Property Value

This article is able to put together a database of 86 repeat-sales transactions for office properties in lower and midtown Manhattan spanning the years from 1899 to 1999. Using this very limited database, decade-interval changes in real property prices are estimated—with varying degrees of precision. Our conclusions are two fold. First, adjusting for inflation, commercial office property values were 30% lower in 1999 than they were in 1899. Second, within any decade values often rise and fall by 20–50% in real terms. With these results, the long-term historic return to New York commercial property must mostly comprise yield with capital gains limited to general inflation. Other historical studies consistent with this conclusion are reviewed.

The property tax is considered to be a good tax for local governments, mainly because of the connection between the types of services funded at the local level and the benefit to property values. Yet, property tax revenues rarely account for more than 3 percent of Gross Domestic Product (GDP) in any country. This paper explains why the property tax

 We have known for a long time that the material properties of the subsurface are highly variable in space. We have learned that this variability is due to the extreme complexity and variation with time of processes responsible for the formation of the earth's crust, from plate tectonics to erosion, sediment transport, and deposition, as well as to mechanical, climatic, and diagenetic effects. As geologists, we learned how to "read" this complex history in the rocks and how to try to extrapolate in space what we have understood. As physicists, we then learned that to study flow processes in such media we must apply the laws of continuum mechanics. As mathematicians using analytical methods, we learned that we must simplify by dividing this complex continuum into a small number of units, such as aquifers and aquitards, and describe their properties by (constant) equivalent values. In recent years, as numerical modelers, we learned that we now have the freedom to "discretize" this complex reality and describe it as an ensemble of small homogeneous boxes of continuous media, each of which can have different properties. How do we use this freedom? Is there a need for it? If the answer is "yes," how can we assign different rock-property values to thousands or even millions of such little boxes in our models, to best represent reality, and include confidence levels for each selected rock property? As a tribute to Professor Eugene S. Simpson, with whom the first author of this paper often discussed these questions, we present an overview of three techniques that focus on one property, the rock permeability. We explain the motivation for describing spatial variability and illustrate how to do so by the geostatistical method, the Boolean method, and the genetic method. We discuss their advantages and disadvantages and indicate their present state of development. This is an active field of research and space is limited, so the review is certain to be incomplete, but we hope that it will encourage the development of new ideas and approaches. On sait depuis longtemps que les propriétés des roches en profondeur sont éminemment variables dans l'espace. On sait que cette variabilité est due à la complexité extrême et à la variation au cours du temps des processus responsables de la formation de la croûte terrestre, de la tectonique des plaques à l'érosion, au transport sédimentaire et au dépôt, sans oublier les effets mécaniques, climatiques et de diagenèse. En tant que géologues, nous avons appris a "lire" cette histoire complexe au sein des roches, et à tenter d'extrapoler dans l'espace notre compréhension. En tant que physiciens, nous avons ensuite appris que pour étudier les écoulements dans de tels milieux, nous devions appliquer les concepts de la mécanique des milieux continus. En tant que mathématiciens utilisant des méthodes analytiques pour résoudre les problèmes d'écoulement, nous avons de plus appris que nous devions simplifier cette réalité complexe en un très petit nombre d'unités, tels que les aquifères et les aquitards, dont chacune est décrite par des propriétés équivalentes constantes. Enfin, dans les années récentes, en tant que numériciens, nous avons appris que nous avions désormais la liberté de "discrétiser" cette réalité complexe, et de la décrire comme un ensemble de petites "boîtes" homogènes de milieu continu, chacune d'entre elles pouvant avoir des propriétés différentes. Comment utilisons nous cette liberté nouvellement acquise? En avons-nous réellement besoin? Si la réponse est "oui", comment pouvons nous attribuer des propriétés différentes aux roches des milliers ou même millions de petites "boîtes" dans nos modèles, pour représenter au mieux la réalité, et comment déterminer les intervalles de confiance des propriétés choisies pour chaque roche? En hommage au Professeur Eugène S. Simpson, avec lequel le premier auteur de cet article a eu souvent l'occasion de discuter de ces questions, nous présentons ici un survol général de quelques techniques de génération de telles propriétés se focalisant sur une seule d'entre elles, la perméabilité des roches. Nous expliquons d'abord quels sont les raisons qui engagent à tenter de décrire la variabilité spatiale, puis nous illustrons trois méthodes pour le faire, la méthode géostatistique, la méthode Booléenne et la méthode génétique. Nous présentons leurs avantages et inconvénients respectifs, et donnons l'état actuel de leur développement. Ces méthodes constituant un domaine de recherche actif, et la place étant ici limitée, ce survol est nécessairement incomplet, mais nous espérons qu'il encouragera l'essor de nouvelles idées et de nouvelles approches. Sabemos desde hace tiempo que las propiedades del subsuelo son altamente variables espacialmente. Hemos aprendido que esta variabilidad es debida a la extrema complejidad y variabilidad temporal de los procesos responsables de la formación de la corteza terrestre, desde la tectónica de placas a la erosión, transporte de sedimentos y deposición, así como a efectos mecánicos, climáticos y diagenéticos. Como geólogos, hemos aprendido a "leer" esta compleja historia en las rocas y a cómo tratar de extrapolar en el espacio lo que ya sabemos. Como físicos, aprendimos después que para estudiar los procesos en este tipo de medios debemos aplicar las leyes de la mecánica de los medios continuos. Como matemáticos que usan métodos analíticos, hemos aprendido que debemos simplificar el medio dividiéndolo en un número menor de unidades, como serían los acuíferos y acuitardos, y describiendo sus propiedades mediante valores equivalentes (constantes). En los últimos años, como modelistas, también hemos aprendido que tenemos la libertad de "discretizar" esta realidad compleja y describirla como un conjunto de pequeñas cajas homogéneas de medio continuo, cada una con propiedades diferentes. ¿Cómo usamos esta libertad?¿Tenemos necesidad de ella? Si la respuesta es "sí", ¿cómo podemos asignar valores de las distintas propiedades de las rocas a miles e incluso millones de estas pequeñas cajas en nuestros modelos, con la pretensión de representar la realidad, y a la vez dar intervalos de confianza para cada propiedad seleccionada? Como un tributo al Profesor Eugene S. Simpson, con quien el autor de este artículo a menudo discutió sobre estas cuestiones, se presenta una recopilación de tres técnicas que se centran en una propiedad, la permeabilidad de la roca. Se explica la motivación para describir la variabilidad espacial y se ilustra cómo hacerlo mediante el método geoestadístico Booleano y mediante el método genético. Para cada método se discuten sus ventajas e inconvenientes y se indica su estado actual de desarrollo. Se trata éste de un campo activo de investigación y el espacio es limitado, por lo que la revisión es incompleta, pero esperamos que pueda servir para animar el desarrollo de nuevas ideas.

