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The Effect of Historic District Designation on Single-Family Home Prices

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  • Deborah Ann Ford

Abstract

The designation and regulation of local historic districts in Baltimore, Maryland started in 1964. Structures within these districts are required to maintain exteriors in the style of the historical significance of the neighborhoods. Prior studies in other cities have shown that the designation did not always lead to an increase in restoration activities in these areas. This paper analyzes the effect of the designation on transaction prices and finds historic districts do have higher prices than identical non-historic districts. Copyright American Real Estate and Urban Economics Association.

Suggested Citation

  • Deborah Ann Ford, 1989. "The Effect of Historic District Designation on Single-Family Home Prices," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 17(3), pages 353-362.
  • Handle: RePEc:bla:reesec:v:17:y:1989:i:3:p:353-362
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    References listed on IDEAS

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    1. Jon P. Nelson, 1981. "Three Mile Island and Residential Property Values: Empirical Analysis and Policy Implications," Land Economics, University of Wisconsin Press, vol. 57(3), pages 363-372.
    2. Shirley Bradway Laska & Jerrol M. Seaman & Dennis R. McSeveney, 1982. "Inner-City Reinvestment: Neighborhood Characteristics and Spatial Patterns Over Time," Urban Studies, Urban Studies Journal Limited, vol. 19(2), pages 155-165, May.
    3. Johnson, Ruth C & Kaserman, David L, 1983. "Housing Market Capitalization of Energy-Saving Durable Goods Investments," Economic Inquiry, Western Economic Association International, vol. 21(3), pages 374-386, July.
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    Cited by:

    1. Gabriel Ahlfeldt & Kristoffer Möller & Sevrin Waights & Nicolai Wendland, 2012. "On prisoner's dilemmas and gilded cages: The economics of heritage preservation," ERSA conference papers ersa12p783, European Regional Science Association.
    2. Andrew Narwold & Jonathan Sandy & Charles Tu, 2008. "Historic Designation and Residential Property Values," International Real Estate Review, Asian Real Estate Society, vol. 11(1), pages 83-95.
    3. Cebula, Richard J., 2009. "The Hedonic Pricing Model Applied to the Housing Market of the City of Savannah and Its Savannah Historic Landmark District," The Review of Regional Studies, Southern Regional Science Association, vol. 39(1), pages 9-22.
    4. Angjellari-Dajci, Fiorentina & Cebula, Richard, 2014. "Applying the Hedonic Pricing Model to the Prices of Single-Family Homes in the Oldest U.S. City, St. Augustine, Florida, Testing Whether Property Taxes Are Capitalized into Housing Prices," MPRA Paper 55587, University Library of Munich, Germany.
    5. 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, September.
    6. repec:kap:iaecre:v:18:y:2012:i:2:p:151-161 is not listed on IDEAS
    7. Jeffrey J. Pompe & Jody W. Lipford, 2005. "Putting Private Lands into Public Hands: Explaining Voter Choices to Purchase Public Lands," Journal of Private Enterprise, The Association of Private Enterprise Education, vol. 20(Spring 20), pages 1-26.
    8. Lazrak, F. & Nijkamp, P. & Rietveld, P. & Rouwendal, J., 2009. "Cultural heritage: hedonic prices for non-market values," Serie Research Memoranda 0049, VU University Amsterdam, Faculty of Economics, Business Administration and Econometrics.
    9. 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 113-124, July.
    10. Vecvagars, Kaspars, 2006. "Valuing damage and losses in cultural assets after a disaster: concept paper and research options," Estudios y Perspectivas – Sede Subregional de la CEPAL en México 56, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL).
    11. Vicki Been & Ingrid Gould Ellen & Michael Gedal & Edward Glaeser & Brian J. McCabe, 2014. "Preserving History or Hindering Growth? The Heterogeneous Effects of Historic Districts on Local Housing Markets in New York City," NBER Working Papers 20446, National Bureau of Economic Research, Inc.
    12. 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.
    13. 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.
    14. Velma Zahirovic-Herbert & Karen Gibler, 2014. "Historic District Influence on House Prices and Marketing Duration," The Journal of Real Estate Finance and Economics, Springer, vol. 48(1), pages 112-131, January.
    15. Douglas S. Noonan, 2013. "Market effects of historic preservation," Chapters,in: Handbook on the Economics of Cultural Heritage, chapter 17, pages i-i Edward Elgar Publishing.
    16. Cebula, Richard & Foley, Maggie & Houmes, Robert, 2010. "Property Tax Capitalization within a National Historic District versus Property Tax Capitalization outside that National Historic District: Another Application of the Tiebout Hypothesis," MPRA Paper 60008, University Library of Munich, Germany.
    17. Eric Thompson & David Rosenbaum & Benjamin Schmitz, 2011. "Property values on the plains: the impact of historic preservation," The Annals of Regional Science, Springer;Western Regional Science Association, vol. 47(2), pages 477-491, October.
    18. Christopher Coombs & Nikias Sarafoglou & William Crosby, 2012. "Property Taxation, Capitalization, and the Economic Implications of Raising Property Taxes," International Advances in Economic Research, Springer;International Atlantic Economic Society, vol. 18(2), pages 151-161, May.
    19. Been, Vicki & Ellen, Ingrid Gould & Gedal, Michael & Glaeser, Edward & McCabe, Brian J., 2016. "Preserving history or restricting development? The heterogeneous effects of historic districts on local housing markets in New York City," Journal of Urban Economics, Elsevier, vol. 92(C), pages 16-30.
    20. Lazrak, F. & Nijkamp, P. & Rietveld, P. & Rouwendal, J., 2009. "Cultural heritage and creative cities: an economic evaluation perspective," Serie Research Memoranda 0036, VU University Amsterdam, Faculty of Economics, Business Administration and Econometrics.
    21. Daniel Shefer & Eyal Salinger, 2011. "Modeling the Decision to Conserve and the Economic Value of Conservation - The Case of the White City of Tel Aviv," ERSA conference papers ersa10p852, European Regional Science Association.

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