We investigate the potential competition between multifamily and condominium developers for raw land throughout the U.S. When considering the entire sample period, we find evidence that condominium developers paid, on average, more for land than their multifamily counterparts. Alternatively, when we separate the sample into low versus high‐growth locations and two time subperiods, we observe that the premium is not entirely consistent. The average premiums appear to be largely a result of the high‐growth locations from 2004 to mid‐2008. Indeed, the results demonstrate that condominium developers paid over 60 percent more for land in high‐growth states during the later subperiod. This extraordinary premium calls into question the price formation process in these locations.
Santruka
Savo darbe nagrinejame potencialia konkurencija tarp daugiabučiu namu ir kooperatiniu namu vystytoju del žemes sklypu visoje JAV teritorijoje. Nagrinedami visa imties laikotarpi, aptinkame irodymu, kad kooperatiniu namu vystytojai už sklypus vidutiniškai mokejo daugiau nei ju kolegos, statantys daugiabučius namus. Kita vertus, suskirsčius imti i letai ir sparčiai besivystančias vietoves bei du laikotarpius, pastebima, kad priemoka ne visiškai pastovi. Regis, priemoku vidurki iš esmes lemia sparčiai besivystančios vietoves ir laikotarpis nuo 2004 m. iki 2008 m. vidurio. Iš tiesu rezultatai rodo, kad per ši laikotarpi kooperatiniu namu vystytojai sparčiai besivystančiose valstijose už sklypus mokejo per 60 proc. daugiau. Tokia neitiketina priemoka verčia abejoti tose vietovese taikomu kainodaros procesu.
MARKET COMPETITION FOR HIGH‐DENSITY RESIDENTIAL LAND