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Exterior Insulation and Finish Systems: The Effect on Residential Housing Prices and Marketing Time

  • Ken H. Johnson


    (Florida Atlantic University, Boca Raton, FL)

  • Sean P. Salter


    (University of Alabama, Tuscaloosa, AL)

  • Leonard V. Zumpano


    (University of Alabama, Tuscaloosa, AL)

  • Randy I. Anderson


    (Prudential Real Estate Investors, Parsippany, NJ)

Recently the use of artificial stucco (formally known as Exterior Insulation and Finish Systems, or EIFS) on residential real estate properties has been a topic of much debate. In this paper, we outline the issues surrounding EIFS use. Subsequently, we develop and test hypotheses regarding the impact of EIFS on property value and marketing time. The results indicate that the market is not discounting EIFS clad homes, but that the presence of EIFS significantly extends a property's marketing time. These findings are consistent with our theoretical framework and are compatible with inefficient local real estate markets.

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Article provided by American Real Estate Society in its journal Journal of Real Estate Research.

Volume (Year): 22 (2001)
Issue (Month): 3 ()
Pages: 289-312

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Handle: RePEc:jre:issued:v:22:n:3:2001:p:289-312
Contact details of provider: Postal: American Real Estate Society Clemson University School of Business & Behavioral Science Department of Finance 401 Sirrine Hall Clemson, SC 29634-1323
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Order Information: Postal: Diane Quarles American Real Estate Society Manager of Member Services Clemson University Box 341323 Clemson, SC 29634-1323
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  1. Kiefer, Nicholas M, 1988. "Economic Duration Data and Hazard Functions," Journal of Economic Literature, American Economic Association, vol. 26(2), pages 646-79, June.
  2. G. Donald Jud & Terry G. Seaks & Daniel T. Winkler, 1996. "Time on the Market: The Impact of Residential Brokerage," Journal of Real Estate Research, American Real Estate Society, vol. 12(3), pages 447-458.
  3. Norman G. Miller, 1978. "Time on the Market and Selling Price," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 6(2), pages 164-174.
  4. Jacob Belkin & Donald J. Hempel & Dennis W. McLeavey, 1976. "An Empirical Study of Time on Market Using Multidimensional Segmentation of Housing Markets," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 4(2), pages 57-75.
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