Foreigners as gentrifiers and tourists in a Mexican historic district

Urban Studies ◽  
2020 ◽  
Vol 57 (15) ◽  
pp. 3151-3168 ◽  
Author(s):  
David Navarrete Escobedo
Keyword(s):  
New York ◽  
Real Estate ◽  
Latin American ◽  
Real Estate Markets ◽  
New Class ◽  
Direct Observations ◽  
Global North ◽  
San Miguel De Allende ◽  
Boutique Hotels ◽  
The City

Transnational gentrification has become a key element of urban and sociocultural transformations in several Latin American countries. New urban policies and transnational real estate markets adapt the city in order to respond to the expectations of transnational middle classes. This paper explores the case of San Miguel de Allende in Mexico. Methodologically, it adopts a qualitative approach and analyses two of the most important manifestations of transnational gentrification: lifestyle migration and luxury tourism. Historical files on protected buildings in San Miguel de Allende’s historic centre were used to observe functional alterations. This is supplemented with other statistical data (including the spatial pattern of Airbnb rentals) and direct observations of public spaces. I propose that transnational gentrification leads to a heritage-led transnationalisation of real estate, evidenced by luxury housing, boutique hotels, art galleries and other high culture spaces that cater to higher-income lifestyle migrants and tourists. As a result, the new class of owners and users changes the place’s identity, which has implications for lower-income groups’ right to the city. The process in San Miguel de Allende is analogous to processes in cities such as London, New York or Paris, where notions of heritage urbanism have also helped transnationalise local real estate markets. However, it also evinces other processes that are more difficult to appreciate in the Global North (growing rent gaps, real estate companies’ aggressive pursuit of gentrification and deep historical inequalities that are exacerbated by heritage-led gentrification).

The Building of the Lafayette Theatre

1974 ◽  
Vol 15 (2) ◽  
pp. 105-129
Author(s):  
Robert Montilla
Keyword(s):  
New York ◽  
Real Estate ◽  
Vice President ◽  
Full Scale ◽  
Bar Association ◽  
The Military ◽  
The City

The Lafayette Theatre of New York was built and owned by Charles W. Sandford (1796–1878), a colorful and sometimes eccentric personality, whose careers in law, business, and the military, combined with a personal predilection for pomp and display, made him a prominent member of New York's society. As a businessman, Sandford made and lost “several fortunes” in the course of his eventful life in a variety of financial speculations that included investments in real estate, hardware, and theatres. Most of these ended disastrously for him, but his ventures accrued enough profit to allow him to live stylishly all his life, entertain every prominent guest of the city and, on his death in 1878, leave his family a “comfortable competency.” As a lawyer, Sandford handled several celebrated cases and, being generally considered “among the finest” members of his profession, was eventually named vice-president of the New York Bar Association. But it was in his career as a soldier that his love for horses, parades, and gilded uniforms was most manifest and which led Sandford to erect the first full-scale equestrian theatre in America.

Sustainability and the City

2020 ◽  
pp. 21-48
Author(s):  
Melissa Checker
Keyword(s):  
Climate Change ◽  
New York ◽  
Twentieth Century ◽  
Real Estate ◽  
Human Resources ◽  
York City ◽  
Urban Neighborhoods ◽  
Environmental Benefits ◽  
Private Industry ◽  
The City

This chapter establishes the book’s key theoretical premises, including capitalist cycles of crisis and resolution (Marx), double-bind theory (Bateson), the spatial fix (Harvey), and capitalism and schizophrenia (Deleuze and Guattari). Using New York City as an example, it discusses how city leaders resolved economic crises through the continual exploitation of natural and human resources. The constant remaking of urban neighborhoods fueled the city’s economic engine, especially as the city shifted to a real estate-based economy. Towards the end of the twentieth century, this real estate imperative coincided with increased public concern about the dangers of climate change. The broad appeal of sustainability provided the perfect cover for Mayor Michael Bloomberg’s neoliberal agenda to recreate New York as a luxury city. But just as Bloomberg’s emphasis on private industry intensified the gap between the city’s rich and poor it also unevenly distributed environmental benefits and burdens.

