The Japanese Journal of Real Estate Sciences

Significance of Enhancing Real Estate Related Information

Yasushi ASAMI

2006 Volume 19 Issue 4 Pages 10-15
Published: April 20, 2006
Released on J-STAGE: June 15, 2011

DOIhttps://doi.org/10.5736/jares1985.19.4_10

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Enhancing real estate related information has high significance to improve the society. It potentially contributes to reduce social loss in transactions in the real estate market and to motivate real estate owners to properly upgrade their estates, thereby activating existing real estate market. It can also contribute to accurate evaluation of public policies and projects. Moreover, detailed real estate information can be used by private sectors as important source of marketing analyses. With these ample effects to the society, real estate related information should be enhanced intensively.

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The Economics of the Quake-Data Falsification Scandal

Fukuju YAMAZAKI, Hiroyuki SESHIMO

2006 Volume 19 Issue 4 Pages 16-23
Published: April 20, 2006
Released on J-STAGE: June 15, 2011

DOIhttps://doi.org/10.5736/jares1985.19.4_16

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We examined what kind of system is necessary to solve the problems caused by asymmetric information between consumers and builders of condominiums. Under the hidden information that the house builders and designers take an action unobserved by the consumers, they have an incentive to produce the buildings of lower quality such as less performance on earthquake-proof.
We propose to introduce the building quality registration system which provides for important information about whether the authorized inspectors for buildings have checked the involved building and about the flexible premium applied by the insurance company.The higher premium implies the higher risk of falsification about the quake-data and the builder's hidden action of making the less quality products.
The registration system enables consumers to know the quality of the involved building. The flexible premium rate of insurance can protect more efficiently the consumers from flaws of the buildings than the fixed premium that causes a serious moral hazard.

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The Difference between the Appraisal Price and the Actual Price in Land

Yoshiro Yamamura

2006 Volume 19 Issue 4 Pages 24-32
Published: April 20, 2006
Released on J-STAGE: June 15, 2011

DOIhttps://doi.org/10.5736/jares1985.19.4_24

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This study discusses the differences between the appraisal price of land and the land price estimated by actual transaction. A hedonic approach is employed for estimating actual price at the appraisal land at Setagaya City in 2002. It is shown that there exists the differences among those prices. However, it is also found that our hedonic model might omit variables which explain land prices, and that the distributions of the attributes of appraisal data might be different from those of transaction data.

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Determinant Factors of Housing Prices Identified by Hedonic Regression Analysis

Xiaolu GAO

2006 Volume 19 Issue 4 Pages 33-39
Published: April 20, 2006
Released on J-STAGE: June 15, 2011

DOIhttps://doi.org/10.5736/jares1985.19.4_33

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Information asymmetry in real estate market can potentially lead to a breakdown in the functioning of the market and large expenses for consumers to collect desired information. To help resolve the information problem, a clear understanding of the determinant factors of land and housing prices and the values of these factors is indispensable. Therefore, economic analyses of land and housing prices are of critical importance. In particular, the values of local environmental factors such as sunshine, the quality of neighboring buildings, and abundance of trees in neighboring areas ought to be clarified because such information is rarely informed through the current information provision system yet emphasized by most residents. To raise an example of such research, the work of Gao and Asami (2001) is introduced in this article. It demonstrated that environmental factors significantly affect the prices of real estate properties, and that quantitatively identifying their economic values provided an effective tool for policy analysis. These outcomes implies that refining the information provision framework may not only improve the functioning of real estate market and benefit consumers, but also promote the research of urban policies.

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Negative Information of Real Estate

Fumiko ITO

2006 Volume 19 Issue 4 Pages 40-45
Published: April 20, 2006
Released on J-STAGE: June 15, 2011

DOIhttps://doi.org/10.5736/jares1985.19.4_40

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Information of real estate includes some negative factors which deduce the value of the lots. Though most suppliers don't announce the information of these negative factors, information should be open to the customers. In respect to housing environment information, safety factors which belong to negative factors are less opened by suppliers in comparison to positive factors. Information of negative factors can be found on the website of official announcement recently. System development of announcing meta-information of negative factors is expected.

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A study on the Real Estate Information Concerning Living Environment

Mami OOSUGI

2006 Volume 19 Issue 4 Pages 47-51
Published: April 20, 2006
Released on J-STAGE: June 15, 2011

DOIhttps://doi.org/10.5736/jares1985.19.4_47

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An agent should reveal all relevant information to the principal that may have an effect on the purpose of the contrast and accurate accounting of important things to the principle. But, do agent reveal all relevant information concerning living environment?
I deal with the real estate information concerning living environment and wants to make clear what type of information concerning living environment should reveal.

