구분소유 상가의 경매 매각가격 결정요인 분석

The partitioned ownership retail store draws the attention of real estate auction market participants because it is a representative income producing property and does not require huge investment fund for bidding. The objective of this research is to explain influencing factors on the sales price of partitioned ownership retail store in real estate auction market. In the empirical study, we analyze 362 partitioned ownership retail stores sold in Seoul real estate auction market by using Hedonic Price Model (HPM). The main empirical results are as follows. Firstly, this study finds the auction characteristics such as the blanket auction, the number of bidders, etc. have significant effects on the sale price. Secondly, this study shows the locational characteristics such as the nature of trade area that retail building is located, the number of the road around a building, the distance between retail building and subway station, and pedestrian traffic around the building have influences on the sale price. Thirdly, this study confirms the building and store characteristics such as the age of a building, type of tenant mix in the building, leasable area of the store, and the floor that store is located, have impacts on the sale price. This research can be used to lay the foundations of academic research on the auction of the retail property, and give significant implications to participants in retail property auction market.