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Age Restriction and Property Values

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Author Info

  • Karl L. Guntermann

    ()
    (Arizona State University, Tempe, AZ 85287)

  • Seongman Moon

    ()
    (Arizona State University, Tempe, AZ 85287)

Abstract

This study finds evidence of an age restriction premium that is maintained over time and across varying market conditions. Prior research has demonstrated that the reduced uncertainty associated with private covenants and deed restrictions can be capitalized into value. Age-restricted subdivisions provide a measure of certainty that future property owners must meet the same threshold age requirement satisfied by current owners. The evidence presented here is that this enhanced certainty is capitalized into property values, independent of the structural characteristics of individual units or subdivision amenities. Proposed federal regulations for age-restricted projects created uncertainty for several years in lower priced subdivisions that might not have met the new minimum quality standards. However, there is no evidence that this uncertainty impacted house prices.

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File URL: http://aux.zicklin.baruch.cuny.edu/jrer/papers/pdf/past/vol24n03/03.263_278.pdf
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Bibliographic Info

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

Volume (Year): 24 (2002)
Issue (Month): 3 ()
Pages: 263-278

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Handle: RePEc:jre:issued:v:24:n:3:2002:p:263-278

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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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Cited by:
  1. William Rogers, 2010. "The Housing Price Impact of Covenant Restrictions and Other Subdivision Characteristics," The Journal of Real Estate Finance and Economics, Springer, vol. 40(2), pages 203-220, February.

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