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The Impact of Historical Districts on Residential Property Values

Author

Listed:
  • Donald A. Coffin

    (Indiana University Northwest)

Abstract

Interest in promoting neighborhood revitalization has led local governments and community groups to propose the establishment of historic districts. By creating a historic district, and by imposing land use controls, they hope to foster increased demand for the properties. However, the restrictions may prove burdensome and the additional information may have no value. Using a hedonic pricing model for housing sales for Elgin and Aurora, Illinois, the authors test for the effect on sales prices of location in a historic district and find it positively, but weakly, related to sales price in Elgin and positively related to location in a low-income area in the historic district in Aurora.

Suggested Citation

  • Donald A. Coffin, 1989. "The Impact of Historical Districts on Residential Property Values," Eastern Economic Journal, Eastern Economic Association, vol. 15(3), pages 221-228, Jul-Sep.
    • Handle: RePEc:eej:eeconj:v:15:y:1989:i:3:p:221-228
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    File URL: http://web.holycross.edu/RePEc/eej/Archive/Volume15/V15N3P221_228.pdf
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    References listed on IDEAS

    as
    1. Rosen, Sherwin, 1974. "Hedonic Prices and Implicit Markets: Product Differentiation in Pure Competition," Journal of Political Economy, University of Chicago Press, vol. 82(1), pages 34-55, Jan.-Feb..
    2. O'Byrne, Patricia Habuda & Nelson, Jon P. & Seneca, Joseph J., 1985. "Housing values, census estimates, disequilibrium, and the environmental cost of airport noise: A case study of Atlanta," Journal of Environmental Economics and Management, Elsevier, vol. 12(2), pages 169-178, June.
    Full references (including those not matched with items on IDEAS)

    Citations

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    Cited by:

    1. Andrew Narwold, 2006. "Historical Designation and Residential Property Values," ERSA conference papers ersa06p245, European Regional Science Association.
    2. Werner W. Pommerehne & Susanne Krebs, 1991. "Fiscal Interactions of Central City and Suburbs: The Case of Zurich," Urban Studies, Urban Studies Journal Limited, vol. 28(5), pages 783-801, October.
    3. David E. Clark & William E. Herrin, 1997. "Historical Preservation Districts and Home Sale Prices: Evidence from the Sacramento Housing Market," The Review of Regional Studies, Southern Regional Science Association, vol. 27(1), pages 29-48, Summer.
    4. 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.
    5. Angjellari-Dajci, Fiorentina & Boylan, Robert & Cebula, Richard, 2014. "Firm Size, Dual Brokerage, and National Franchise Affiliation of Real Estate Brokerage Firms: Unexpected Results from 2008 to 2013," MPRA Paper 55897, University Library of Munich, Germany.
    6. 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.
    7. Andrew Narwold & Jonathan Sandy & Charles Tu, 2008. "Historic Designation and Residential Property Values," International Real Estate Review, Global Social Science Institute, vol. 11(1), pages 83-95.
    8. Douglas S. Noonan, 2013. "Market effects of historic preservation," Chapters, in: Ilde Rizzo & Anna Mignosa (ed.), Handbook on the Economics of Cultural Heritage, chapter 17, pages i-i, Edward Elgar Publishing.
    9. Rickman, Dan S., 2009. "Neighborhood Historic Preservation Status and Housing Values in Oklahoma County, Oklahoma," Journal of Regional Analysis and Policy, Mid-Continent Regional Science Association, vol. 39(2), pages 1-10.
    10. repec:rre:publsh:v:39:y:2009:i:1:p:9-22 is not listed on IDEAS
    11. 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.

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