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dc.contributor.authorTING SEOW YEN
dc.identifier.citationTING SEOW YEN (2003). EFFECT OF FORECLOSURE STATUS ON CONDOMINIUM PRICES. ScholarBank@NUS Repository.
dc.description.abstractReal estate professionals believe that foreclosed residential properties sell at a discount. Rationalisations found in the literature are that foreclosed property owners appear to be subjected to atypical seller motivations that cause them to value some degrees of reduction in time on the market in order to reduce holding cost. As a consequence, this class of property sellers does not fit the 'market value' definition of a typically motivated seller, and they have a rationale for accepting reduced market prices in exchange for a quick sale. On the other hand, it has also been argued that foreclosure status is not the only contributory factor. In view of the above, this study seeks to empirically investigate the effect of foreclosure status on the price of freehold condominiums in Singapore. After a review of the relevant literature and a case study of 119 freehold condominium sales data for the three-year period from January 1,1998 to December 31, 2000, it is found, through statistical analysis, that foreclosed condominiums sell for a 2% discount in Singapore. However, this price variation is not statistically significant at the 95% confidence level. This implies that foreclosure status does not have a significant impact on the values of freehold condominiums in Singapore. However, it may not be advisable to use foreclosed condominium sales as comparables in Open Market Value valuations without first adjusting for the 'foreclosure-sale' price effect if valuation accuracy is not to be prejudiced.
dc.sourceSDE BATCHLOAD 20220107
dc.contributor.departmentSCHOOL OF BUILDING & REAL ESTATE
dc.contributor.supervisorADDAE-DAPAAH KWAME
dc.description.degreeconferredBACHELOR OF SCIENCE (REAL ESTATE)
Appears in Collections:Bachelor's Theses

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