The Real Estate Pricing Puzzle |
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| Authors: | Kenneth M Lusht |
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| Institution: | Presidential Address to the American Real Estate and Urban Economics Association, December, 1987. The paper benefitted from the editorial suggestions of Patric Hendershott. The references are intended to be representative, not exhaustive. |
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| Abstract: | The state-of-the-art with respect to pricing real estate is similar to that with respect to pricing securities just prior to the development of the CAPM. Reading the entrails of real estate markets, however, has proven a formidable task, and the problem is not limited to inadequate data. Perhaps the most important lesson to date is that available pricing models are not up to the task. |
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