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The Impact of Historical Districts on Residential Property Values

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  • Donald A. Coffin

    (Indiana University Northwest)

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    Abstract

    Interest in promoting neighborhood revitalization has led local governments and community groups to propose the establishment of historic districts. By creating a historic district, and by imposing land use controls, they hope to foster increased demand for the properties. However, the restrictions may prove burdensome and the additional information may have no value. Using a hedonic pricing model for housing sales for Elgin and Aurora, Illinois, the authors test for the effect on sales prices of location in a historic district and find it positively, but weakly, related to sales price in Elgin and positively related to location in a low-income area in the historic district in Aurora.

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    File URL: http://college.holycross.edu/RePEc/eej/Archive/Volume15/V15N3P221_228.pdf
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    Bibliographic Info

    Article provided by Eastern Economic Association in its journal Eastern Economic Journal.

    Volume (Year): 15 (1989)
    Issue (Month): 3 (Jul-Sep)
    Pages: 221-228

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    Handle: RePEc:eej:eeconj:v:15:y:1989:i:3:p:221-228

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    1. O'Byrne, Patricia Habuda & Nelson, Jon P. & Seneca, Joseph J., 1985. "Housing values, census estimates, disequilibrium, and the environmental cost of airport noise: A case study of Atlanta," Journal of Environmental Economics and Management, Elsevier, vol. 12(2), pages 169-178, June.
    2. Rosen, Sherwin, 1974. "Hedonic Prices and Implicit Markets: Product Differentiation in Pure Competition," Journal of Political Economy, University of Chicago Press, vol. 82(1), pages 34-55, Jan.-Feb..
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    Cited by:
    1. Martin Heintzelman & Jason Altieri, 2013. "Historic Preservation: Preserving Value?," The Journal of Real Estate Finance and Economics, Springer, vol. 46(3), pages 543-563, April.
    2. Angjellari-Dajci, Fiorentina & Boylan, Robert & Cebula, Richard, 2014. "Firm Size, Dual Brokerage, and National Franchise Affiliation of Real Estate Brokerage Firms: Unexpected Results from 2008 to 2013," MPRA Paper 55897, University Library of Munich, Germany.
    3. Rickman, Dan S., 2009. "Neighborhood Historic Preservation Status and Housing Values in Oklahoma County, Oklahoma," Journal of Regional Analysis and Policy, Mid-Continent Regional Science Association, vol. 39(2).
    4. Andrew Narwold & Jonathan Sandy & Charles Tu, 2008. "Historic Designation and Residential Property Values," International Real Estate Review, Asian Real Estate Society, vol. 11(1), pages 83-95.
    5. Andrew Narwold, 2006. "Historical Designation and Residential Property Values," ERSA conference papers ersa06p245, European Regional Science Association.
    6. Christopher Coombs & Nikias Sarafoglou & William Crosby, 2012. "Property Taxation, Capitalization, and the Economic Implications of Raising Property Taxes," International Advances in Economic Research, Springer, vol. 18(2), pages 151-161, May.

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