Cell-penetrating peptides, CPPs, are used as delivery vectors for pharmacologically interesting substances, such as antisense oligonucleotides, proteins and peptides. We present a general principle for designing cell-penetrating peptides derived from naturally occurring proteins as well as from randomly generated polyamino acid sequences. Thereby, we introduce a novel pharmacological principle for identification of cell-penetrating peptides for which the applications can be numerous, including cellular transduction vectors and mimics of intracellular protein–protein interactions. The methods of identifying a CPP comprises assessing the averaged bulk property values of the defined sequence, and ensuring that they fall within the bulk property value interval obtained from the training set. Despite this simplistic approach, the search criteria proved useful for finding CPP properties in either proteins or random sequences. We have experimentally verified cell-penetrating properties of 10–20-mer peptides derived from naturally occurring proteins as well as from random poly-amino acids. We note that since CPPs can be found in part of the protein sequences that may govern protein interactions, it is possible to produce cell-penetrating protein agonists or antagonists.

There is an identifiable theoretical relationship between the comparable sales method (CSM) of valuation as practiced by mass appraisers and the recent developments in geostatistical valuation models. This paper provides an evaluation of techniques in respect of their treatment of location and their predictive capability. The CSM is shown to be a special case of a spatially lagged weight matrix

It is generally assumed that all Superfund sites negatively impact property values, that the impact is similar for all sites, and that the impact disappears once the site has been cleaned. This paper examines several Superfund sites across the US and finds that some have the expected impact, while others have either no impact or a positive impact on local property values. The effect does not necessarily disappear for sites that have been cleaned. Using a meta-analysis approach to examine what factors contribute to a decrease in property values, we find that larger sites in areas with fewer blue-collar workers are more likely to have a negative impact.

This paper constructs, for the five largest cities in the United States, user costs and rents for the same structure, in levels (i.e., measured in dollars). The levels formulation is a major advantage over indexes since one can answer questions like "Is it cheaper to rent or to own?" or "Are houses overvalued?" because such questions are essentially about the