近來，不動產市場因國際金融風暴、降低遺產與贈與稅、課徵奢侈稅、推 動都市更新等影響，致使不動產價格波動甚大；而在租金變動不大但交易價格 屢創新高情形下，更引起一般購屋者甚至不動產估價師對不動產交易價格的內 涵產生疑惑。此外，近年越來越多文獻提出不動產價格隨屋齡增加而價值反轉 的探討，因而引發本計畫以實質選擇權的觀點，解構不動產交易價格之動機。 本專題將以使用價值與再開發實質選擇權價值建構不動產價值模型，而以 開發實質選擇權受時間與使用強度交互影響之觀點，進行理論模型之推論；其 後，於不動產典型特徵價格模型中，加入該交互影響變數，除驗證模型之推論 外，並依實證分析結果，進行使用強度與景氣階段差異之比較分析。 本研究成果將有助於解構不動產成交價格的內涵，增加社會大眾對不動產 交易價格的認知，對匡正價格秩序將有相當貢獻。 Recent years, real estate market is highly volatile due to the Financial Tsunami, Estate and Gift tax reduction, Luxury taxation, and urban renewal promotion. Buyers, or even real estate appraisers, are often confused in what price to take, especially when price increased continuously but when rent remained stable. Base on the increasing literatures proposing that real property value first decreases but then increase within its residual economic. It initiates the motivation to restructure the real estate price from real option theory. This topic models the real estate value by use value and redevelopment option value. Former one is based on the incoming cash flow and the latter one is option term for expected present value after redevelopment less the cost of redevelopment and less the loss of rents from existing use. The redevelopment option value will be added in standard hedonic model and considered by the interaction term of age and intensity. Then semi-log multi-regression is adapted to process comparative analysis between various intensity and prosperity. The results will be helpful in understanding the factors forming the real estate knockdown price, increasing the cognition of social populace on the real estate bargain price, and rectifying the property price order.