Spatiotemporal effects of proximity to metro extension on housing price dynamics in Manhattan, New York City

Investment in public transportation such as a metro line extension is often capitalized partially into housing values due to the spatiotemporal effects. Using housing transaction data from 2014 to 2019, this paper studies the Second Avenue Subway or Q-line extension in New York’s City’s Manhattan borough. Multiple metro station catchment areas were investigated using spatial autocorrelation-corrected hedonic pricing models to capture the variation of housing price dynamics. The results indicate that properties in closer proximity to the Q-line extension received higher price discounts. The effect varied by occupancy type and building form: condominiums experienced the highest price discount, while walk-up and elevator co-ops experienced a price premium. After controlling for location variations, we observed price discounts on the westside and price premiums on the eastside of the Q-line. Residential properties within 150 m west to the Q-line extension received the highest price discount post operation, while on the eastside, properties in the same proximity received the highest price premium. The anticipation effect varies by distance to metro extension stations, both before and after the operation of metro line extension. We discuss the disruption of metro construction on the housing market depending on housing type, location variation, and changes over time.

Factors of the current growth of the value of investment-and-construction projects implementation in the Russian Federation

The author analyses the factors, which affected the volume of actual costs of investment-and-construction projects in 2020-2021 most of all. The three major factors, including price dynamics in the market of building materials, situation in the market of construction tools and equipment as well as the trends in the transport-and-logistic sphere are considered. The order of modification of the Technique of drawing up the estimate of the contract on the project, caused by the growth of costs for the used materials is described. The conclusions on the prerequisites of the rise in price of the realization value of the construction projects in current and following year are drawn.

An Analysis of the Income and Price Elasticity of Demand for Housing in View of Price Dynamics on the Residential Property Market

In both the global and the domestic approach, the real estate market is a multifaceted domain of study, constituting a specific and imperfect system. Researchers have to rely on increasingly advanced analytical tools to capture the structural complexity of real estate markets. Real estate prices are influenced by contradictory behaviors of market participants. This observation prompted the authors to analyze the income and price elasticity of demand for housing by calculating elasticity coefficients in view of changes in housing prices and the Veblen effect. This problem was analyzed based on a review of the literature and the results of an experiment. The results of the current study can be used to confirm the presence of the Veblen effect on the housing market based on the adopted criteria. The coefficients of price and income elasticity of demand for housing were calculated in view of the price dynamics on the real estate market to paint a more complete picture of reality and explain market processes.

An Economy Can Have a Lorenz-Type Chaotic Attractor

This paper presents a stylized construction of an economy with price dynamics described in tâtonnement process. Based on the well-known SMD theorem, it is shown that this model exhibits the same dynamical behavior as the famous Lorenz-type chaotic attractor.