Behavior of land markets and restrictions on housing access in Buenos Aires between 2003 and 2013

2016 ◽  
Vol 9 (4) ◽  
pp. 538-553 ◽  
Author(s):  
Luis Baer ◽  
Mark Kauw
Keyword(s):  
Economic Growth ◽  
Real Estate ◽  
Latin American ◽  
Social Inclusion ◽  
Buenos Aires ◽  
Real Estate Development ◽  
Land Markets ◽  
Content Type ◽  
The Real Estate ◽  
The City

Purpose This paper aims to understand the paradoxal development in Buenos Aires, Argentina, where economic growth was not accompanied by improved housing access. The period between the years 2003 and 2013 was characterized by a sustained economic growth with social inclusion and a great expansion of both social and private housing supply in the cities of Argentina. However, this growth was not accompanied by an improvement in the overall access to land and housing. On the contrary, the habitation problems in terms of access to formal, environmentally safe and well-located land with decent facilities have worsened. The City of Buenos Aires is one of the places where this paradox is most manifested. Design/methodology/approach The functioning of the land markets and the real estate development in Buenos Aires will be analyzed in the period 2003-2013 in relation to the macroeconomic context, the monetary effort for the acquisition and rent of a formal dwelling and certain logics of urban development. Findings The rhythm of urban land valorization continuously surpassed that of other commodities and services. The expansion of residential production did not improve the access to formal housing. On the contrary, habitation issues have worsened and conflicts concerning access to land, housing and the city have rapidly increased since 2003. Originality/value In a Latin American context, this paper is the first to establish a conceptual relationship based on empirical data between land price dynamics and real estate development. The paper is also original in its identification of a change in valorization rhythm and pattern of real estate development in the past decade (2003-2013).

scholarly journals A dynamic model for housing price spillovers with an evidence from the US and the UK markets

2018 ◽  
Vol 2 (1) ◽  
pp. 70-81 ◽  
Author(s):  
Alper Ozun ◽  
Hasan Murat Ertugrul ◽  
Yener Coskun
Keyword(s):  
New York ◽  
Real Estate ◽  
House Prices ◽  
Housing Prices ◽  
House Price ◽  
Housing Markets ◽  
Content Type ◽  
Real Estate Markets ◽  
Country Level ◽  
The Us

Purpose The purpose of this paper is to introduce an empirical model for house price spillovers between real estate markets. The model is presented by using data from the US-UK and London-New York housing markets over a period of 1975Q1-2016Q1 by employing both static and dynamic methodologies. Design/methodology/approach The research analyzes long-run static and dynamic spillover elasticity coefficients by employing three methods, namely, autoregressive distributed lag, the fully modified ordinary least square and dynamic ordinary least squares estimator under a Kalman filter approach. The empirical method also investigates dynamic correlation between the house prices by employing the dynamic control correlation method. Findings The paper shows how a dynamic spillover pricing analysis can be applied between real estate markets. On the empirical side, the results show that country-level causality in housing prices is running from the USA to UK, whereas city-level causality is running from London to New York. The model outcomes suggest that real estate portfolios involving US and UK assets require a dynamic risk management approach. Research limitations/implications One of the findings is that the dynamic conditional correlation between the US and the UK housing prices is broken during the crisis period. The paper does not discuss the reasons for that break, which requires further empirical tests by applying Markov switching regime shifts. The timing of the causality between the house prices is not empirically tested. It can be examined empirically by applying methods such as wavelets. Practical implications The authors observed a unidirectional causality from London to New York house prices, which is opposite to the aggregate country-level causality direction. This supports London’s specific power in the real estate markets. London has a leading role in the global urban economies residential housing markets and the behavior of its housing prices has a statistically significant causality impact on the house prices of New York City. Social implications The house price co-integration observed in this research at both country and city levels should be interpreted as a continuity of real estate and financial integration in practice. Originality/value The paper is the first research which applies a dynamic spillover analysis to examine the causality between housing prices in real estate markets. It also provides a long-term empirical evidence for a dynamic causal relationship for the global housing markets.

Building a Green New York

2017 ◽  
Author(s):  
Maria Figueroa
Keyword(s):  
New York ◽  
Real Estate ◽  
Global City ◽  
Economic Recovery ◽  
Residential Property ◽  
Green Jobs ◽  
Sustainable City ◽  
Energy Retrofit ◽  
Office Space ◽  
The City

This chapter discusses two energy retrofit initiatives: the city- and real estate-led PlaNYC policy for retrofitting Manhattan's commercial office space, and the Laborers (LIUNA)-sponsored Green Jobs/Green New York weatherization initiative covering residential property in the city and the state. In the highly competitive and mostly nonunion residential property sector, a familiar tension between affordability for working-class consumers and union concerns with labor standards emerged as the federal stimulus funds used to finance retrofitting work were scaled back. Despite the enormous potential of a green jobs strategy to address employment disparities, revive neighborhoods without gentrification, and launch economic recovery while mitigating ecological damage, labor's vision of a sustainable city seemingly cannot prevail when it confronts the entrenched power of real estate and finance in the global city.

