Historic Districts and Land Values
AbstractWe measure the net effect of historic districting on the value of federally certified historic sites. The impact could be either positive or negative depending on the tension between positive externality effects and the constraints on property rights. Since federally certified historic parcels are not severely encumbered by regulations, we expect positive externality effects to dominate any negative effects of constraining rights. We find that the net effect of historic districting on land values is significantly positive. We also find that while residential parcels within historic districts attract a huge price premium of 131%, the premium associated with nonresidential parcels within historic districts is statistically insignificant.
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Bibliographic InfoArticle provided by American Real Estate Society in its journal Journal of Real Estate Research.
Volume (Year): 6 (1991)
Issue (Month): 1 ()
Contact details of provider:
Postal: American Real Estate Society Clemson University School of Business & Behavioral Science Department of Finance 401 Sirrine Hall Clemson, SC 29634-1323
Web page: http://www.aresnet.org/
Postal: Diane Quarles American Real Estate Society Manager of Member Services Clemson University Box 341323 Clemson, SC 29634-1323
Find related papers by JEL classification:
- L85 - Industrial Organization - - Industry Studies: Services - - - Real Estate Services
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- Joseph G. Kowalski & Peter F. Colwell, 1986. "Market Versus Assessed Values of Industrial Land," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 14(2), pages 361-373.
- Paul Cheshire & Gerard Dericks, 2013. "Regulation, Rents and ?Iconic Design?: rent acquisition by design in the tightly constrained London office market," ERSA conference papers ersa13p1071, European Regional Science Association.
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- Paolo Rosato & Anna Alberini & Valentina Zanatta & Margaretha Breil, 2010.
"Redeveloping derelict and underused historic city areas: evidence from a survey of real estate developers,"
Journal of Environmental Planning and Management,
Taylor & Francis Journals, vol. 53(2), pages 257-281.
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- Paolo Rosato & Anna Alberini & Valentina Zanatta & Margaretha Breil, 2008. "Redeveloping Derelict and Underused Historic City Areas: Evidence from a Survey of Real Estate Developers," Working Papers 2008.60, Fondazione Eni Enrico Mattei.
- 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.
- Andrew Narwold, 2006. "Historical Designation and Residential Property Values," ERSA conference papers ersa06p245, European Regional Science Association.
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