"Location, Location, Location!" The Price Gradient for Vacant Urban Land: New York, 1835 to 1900
Abstract
We preview new archival evidence on the price of vacant land in New York City between 1835 and 1900. Before the Civil War, the price of land per square foot fell steeply with distance from New York's City Hall located in the central business district (CBD). After the Civil War, the distance gradient flattened and the fit of a simple regression of the log of land price per square foot on distance from the CBD declined markedly. Our most remarkable finding is that average nominal land prices at the CBD increased at an average annual rate of over 3 percent per year between 1835 and 1895, growing particularly rapidly around the time of the Civil War before declining as the century came to an end. Copyright 1998 by Kluwer Academic PublishersDownload Info
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Bibliographic Info
Article provided by Springer in its journal Journal of Real Estate Finance & Economics.
Volume (Year): 16 (1998)
Issue (Month): 2 (March)
Pages: 151-72
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Web page: http://www.springerlink.com/link.asp?id=102945
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Citations
Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.Cited by:
- Ahlfeldt, Gabriel M. & Wendland, Nicolai, 2009. "Looming stations: Valuing transport innovations in historical context," Economics Letters, Elsevier, vol. 105(1), pages 97-99, October.
- Michael Iacono & David Levinson, 2011. "Accessibility Dynamics and Location Premia: Do Land Values Follow Accessibility Changes?," Working Papers 000087, University of Minnesota: Nexus Research Group.
- Ahlfeldt, Gabriel M. & Wendland, Nicolai, 2011.
"Fifty years of urban accessibility: The impact of the urban railway network on the land gradient in Berlin 1890-1936,"
Regional Science and Urban Economics,
Elsevier, vol. 41(2), pages 77-88, March.
- Ahlfeldt, Gabriel M. & Wendland, Nicolai, 2011. "Fifty years of urban accessibility: the impact of the urban railway network on the land gradient in Berlin 1890-1936," Open Access publications from London School of Economics and Political Science http://eprints.lse.ac.uk/, London School of Economics and Political Science.
- Satyajit Chatterjee & Burcu Eyigungor, 2012. "A tractable circular city model with an application to the effects of development constraints on land rents," Working Papers 12-25, Federal Reserve Bank of Philadelphia.
- Tse, Chung Yi & Chan, Alex W. H., 2003. "Estimating the commuting cost and commuting time property price gradients," Regional Science and Urban Economics, Elsevier, vol. 33(6), pages 745-767, October.
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