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The Adverse Impacts of Local Historic Designation: The Case of Small Apartment Buildings in Philadelphia

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  • Asabere, Paul K
  • Huffman, Forrest E
  • Mehdian, Seyed
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    Abstract

    This paper examines the sales effects of local historic preservation. Using the hedonic framework our study shows that small historic apartment buildings experienced a 24 percent reduction in price compared to nonlocally certified properties. Our variable for federal historic districts, however, produced statistically insignificant results. The results suggest that historic control (as practiced in Philadelphia) is confiscatory. The study illustrates an outcome of public regulation that impinges on private property rights. Copyright 1994 by Kluwer Academic Publishers

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    Bibliographic Info

    Article provided by Springer in its journal Journal of Real Estate Finance & Economics.

    Volume (Year): 8 (1994)
    Issue (Month): 3 (May)
    Pages: 225-34

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    Handle: RePEc:kap:jrefec:v:8:y:1994:i:3:p:225-34

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    Web page: http://www.springerlink.com/link.asp?id=102945

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    Cited by:
    1. Richter, Felix & Ahlfeldt, Gabriel & Maennig, Wolfgang, 2013. "Urban renewal after the Berlin Wall," Annual Conference 2013 (Duesseldorf): Competition Policy and Regulation in a Global Economic Order 79789, Verein für Socialpolitik / German Economic Association.
    2. Julian Diaz III & J. Andrew Hansz & Matthew L. Cypher & Darren K. Hayunga, 2008. "Conservation Status and Residential Transaction Prices: Initial Evidence from Dallas, Texas," Journal of Real Estate Research, American Real Estate Society, vol. 30(2), pages 225-248.
    3. Gabriel Ahlfeldt & Kristoffer Moeller & Sevrin Waights & Nicolai Wendland, 2013. "The economics of conservation area designation," ERSA conference papers ersa13p87, European Regional Science Association.
    4. 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.
    5. Martin Heintzelman & Jason Altieri, 2013. "Historic Preservation: Preserving Value?," The Journal of Real Estate Finance and Economics, Springer, vol. 46(3), pages 543-563, April.
    6. Paolo Rosato & Lucia Rotaris & Margaretha Breil & Valentina Zanatta, 2008. "Do We Care about Built Cultural Heritage? The Empirical Evidence Based on the Veneto House Market," Working Papers 2008.64, Fondazione Eni Enrico Mattei.
    7. Gabriel M. Ahlfeldt, 2010. "Architektur, Ökonomie - Architekturökonomie," Perspektiven der Wirtschaftspolitik, Verein für Socialpolitik, vol. 11(4), pages 340-355, November.
    8. Eric Thompson & David Rosenbaum & Benjamin Schmitz, 2011. "Property values on the plains: the impact of historic preservation," The Annals of Regional Science, Springer, vol. 47(2), pages 477-491, October.
    9. Faroek Lazrak & Peter Nijkamp & Piet Rietveld & Jan Rouwendal, 2014. "The market value of cultural heritage in urban areas: an application of spatial hedonic pricing," Journal of Geographical Systems, Springer, vol. 16(1), pages 89-114, January.
    10. N. Edward Coulson & Michael L. Lahr, 2005. "Gracing the Land of Elvis and Beale Street: Historic Designation and Property Values in Memphis," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 33(3), pages 487-507, 09.
    11. Christopher Coombs & Nikias Sarafoglou & William Crosby, 2012. "Property Taxation, Capitalization, and the Economic Implications of Raising Property Taxes," International Advances in Economic Research, Springer, vol. 18(2), pages 151-161, May.
    12. Gabriel M. Ahlfeldt & Wolfgang Maennig, 2010. "Substitutability and Complementarity of Urban Amenities: External Effects of Built Heritage in Berlin," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 38(2), pages 285-323.

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