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Exterior Insulation and Finish Systems: The Effect on Residential Housing Prices and Marketing Time

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Author Info

  • Ken H. Johnson

    ()
    (Florida Atlantic University, Boca Raton, FL)

  • Sean P. Salter

    ()
    (University of Alabama, Tuscaloosa, AL)

  • Leonard V. Zumpano

    ()
    (University of Alabama, Tuscaloosa, AL)

  • Randy I. Anderson

    ()
    (Prudential Real Estate Investors, Parsippany, NJ)

Abstract

Recently the use of artificial stucco (formally known as Exterior Insulation and Finish Systems, or EIFS) on residential real estate properties has been a topic of much debate. In this paper, we outline the issues surrounding EIFS use. Subsequently, we develop and test hypotheses regarding the impact of EIFS on property value and marketing time. The results indicate that the market is not discounting EIFS clad homes, but that the presence of EIFS significantly extends a property's marketing time. These findings are consistent with our theoretical framework and are compatible with inefficient local real estate markets.

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File URL: http://aux.zicklin.baruch.cuny.edu/jrer/papers/pdf/past/vol22n03/03.289_312.pdf
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Bibliographic Info

Article provided by American Real Estate Society in its journal Journal of Real Estate Research.

Volume (Year): 22 (2001)
Issue (Month): 3 ()
Pages: 289-312

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Handle: RePEc:jre:issued:v:22:n:3:2001:p:289-312

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Postal: American Real Estate Society Clemson University School of Business & Behavioral Science Department of Finance 401 Sirrine Hall Clemson, SC 29634-1323
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Web page: http://www.aresnet.org/

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Postal: Diane Quarles American Real Estate Society Manager of Member Services Clemson University Box 341323 Clemson, SC 29634-1323
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Web: http://aux.zicklin.baruch.cuny.edu/jrer/about/get.htm

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  1. Norman G. Miller, 1978. "Time on the Market and Selling Price," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 6(2), pages 164-174.
  2. Kiefer, Nicholas M, 1988. "Economic Duration Data and Hazard Functions," Journal of Economic Literature, American Economic Association, vol. 26(2), pages 646-79, June.
  3. Jacob Belkin & Donald J. Hempel & Dennis W. McLeavey, 1976. "An Empirical Study of Time on Market Using Multidimensional Segmentation of Housing Markets," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 4(2), pages 57-75.
  4. G. Donald Jud & Terry G. Seaks & Daniel T. Winkler, 1996. "Time on the Market: The Impact of Residential Brokerage," Journal of Real Estate Research, American Real Estate Society, vol. 12(3), pages 447-458.
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Cited by:
  1. Rosane Hungria-Gunnelin, 2013. "Impact of Number of Bidders on Sale Price of Auctioned Condominium Apartments in Stockholm," International Real Estate Review, Asian Real Estate Society, vol. 16(3), pages 274-295.
  2. Bruce Gordon & Sean P. Salter & Ken H. Johnson, 2002. "Difficult to Show Properties and Utility Maximizing Brokers," Journal of Real Estate Research, American Real Estate Society, vol. 23(1/2), pages 111-128.
  3. Zumpano, Leonard V. & Johnson, Ken H. & Anderson, Randy I., 2003. "Internet use and real estate brokerage market intermediation," Journal of Housing Economics, Elsevier, vol. 12(2), pages 134-150, June.
  4. Ken Johnson & Thomas Springer & Christopher Brockman, 2005. "Price Effects of Non-Traditionally Broker-Marketed Properties," The Journal of Real Estate Finance and Economics, Springer, vol. 31(3), pages 331-343, November.

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