scholarly journals Titulación de la propiedad y mercado inmobiliario / Property Deeds and Real Estate Market

2010 ◽  
Vol 25 (3) ◽  
pp. 625 ◽  
Author(s):  
Julio Calderón Cockburn
Keyword(s):  
Real Estate ◽  
Real Estate Market ◽  
Land Market ◽  
Formal Property ◽  
Property Value ◽  
Real Estate Markets ◽  
The City ◽  
Property Markets ◽  
The Way

En este estudio se analiza la relación entre la tenencia de títulos de propiedad (registrados) y los mercados inmobiliarios en aquellas zonas de la ciudad cuyo origen fue informal o ilegal. Al hacerlo se plantean cuestionamientos a los presupuestos internacionales y se encuentran paradojas en el funcionamiento del mercado de suelo popular. La metodología es cuantitativa y cualitativa. Las conclusiones muestran que en los asentamientos no consolidados la tenencia de un título de propiedad contribuye a conferir un mayor valor a los predios en relación con los que no están titulados. No obstante, el título de propiedad no necesariamente induce al predominio de los mercados inmobiliarios formales; más bien se mantienen las tendencias que apuntan a las transacciones informales en cuanto a alquileres, compras y ventasAbstractThis study analyzes the link between the ownership of property deeds (registered) and real estate markets in parts of the city whose origin was either informal or illegal. By doing so, it raises questions about international assumptions and finds paradoxes in the way the popular land market operates. The methodology used is both quantitative and qualitative. The conclusions show that in unconsolidated settlements, ownership of title deeds increases property value. Title deeds do not however, increase the predominance of formal property markets. On the contrary, the tendency to engage in informal transactions regarding rent and buying and selling continues to exist.

scholarly journals Changes On the Housing Market of the Downtown Area in Selected Polish Cities

2017 ◽  
Vol 25 (2) ◽  
pp. 79-90
Author(s):  
Izabela Rącka ◽  
Sławomir Palicki ◽  
Małgorzata Krajewska ◽  
Kinga Szopińska ◽  
Olgierd Kempa
Keyword(s):  
Real Estate ◽  
Economic Condition ◽  
Residential Real Estate ◽  
Real Estate Markets ◽  
Transaction Data ◽  
Main Research ◽  
The Real Estate ◽  
Downtown Area ◽  
The City ◽  
Transaction Price

Abstract Large Polish cities are currently dealing with an increasing significance of downtown areas, extending outside of the city centers (meaning the area directly surrounding the city square). The downtown alone seems to influence the fate of entire cities, facilitating their success or contributing to their failure. A good demographic, social and economic condition of a downtown, its positive image and the dynamic development of the part of the city perceived as the business and administration centre and a meeting place of residents and tourists, contribute to the image and potential of the whole city to a great extent. Changes in urban surroundings, the signs of which may be observed in spatial, aesthetic, architectural, urban-planning and socio-economic aspects, determine the functioning and condition of local real estate markets. Whether potential buyers consider the real estate attractive depends on the assessment of its significant features, of which transaction price is representative. The main research objective of the article is the identification, assessment and interpretation of differences in prices registered in the years 2009-2014 in downtown residential real estate markets. These considerations have been referred to analogical phenomena within the entire cities under examination. The detailed research objective is an attempt to explain the sources of individual reactions of the analyzed real estate markets in downtown areas. The cities under research include: Bydgoszcz, Kalisz, Toruń and Wrocław. The authors applied quantitative analysis (statistical, comparative) to transaction data registered in local residential real estate markets.

Understanding Real Estate Markets and Submarkets

2002 ◽  
Author(s):  
Grant Ian Thrall
Keyword(s):  
Land Use ◽  
Real Estate ◽  
Metropolitan Area ◽  
Office Buildings ◽  
Office Building ◽  
Washington Dc ◽  
Real Estate Markets ◽  
The Real ◽  
The Real Estate ◽  
The City

