structural characteristics and location. However, if conditions of sale have an effect on

price, then investors need to be aware of such impact and know how to adjust

correspondingly.

 Second, some motivations appear to have different roles in different parts of the

country. For example, during the last six years tax-deferred exchanges represented

approximately 19 percent of total commercial real estate sales. However, in some areas of

the country, and in particular in the West Coast, exchanges represented close to 50

percent of all sales. In addition, exchanges tend to be more frequent for apartments than

for other types of commercial real estate, such as office and retail. This raises questions

as to whether the impact of sale conditions varies by markets, as well as property type.

Therefore, while analyzing the impact of buyer and seller motivation is important, it is

not sufficient to conduct the analysis based on one market and property type, which is a

common feature of the existent literature. By conducting a comprehensive analysis across

major metropolitan markets, as well as property types, this dissertation can be used as an

important reference by appraisers for the adjustment of prices when the sales comparison

approach is used.

 Finally, although there is a large body of literature devoted to examining the

influence of structural characteristics and location on sales price, only a few papers

examine the impact of atypical motivations on price. Slade (2004) in a review article

provides a summary of possible conditions that influence motivation. He discusses four

major conditions that cause atypical motivations:

* Tax-Deferred Exchanges
* Bank-Foreclosed Properties
* Acquisitions by REITs
* Out-of-State Buyers