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Historic Districts and Land Values

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    Abstract

    We 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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    File URL: http://aux.zicklin.baruch.cuny.edu/jrer/papers/pdf/past/vol06n01/v06p001.pdf
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    Bibliographic Info

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

    Volume (Year): 6 (1991)
    Issue (Month): 1 ()
    Pages: 1-8

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    Handle: RePEc:jre:issued:v:6:n:1:1991:p:1-8

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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/

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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. 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.
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    Cited by:
    1. 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.
    2. Andrew Narwold, 2006. "Historical Designation and Residential Property Values," ERSA conference papers ersa06p245, European Regional Science Association.
    3. 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.
    4. Philippe Cyrenne & Robert Fenton & Joseph Warbanski, 2006. "Historic Buildings and Rehabilitation Expenditures: A Panel Data Approach," Journal of Real Estate Research, American Real Estate Society, vol. 28(4), pages 349-380.

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