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Civil Remedies for the Obstruction in Sunshine and the Noise Nuisance after the Conclusion of a Contract

Kiyoshi HASEGAWA

2006 Volume 19 Issue 4 Pages 52-57
Published: April 20, 2006
Released on J-STAGE: June 15, 2011

DOIhttps://doi.org/10.5736/jares1985.19.4_52

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This article deals with the civil remedies for the nuisances such as the obstruction in sunshine and the noise which are discovered after the conclusion of a contract. While real estate dealers and brokers are expected to have a competent knowledge of their commodities, consumers usually are not. As such, if the former failed to provide adequate information with the latter, the former could be held responsible for fraud, mistake, default, defect liability or torts. But the exact method to estimate the damages has not been established.

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Neighborhood Conflicts and Land Use Regulation in Urban Areas

from the Perspectives of the Informational Structure

Narufumi KADOMATSU

2006 Volume 19 Issue 4 Pages 58-65
Published: April 20, 2006
Released on J-STAGE: June 15, 2011

DOIhttps://doi.org/10.5736/jares1985.19.4_58

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This paper examines the legal framework of land use regulation in Japan from the perspectives of the informational structure among the stakeholders in urban areas (land developers and neighborhood residents). After analyzing the ongoing process of rights allocation under the current land use laws, it points out the lack of predictability for neighborhood residents at the stage of “ex ante general regulation”. On this basis, the author argues for the necessity of regulatory impact analysis in urban development. The author also tries to justify negotiated city development on the premise of the Coase Theorem.

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Disclosure or Supplement of the Environmental Information in Local Governments

Shoichi OGANO

2006 Volume 19 Issue 4 Pages 66-75
Published: April 20, 2006
Released on J-STAGE: June 15, 2011

DOIhttps://doi.org/10.5736/jares1985.19.4_66

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Environmental information plays an important role in environmental protection. How does environmental information disclose or supply to the public? In this paper I would like to introduce you the situations of Disclosure or Supplement of environmental information in local governments (prefectures) in Japan based on the effect examined by Akita Prefecture in 2005.

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The Valuation of a Collateral Affected by the Soil Pollution

Hiroshi MATSUO

2006 Volume 19 Issue 4 Pages 76-83
Published: April 20, 2006
Released on J-STAGE: June 15, 2011

DOIhttps://doi.org/10.5736/jares1985.19.4_76

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The soil pollution seriously affects the value of the land not only as the object of a sale but also as the object of a collateral. The creditor who is provided with the land as a collateral needs to assess or reassess the accurate value of the land affected by the soil pollution before and after the establishment of the collateral and at the foreclosure of the collateral. The Standard Rules of Real Estate Appraisal may also be applied to the valuation of the land as a collateral affected by the soil pollution. However, at the assessment or reassessment of the value of the polluted land the creditor should adequately take into account not only the present use of the land but also its potential and should not take the stigma into consideration to depreciate the value of the polluted land.

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The Various Problems of the Pets in the Apartment House

Kumiko TSUBAKI

2006 Volume 19 Issue 4 Pages 84-96
Published: April 20, 2006
Released on J-STAGE: June 15, 2011

DOIhttps://doi.org/10.5736/jares1985.19.4_84

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In my paper of this matter, I d' like to examine the judicial precedents and the theory of Japan & Germany concerning the various problems of the pets in the apartment house and think of the way of the symbiosis which the apartment inhabitant and the pets are able to live better.

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A Theoretical Analysis of a New Contract Scheme for Urban Redevelopment Project with Risk

Mamoru IMANISHI, Saburo SAITO, Keiichi TANAKA

2006 Volume 19 Issue 4 Pages 97-107
Published: April 20, 2006
Released on J-STAGE: June 15, 2011

DOIhttps://doi.org/10.5736/jares1985.19.4_97

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In a conventional urban redevelopment project implemented according to City Renewal Law (CRL), the project cost has been financed by the revenue from selling the reservation floor secured in the redeveloped building. Under Japanese depressed economy these days, demand for the reservation floor has long been tight so that entities for redevelopment are faced with the risk for project financing. Urban Renaissance Agency (UR), a government corporation for redevelopment authorized by CRL, has introduced a new contract scheme for urban redevelopment projects to avoid this risk. The new scheme is to delegate the disposition of the reservation floor to the building constructor who contracts with UR to construct the redeveloped building.The purpose of this paper is to make the theoretical analysis of this new contract scheme with using the game theoretic approach to auction and to explore how this new scheme would reduce the risk for UR from the viewpoint of profitability.

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[title in Japanese]

[in Japanese]

2006 Volume 19 Issue 4 Pages 108
Published: April 20, 2006
Released on J-STAGE: June 15, 2011

DOIhttps://doi.org/10.5736/jares1985.19.4_108

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[title in Japanese]

[in Japanese]

2006 Volume 19 Issue 4 Pages 109
Published: April 20, 2006
Released on J-STAGE: June 15, 2011

DOIhttps://doi.org/10.5736/jares1985.19.4_109

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