"Location, Location, Location!" The Market for Vacant Urban Land: New York 1835-1900
AbstractWe present 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. After the Civil War, the distance gradient flattened and the fit of a simple regression of land price on distance from the CBD declined markedly. Average nominal land prices at the CBD increased at an average annual rate of over 3 percent per year between 1835 and 1895 before declining as the century came to an end.
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Bibliographic InfoPaper provided by National Bureau of Economic Research, Inc in its series NBER Historical Working Papers with number 0091.
Date of creation: Aug 1996
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Find related papers by JEL classification:
- R33 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Production Analysis, and Firm Location - - - Nonagricultural and Nonresidential Real Estate Markets
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- McMillen, Daniel P. & Jarmin, Ronald & Thorsnes, Paul, 1992. "Selection bias and land development in the monocentric city model," Journal of Urban Economics, Elsevier, vol. 31(3), pages 273-284, May.
- Edel, Matthew & Sclar, Elliott, 1975. "The distribution of real estate value changes: Metropolitan Boston, 1870-1970," Journal of Urban Economics, Elsevier, vol. 2(4), pages 366-387, October.
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