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Abstract: This paper investigates the relationship between the list and sale price of residential properties over the housing cycle. In down or normal markets the list price generally exceeds the sales price; however, when the housing market is strong, homes sell for more than their list price. This observation is not consistent with the assumptions made in the standard model of home sellers’ search behavior. We consider alternative models. In one, sellers set list prices based on their expectations of future changes in sales prices and the arrival rate of buyers; however, demand shocks occur. This model partially explains our data from the Belfast, U.K. housing market, but it fails to predict the list to sales price ratio during a sustained housing boom. We next describe a model where sellers’ endogenously select their search mechanism depending on the strength of the housing market. We find support for the conjecture that sellers switch to an auction-like model during housing booms. There also is evidence that during a downturn in the market, sellers’ list prices are sticky. [Copyright &y& Elsevier]

Urban regeneration has increasingly emphasised long-term policy objectives and public-private partnership arrangements where risk and profits are more equitably distributed between the parties. Similarly, successive governments have endorsed areabased regeneration vehicles with increasing importance placed on enterprise zones, business improvement districts (BIDs), tax incremental finance, and other local asset backed vehicles. Each regeneration vehicle necessitates a clear policy direction and performance measurement of its policy outputs to ensure that funding is targeted at initiatives delivering sustainability impacts. This paper presents a 'market' and 'nonmarket' appraisal of the financial impact of BIDs as an area-based regeneration vehicle. It utilises data from a UK-wide survey to demonstrate the potential of BIDs in generating direct income and indirect investment and how the output capacity of the BID model increases over time. The paper concludes that BIDs have significant leverage potential whilst acting as a key conduit for coordinating wider area-based regeneration. [ABSTRACT FROM AUTHOR]

This paper evaluates the use of indicators as a means of measuring the performance of regeneration against sustainability criteria. The merits of sustainability indicators are explored with a discussion of the indicator selection process and the derivation of a points scoring framework. The extent to which the sustainability performance of regeneration projects can be evaluated and subsequently benchmarked is examined. Conclusions are drawn on the robustness of the indicators selected, the versatility of the points scoring framework in capturing the sustainability performance of regeneration projects and the potential to identify 'best' practice. The application of the model and associated indicators is the subject of the subsequent paper in this journal issue. [ABSTRACT FROM AUTHOR]

Business Improvement Districts (BIDs) have been widely adopted in the USA as a means of bringing about enhanced service provision and broader regeneration impacts, and interest is now turning to the use of such mechanisms in the UK. However, the fundamental differences between the administrative and social contexts of the USA and the UK mean that BIDs would have to be significantly adapted for application in the UK. Moreover, research conducted by the authors, using case studies of BIDs in Los Angeles, indicates that they can be problematic in operation. Nevertheless, BIDs offer a means of delivering limited objectives in relation to city centre renewal. [ABSTRACT FROM AUTHOR]