This chapter explains the workings and characteristics of real estate submarkets and the interaction of the submarkets with the larger local market. Market analysts have often defined a real estate market by political divisions such as a county, city, or metropolitan area (e.g., Palm Beach County, the City of Los Angeles, Baltimore- Washington, DC metropolitan area). Market trends are compared and contrasted between real estate markets, such as the growth of Baltimore-Washington, DC versus the decline of Buffalo-Niagara Falls metro areas. Such comparisons at a large geographic scale are valuable because they can identify potential opportunities and potential investment failures. However, as discussed in the previous chapter, the real estate decision is a site-specific decision. Analysis at the appropriate scale and for the appropriate submarket is required to support the real estate decision. Submarkets are areas within the larger market area that stand out in some important way (see Thrall and Amos 1999; Thrall and McMullin, 2000b). For example, . . . Sites within the submarket are at the same stage of a cycle with one another, while perhaps being countercyclical with sites in the larger market or other submarkets. Land use within the submarket is homogeneous and differs from land use in other adjacent submarkets (e.g., a submarket of office buildings or retail). A submarket might be composed of households of similar demographic characteristics (lifestyle segmentation profiles), and have housing in a similar price range. . . . The city is an aggregate of submarkets. Each submarket is affected by the whole city; each submarket affects, and in turn is affected by, other nearby submarkets. In other words, submarkets are interdependent with one another and each is interdependent with the whole. Nearby submarkets generally have greater interdependency with one another than they have with submarkets that are more remote. However, some submarkets may be highly interdependent, even though they are distant from one another, such as submarkets of office buildings or industrial park land uses. An urban area will have few office building submarkets that depend on the same geographically large urban market to sustain them; overdevelopment of one office building submarket can have a price effect on another office building submarket.

Analysis of real estate management of lease service agreements by the public sector of a Latin American metropolis

2019 ◽  
Vol 24 (1) ◽  
pp. 97-122
Author(s):  
Vágner Egídio Velho Júnior ◽  
Isotilia Costa Melo ◽  
Paulo Nocera Alves Junior ◽  
Daisy Aparecida do Nascimento Rebelatto
Keyword(s):  
Real Estate ◽  
Latin American ◽  
Direct Analysis ◽  
Metropolitan Region ◽  
Content Type ◽  
The Real Estate ◽  
The Public ◽  
Estate Management ◽  
Real Estate Management ◽  
The City

Purpose The purpose of this paper is to characterize real estate lease management of the São Paulo City Municipality (PMSP), the largest metropolitan region in Latin America, for the provision of public education, health and social assistance services. Design/methodology/approach In addition, the management was also evaluated by a direct analysis of the obtained data (lease paid, area of the property, agency, zone, region, neighborhood, contract date, etc.) and by statistical regressions. Findings The results showed that the following: real estate properties with the greatest discrepancy of amounts paid (when compared to other amounts paid by the city and the market) are in a pulverized category, called “Others”; PMSP faces difficulties tracking expiration dates, 18.9% of the assets are still in use, though present expired contracts; the category “Education” is the most expressive in expenses; there is a limit to the correlation between the size of the real estate and the lease price paid, and very large real estate do not have proportionally higher leases; the location only directly affects the lease value if it is in the central region of the Metropolis. There is no explicit relationship for leases in other regions. Originality/value This work is groundbreaking for helping to consolidate the literature on real estate management in developing countries. Factors that integrate and influence the management of real estate leases for government agencies in a Latin American metropolitan area have never before been reported in the literature.

scholarly journals Accessibility of Real Estate by Transportation as a Determinant of the Development of Suburban Real Estate Markets – Case Study

2016 ◽  
Vol 24 (1) ◽  
pp. 5-18 ◽  
Author(s):  
Ada Wolny
Keyword(s):  
Land Use ◽  
Real Estate ◽  
Transportation Network ◽  
Complex Structure ◽  
Real Estate Market ◽  
Real Estate Markets ◽  
Public Road ◽  
Transportation Accessibility ◽  
The Impact ◽  
The City

Abstract The aim of this article is to show the accessibility of real estate by transportation as a factor that significantly determines the decision to acquire it. Direct access to a public road, or access to an internal road that provides communication with the public road, are a factor affecting the value of real estate. In addition, this factor is taken into account in the process of changing the function of the area, especially in determining zoning and land use. The decision of purchasing real estate often depends on transportation accessibility, because it has an impact on developing the selected plot. Suburban real estate markets, as markets exposed to particularly strong investment pressure, develop depending on the influx of external investors and the local transportation network. Here, the smaller the distance from the city center, the greater the building concentration; nevertheless, it is still important to improve transportation links and create a well-developed local transportation network. The provision of access to main roads on the rapidly growing market is in the interest of local authorities implementing spatial policy. It is also a challenge for real estate investors taking on the initiative in the scope of transforming land use. The analysis of the impact that transportation accessibility has on the development of the real estate market was conducted on the example of two selected suburban communes bordering the city of Olsztyn - Dywity and Stawiguda. Transactions on the local real estate market entered into during a period of five years were subjected to analysis. The results of the research revealed concentrations of transactions of real estate located on the outskirts of the city or in areas well-communicated with Olsztyn. The conducted research also indicates that, due to the activity of investors, a network of internal roads creating a complex structure was formed.

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