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Conservation Status and Residential Transaction Prices: Initial Evidence from Dallas, Texas

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Author Info

  • Julian Diaz III

    ()
    (Georgia State University Atlanta, Georgia 30302-4020)

  • J. Andrew Hansz

    ()
    (University of Texas, Arlington Arlington, Texas 76019)

  • Matthew L. Cypher

    ()
    (INVESCO Real Estate Dallas, Texas 75240)

  • Darren K. Hayunga

    ()
    (University of Texas, Arlington Arlington, Texas 76019)

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    Abstract

    The traditional mechanisms of private covenants and public restrictions may not meet the needs of residential property owners who want to preserve a certain neighborhood style. Privately initiated and publicly enforced conservation district regulations can preserve desirable neighborhood characteristics and signal to buyers that neighborhood conformity will likely persist. We analyze residential transaction prices in Dallas, Texas and find premiums associated with residential properties within and buffering conservation district locations. These results are robust to the spatial autocorrelation common in residential transaction prices.

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    Bibliographic Info

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

    Volume (Year): 30 (2008)
    Issue (Month): 2 ()
    Pages: 225-248

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    Handle: RePEc:jre:issued:v:30:n:2:2008:p:225-248

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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. Richard Voith, 1991. "Transportation, Sorting and House Values," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 19(2), pages 117-137.
    2. McMillen, Daniel P., 2003. "The return of centralization to Chicago: using repeat sales to identify changes in house price distance gradients," Regional Science and Urban Economics, Elsevier, vol. 33(3), pages 287-304, May.
    3. N. Edward Coulson, 1991. "Really Useful Tests of the Monocentric Model," Land Economics, University of Wisconsin Press, vol. 67(3), pages 299-307.
    4. Kevin Gillen & Thomas Thibodeau & Susan Wachter, . "Anistropic Autocorrelation in House Prices," Zell/Lurie Center Working Papers 383, Wharton School Samuel Zell and Robert Lurie Real Estate Center, University of Pennsylvania.
    5. Coulson, N Edward & Leichenko, Robin M, 2001. "The Internal and External Impact of Historical Designation on Property Values," The Journal of Real Estate Finance and Economics, Springer, vol. 23(1), pages 113-24, July.
    6. Asabere, Paul K & Huffman, Forrest E & Mehdian, Seyed, 1994. "The Adverse Impacts of Local Historic Designation: The Case of Small Apartment Buildings in Philadelphia," The Journal of Real Estate Finance and Economics, Springer, vol. 8(3), pages 225-34, May.
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