides a list of U.S. organizations and their smart growth project evaluation programs.

Pralle, M. e. (2007). "Awash in money: the unprecedented amount of money available for investment is the single most prominent characteristic of commercial real estate today". Urban Land, 66(6), 130-131. Retrieved from http://www.uli.org/ResearchAndPublications/Magazines.aspx

Reynolds, J. (1996). Historic properties : preservation and the valuation process (2nd ed.). Chicago, Ill.: Appraisal Institute. Retrieved from http://www.amazon.com/Historic-Properties-Preservation-Valuation-Process/dp/0922154872/ref=sr_1_1?ie=UTF8&s=books&qid=1220540732&sr=1-1

Ross, S., Hara, N. M., Green, B., & Sullivan, M. (2003). "Finance trends". Urban Land, 62(7), 75-90. Retrieved from http://www.uli.org/ResearchAndPublications/Magazines.aspx
Special section on real estate financing.

Ross, S., & LeFurgy, J. (2000). "Financing smart growth". Urban Land, 59(7), 18-18. Retrieved from http://www.uli.org/ResearchAndPublications/Magazines.aspx
'Risks can be minimized by public policy, incentives, and partnerships.'

Rush, R. D. (2006). "Coevolution: the progress in Europe and the United States in sustainable design and technology has involved a process of coevolution". Urban Land, 65(6), 48-53. Retrieved from http://www.uli.org/ResearchAndPublications/Magazines.aspx
A brief history of environmental policy and energy efficient building standards in Europe and the U.S. from the 1970s to the present.

Schweitzer, J. G. (2006). "Making green pay: the longer-term benefits associated with green development often comes at little or no cost to the homebuilder, yet are being ignored". Urban Land, 65(5), 95-98. Retrieved from http://www.uli.org/ResearchAndPublications/Magazines.aspx
'Unless homebuilders join other real estate sectors in mastering triple-bottom-line valuations and communicating their implications to potential homebuyers, their ability to compete profitably will become threatened. The 'squeeze' they fear between cost and attainable sales price will only intensify.' Case study of Terramor, a development within the planned community of Ladera Ranch, Calif.

Simons, R. A., & Urban Land Institute. (1998). Turning brownfields into greenbacks : developing and financing environmentally contaminated urban real estate . Washington, D.C.: Urban Land Institute.

Song, Y., & Knaap, G. (2004). Measuring the effects of mixed land uses on housing values. Regional Science and Urban Economics, 34(5), 663. doi:10.1016/j.regsciurbeco.2004.02.003
Mixing land uses has become one of the key planning principles of the Smart Growth movement and other land use planning strategies. This article analyzes the impact on the prices of single family houses when mixed land uses are included in neighborhoods. We first develop several quantitative measures of mixed land uses through the use of Geographic Information System (GIS) data and compute these measures for various neighborhoods in Washington County, OR. We then incorporate those measures in a hedonic price analysis. We conclude from this research that housing prices increase with their proximity to—or with increasing amount of—public parks or neighborhood commercial land uses. We also find, however, that housing prices are higher in neighborhoods dominated by single-family residential land use, where non-residential land uses were evenly distributed, and where more service jobs are available. Finally, we find that housing prices tended to fall with proximity to multi-family residential units. Author Keywords: Mixed land use; Job-residents balance; Housing price; Hedonic price analysis

Swaback, V. D. (2007). Creating value : smart development and green design . Washington, D.C.: ULI-the Urban Land Institute. Retrieved from http://www.amazon.com/Creating-Value-Smart-Development-Design/dp/087420075X/ref=sr_1_1?ie=UTF8&s=books&qid=1220584393&sr=1-1

Taylor, M. (2006). "Responsible leadership: a look at the activities being undertaken [by ULI] to inspire better land use decisions". Urban Land, 65(6), 38. Retrieved from http://www.uli.org/ResearchAndPublications/Magazines.aspx
Current initiatives of the Urban Land Institute.

