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Fair Value and Risk Profile for Presale Contracts of Condominiums

机译:公寓预售合同的公允价值和风险状况

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摘要

Developers usually presell new condominiums, requiring purchasers to make down payments on a contract that allows them to purchase, at a fixed price, the finished condominiums on a later date. This presale contract is akin to a financial call option sold by the builder to the purchaser of the condo. In this paper, we value the presale contract from both the purchaser's and the developer's points of view. We examine the influence of various opt-out clauses, different interest rates and other factors on the value of presale contracts. We discuss the extent of risk sharing between the purchasers and the developers according to varying levels of down payments. We conclude that developers enjoy a reduction in risk without a corresponding reduction in expected profits by holding a presale.
机译:开发人员通常会预售新公寓,要求购买者按合同的首付款,以便他们以后可以以固定价格购买成品公寓。该预售合同类似于建筑商向公寓购买者出售的金融看涨期权。在本文中,我们从购买者和开发商的角度评估预售合同。我们研究了各种退出条款,不同的利率和其他因素对预售合同价值的影响。我们根据预付款的不同程度讨论了购买者和开发商之间的风险分担程度。我们得出的结论是,通过进行预售,开发商可以降低风险,而预期利润不会相应减少。

著录项

  • 来源
    《The Journal of real estate finance and economics》 |2012年第4期|p.472-504|共33页
  • 作者单位

    Department of Applied Mathematics, Middlesex College Rm 255,University of Western Ontario, 1151 Richmond Street North,London, Ontario N6A 5B7, Canada;

    Department of Applied Mathematics, Middlesex College Rm 255,University of Western Ontario, 1151 Richmond Street North,London, Ontario N6A 5B7, Canada;

    Department of Applied Mathematics, Middlesex College Rm 255,University of Western Ontario, 1151 Richmond Street North,London, Ontario N6A 5B7, Canada Department of Statistical & Actuarial Sciences, Western Science Centre Rm 262,University of Western Ontario, 1151 Richmond Street North,London, Ontario N6A 5B7, Canada;

  • 收录信息
  • 原文格式 PDF
  • 正文语种 eng
  • 中图分类
  • 关键词

    presale; down payment; profit; risk;

    机译:预售;首付;利润;风险;

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