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Building Codes, Wind Contours, and House Prices

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Author Info

  • Randy E. Dumm

    ()
    (Florida State University)

  • G. Stacy Sirmans

    ()
    (Florida State University)

  • Greg T. Smersh

    ()
    (University of South Florida)

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    Abstract

    A hedonic pricing model estimates the effect on house prices of the stricter 2002 Florida Building Code for three geographical areas with varying degrees of risk exposure in the Jacksonville, Florida area. Results show that houses built under the new, stricter code sold for an average premium of 12.33 percent relative to houses built under the less-strict code. Results also show that new-code properties in the riskiest Windborne Debris Region sold for about 4.7 percent more than houses built under the older, less strict code. The interior zones show that houses built under the stricter code sold for greater premiums. The post-catastrophe variables show that the two consecutive seasons of devastating hurricanes in 2004 and 2005 had an effect on buyer behavior and generally increased the building code premium.

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    File URL: http://aux.zicklin.baruch.cuny.edu/jrer/papers/pdf/new_current/vol34n01/04.73_98.pdf
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    Bibliographic Info

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

    Volume (Year): 34 (2012)
    Issue (Month): 1 ()
    Pages: 73-98

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    Handle: RePEc:jre:issued:v:34:n:1:2012:p:73-98

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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/

    Order Information:
    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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