Value concepts, value information and cycles on the real estate market A comment on Crosby, French and Oughton (2000)

Value concepts, value information and cycles on the real estate market A comment on Crosby,... Purpose – The purpose of the paper is discuss value concepts that can be a complement to current market value, and discuss whether information about these value types can reduce the risk of bubbles. Design/methodology/approach – The study is primarily a critical comment on concepts and arguments put forward in a recent article. Findings – The main theses in the article are: that there is no “market view” in a market as there always are entrepreneurs who assess the situation differently, and only the future can show who is right; that the valuer should not pretend to be an expert of the future development of a market, as no one can be an expert about the future; and that if any information can reduce the risk of bubbles it is information about past patterns in the market. More such information might reduce the risk of “irrational exuberance” in a market. Practical implications – The practical implication is that more historical information could be useful in a property valuation. Originaity/value – The value of the paper – for researchers, valuers and valuation clients – is that it questions some concepts often used, and points to a way to make valuation reports more useful http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Journal of Property Investment & Finance Emerald Publishing

Value concepts, value information and cycles on the real estate market A comment on Crosby, French and Oughton (2000)

Journal of Property Investment & Finance, Volume 23 (2): 7 – Apr 1, 2005

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Publisher
Emerald Publishing
Copyright
Copyright © 2005 Emerald Group Publishing Limited. All rights reserved.
ISSN
1463-578X
DOI
10.1108/14635780510584337
Publisher site
See Article on Publisher Site

Abstract

Purpose – The purpose of the paper is discuss value concepts that can be a complement to current market value, and discuss whether information about these value types can reduce the risk of bubbles. Design/methodology/approach – The study is primarily a critical comment on concepts and arguments put forward in a recent article. Findings – The main theses in the article are: that there is no “market view” in a market as there always are entrepreneurs who assess the situation differently, and only the future can show who is right; that the valuer should not pretend to be an expert of the future development of a market, as no one can be an expert about the future; and that if any information can reduce the risk of bubbles it is information about past patterns in the market. More such information might reduce the risk of “irrational exuberance” in a market. Practical implications – The practical implication is that more historical information could be useful in a property valuation. Originaity/value – The value of the paper – for researchers, valuers and valuation clients – is that it questions some concepts often used, and points to a way to make valuation reports more useful

Journal

Journal of Property Investment & FinanceEmerald Publishing

Published: Apr 1, 2005

Keywords: Property finance; Assets valuation; Market value; Loans

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