Tirman, D. (2006). "Sustainable resorts: developing resort projects sustainably calls for responsible land stewardship and shared community values". Urban Land, 65(8), 78-81. Retrieved from http://www.uli.org/ResearchAndPublications/Magazines.aspx
'Guidelines from the Leadership in Energy and Environmental Design (LEED) rating system, established by the U.S. Green Building Council (USGBC), are being used by four Tahoe Mountain Resort communities - the Village at Northstar, the first of four mixed-use, second-home resort communities in the Truckee-North Lake Tahoe area under the Tahoe Mountain Resorts umbrella; the Highlands; Old Greenwood; and Gray's Crossing... All four of the Tahoe Mountain Resort communities are taking measures to develop and grow using sustainable development principles.'

Tobias, L. (2008, "Green Real Estate Finance Going Mainstream". Urban Land Green, 3, 72.
Increased user demand for environmentally sound premises, tax benefits, regulations to increase energy efficiency, and better underwriting tools to address these objectives are fostering a growing interest in green real estate funds, green lending initiatives, and even sustainable mortgage-backed securities.

Tosh, D. S., & Rayburn, W. B. (2005). Uniform standards of professional appraisal practice : applying the standards (12th ed.). Chicago, Ill.: Dearborn. Retrieved from http://www.amazon.com/Uniform-Standards-Professional-Appraisal-Practice/dp/079318021X/ref=sr_1_1?ie=UTF8&s=books&qid=1220584896&sr=1-1

United States. Congress. Senate. Committee on Banking, Housing,and Urban Affairs.Subcommittee on Housing and Transportation. (2005). The real estate appraisal industry : hearing before the Subcommittee on Housing and Transportation of the Committee on Banking, Housing, and Urban Affairs, United States Senate, One Hundred Eighth Congress, second session, on certain private entities as outlined in Title IX of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989, that establish uniform rules for real estate appraisals and set minimum criteria for certifying appraisers, March 24, 2004 . Washington: U.S. G.P.O. : For sale by the Supt. of Docs., U.S. G.P.O. Retrieved from http://purl.access.gpo.gov/GPO/LPS65755

United States. Dept. of Housing and Urban Development. (2000). Assessments today for better housing tomorrow. Washington, D.C.: U.S. Dept. of Housing and Urban Development.

United States. General Accounting Office. (1999). Single-family housing : weaknesses in HUD's oversight of the FHA appraisal process : report to the Chairman, Subcommittee on Housing and Community Opportunity, Committee on Banking and Financial Services, House of Representatives. Washington, D.C. P.O. Box 37050, Washington 20013: The Office.

United States. General Accounting Office. (2003). Regulatory programs. Washington, D.C.: U.S. General Accounting Office. Retrieved from http://purl.access.gpo.gov/GPO/LPS37068

Urban Land Institute. (2003). Feasibility analysis for real estate : selected references (Rev. ed.). Washington, DC: Urban Land Institute.

Using state tax credits to build green.(2005). Urban Land, 64(6), 42-42. Retrieved from http://www.uli.org/ResearchAndPublications/Magazines.aspx
Case study of Bowie Corporate Center in Bowie, Maryland. It will be one of the first buildings to obtain a green building tax credit, a benefit enacted by the state in 2003.

Wexler, R. S., & Mostofi, S. (2008). "Green Building: Now on Firm Footing". REsource, (Spring), 1.
Green building is no longer the passion of a few; it is the new standard for commercial and residential developments alike. Green design is an undisputed selling point, remarkably enhancing commercial and residential project value. Green building practices reduce the tremendous impact that building design, construction, and maintenance have on both people and nature The concept of environmentally friendly real estate is so ubiquitous today that green can be used to describe building without concern that readers will think it refers to the color of a structure.

Wilson, A., Uncapher, J. L., McManigal, L., Lovins, L. H., Cureton, M., & Browning, W. D. (1998). Green Development: Integrating Ecology and Real Estate Wiley. Retrieved from http://www.amazon.com/Green-Development-Integrating-Ecology-Estate/dp/0471188786/ref=sr_1_1?ie=UTF8&s=books&qid=1220585677&sr=1-1

Wood, D. G., & United States. General Accounting Office. (2004). Regulatory programs. Washington, D.C.: U.S. General Accounting Office. Retrieved from http://purl.access.gpo.gov/GPO/LPS48503

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Such assets include preservation of the natural environment, sustainable economic systems, recreational, cultural and educational amenities, mobility and access. Sidebars on resort developments at Big Sky and Moonlight Basin Ranch, Mont.; the Lake Las Vegas Resort in Henderson, Nev.; and the Londolozi Game Reserve in South Africa.