The Concept and Market Extraction of Effective Age for Residential Properties

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The Concept and Market Extraction of Effective Age for Residential Properties

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Donald R. Epley (Department of Finance Drawer DF Mississippi State University Mississippi State, Mississippi 39762)

Abstract

This paper presents a theoretical and algebraic technique for the estimation of effective age on a residential property. This estimate for the subject property is a number that is calculated relative to the aging of the comparables. The owner's rate of aging can be compared to the rate exhibited by the comparables to determine if the subject's economic life should be equal or different to the economic life of the comparables. The analysis and technique should be of use to every residential appraiser.

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

Volume (Year): 5 (1990)
Issue (Month): 1 ()
Pages: 41-52
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Handle: RePEc:jre:issued:v:5:n:1:1990:p:41-52

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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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L85 - Industrial Organization - - Industry Studies: Services - - - Real Estate Services

References listed on IDEAS
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Richard McHugh & Julia Lane, 1986. "The age of capital, the age of utilized capital, and tests of the embodiment hypothesis," Working Papers 86-4, Federal Reserve Bank of Philadelphia.
Other versions:
- McHugh, Richard & Lane, Julia, 1987. "The Age of Capital, the Age of Utilized Capital, and Tests of the Embodiment Hypothesis," The Review of Economics and Statistics, MIT Press, vol. 69(2), pages 362-67, May. [Downloadable!] (restricted)
Chinloy, Peter, 1980. "The effect of maintenance expenditures on the measurement of depreciation in housing," Journal of Urban Economics, Elsevier, vol. 8(1), pages 86-107, July. [Downloadable!] (restricted)
Olsen, Edgar O, 1969. "A Competitive Theory of the Housing Market," American Economic Review, American Economic Association, vol. 59(4), pages 612-22, Part I Se. [Downloadable!] (restricted)

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