Clientele Effects and Condo Conversions
研究了资产繁荣期房产出现新用途时，改建投资者出价高于租赁投资者，卖家获得溢价，以2004-2006年迈阿密-劳德代尔堡公寓数据证实客户特征影响房价。
During an asset boom a property can develop a new usage. Appreciation investors emerge to change a property's occupant mix or letter grade. Rental investors not intending to change the mix or grade are outbid. Sellers receive a capitalized premium from the new type of bidder. For apartments in Miami‐Fort Lauderdale during 2004–2006, there is an asset pricing premium from condo converters. The price of real estate depends on clienteles in addition to characteristics.