Measuring the Price Impact of Municipal Incorporation on Homeowner Associations
AbstractThis paper investigates the impact of municipal formation, and subsequent change in land-use restrictions on existing deed-restricted subdivisions (DRSs) using a unique case in the suburbs of Saint Louis County: the city of Wildwood incorporated in 1995 even though a majority of houses were already in a homeowner association. Data was collected on single-family housing sales from 1990 through 2000 and on characteristics of 830 DRSs. Using a hedonic model, the surrounding 10 municipalities, and unincorporated area, results show a decline in DRS premiums after incorporation; however, the decline seems to have been concentrated in lots larger than 1 acre.
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Bibliographic InfoArticle provided by University of Wisconsin Press in its journal Land Economics.
Volume (Year): 86 (2010)
Issue (Month): 1 ()
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Web page: http://le.uwpress.org/
Find related papers by JEL classification:
- D71 - Microeconomics - - Analysis of Collective Decision-Making - - - Social Choice; Clubs; Committees; Associations
- R14 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics - - - Land Use Patterns
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