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Factors Affecting Housing Modifications and Housing Pricing: A Case Study of Four Residential Neighborhoods in Haifa, Israel

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Author Info

  • Boris A. Portnov

    ()
    (Department of Natural Resources & Environmental Management,Faculty of Social Sciences, University of Haifa, Mount Carmel, Haifa)

  • Yakov Odish

    (Department of Geography, Faculty of Social Sciences,Hebrew University of Jerusalem)

  • Larissa Fleishman

    (Department of Geography, Faculty of Social Sciences,Hebrew University of Jerusalem)

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    Abstract

    The relationships among three groups of variables - environmental conditions in residential neighborhoods, post-occupancy housing changes and modifications (HCMs), and the market values of residential properties - are investigated. While traditional hedonic modeling assumes the existence of direct links between environmental factors and property values, this paper suggests that such links are indirect and work through the investment decisions of homeowners, who choose to invest (or not to invest) in the maintenance and/or expansion of their properties. To verify this assumption, HCMs accumulated in four residential neighborhoods in Haifa, Israel are analyzed. The findings indicate a fairly strong association between environmental factors, building characteristics, rehabilitation activity and property values in these neighborhoods. The paper suggests an extra benefit for improving the environment, due to the dynamic process that may cause further investment.

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    File URL: http://aux.zicklin.baruch.cuny.edu/jrer/papers/pdf/past/vol27n04/vol27n04a02.pdf
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    Bibliographic Info

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

    Volume (Year): 27 (2005)
    Issue (Month): 4 ()
    Pages: 371-408

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    Handle: RePEc:jre:issued:v:27:n:4:2005:p:371-408

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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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    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. Smith, V Kerry & Desvousges, William H, 1986. "The Value of Avoiding a Lulu: Hazardous Waste Disposal Sites," The Review of Economics and Statistics, MIT Press, vol. 68(2), pages 293-99, May.
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    11. Ronald W. Spahr & Mark A. Sunderman, 1999. "Valuation of Property Surrounding a Resort Community," Journal of Real Estate Research, American Real Estate Society, vol. 17(2), pages 227-244.
    12. Nir Becker & Doron Lavee, 2003. "The Benefits and Costs of Noise Reduction," Journal of Environmental Planning and Management, Taylor & Francis Journals, vol. 46(1), pages 97-111.
    13. John K. Hill & D'Ann M. Petersen, 1994. "Demographics and the long-term outlook for housing investment," Economic and Financial Policy Review, Federal Reserve Bank of Dallas, issue Q I, pages 17-25.
    14. Tyrvainen, Liisa & Miettinen, Antti, 2000. "Property Prices and Urban Forest Amenities," Journal of Environmental Economics and Management, Elsevier, vol. 39(2), pages 205-223, March.
    15. Benson, Earl D, et al, 1998. "Pricing Residential Amenities: The Value of a View," The Journal of Real Estate Finance and Economics, Springer, vol. 16(1), pages 55-73, January.
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