預售屋比成屋貴? - 經濟

By Oscar
at 2008-10-18T22:01
at 2008-10-18T22:01
Table of Contents
何以預售屋價格比當地新成屋價格高, 試分試其原因.
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解答: 預售屋買賣是一種期貨交易, 是一種隱含選擇權交易
1.在正常市況下, 期貨價格 > 現貨價格
2.預售屋價格A = 新成屋價格B + 選擇權價值O
選擇權是一種權利,選擇權的買方在付出權利金之後,取得在未來特定時間內
要求賣方以特定價格賣出(指買權,Call Option)或買入(指賣權,Put Option)
標的物之權利.
在預售屋交易中,購屋者付出權利金之後,取得在未來特定時間(交屋日期),要求
建商(賣方)按特定價格(履約價格)賣出標的物.
因此 A = B + O
----------------------------------------------------
不太懂耶! 因為預售屋一般是房屋未蓋好時, 就先賣, 分期先繳部份房價
建商收取現金周轉, 將風險加諸在買方身上, 既然如此, 預售屋價格應該比新屋低吧!
為何預售屋價格會比新成屋高咧?
是不是因為房地產熱, 需求大於供給, 所以預售屋出現, 價格高於成屋
當房地產冷, 需求小於供給, 不會有預售屋的市場, 僅有成屋?
--
-------------------------------------------
解答: 預售屋買賣是一種期貨交易, 是一種隱含選擇權交易
1.在正常市況下, 期貨價格 > 現貨價格
2.預售屋價格A = 新成屋價格B + 選擇權價值O
選擇權是一種權利,選擇權的買方在付出權利金之後,取得在未來特定時間內
要求賣方以特定價格賣出(指買權,Call Option)或買入(指賣權,Put Option)
標的物之權利.
在預售屋交易中,購屋者付出權利金之後,取得在未來特定時間(交屋日期),要求
建商(賣方)按特定價格(履約價格)賣出標的物.
因此 A = B + O
----------------------------------------------------
不太懂耶! 因為預售屋一般是房屋未蓋好時, 就先賣, 分期先繳部份房價
建商收取現金周轉, 將風險加諸在買方身上, 既然如此, 預售屋價格應該比新屋低吧!
為何預售屋價格會比新成屋高咧?
是不是因為房地產熱, 需求大於供給, 所以預售屋出現, 價格高於成屋
當房地產冷, 需求小於供給, 不會有預售屋的市場, 僅有成屋?
--
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