IDEAS home Printed from https://ideas.repec.org/a/jre/issued/v22n32001p289-312.html
   My bibliography  Save this article

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

Author

Listed:
  • 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)

Abstract

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.

Suggested Citation

  • Ken H. Johnson & Sean P. Salter & Leonard V. Zumpano & Randy I. Anderson, 2001. "Exterior Insulation and Finish Systems: The Effect on Residential Housing Prices and Marketing Time," Journal of Real Estate Research, American Real Estate Society, vol. 22(3), pages 289-312.
  • Handle: RePEc:jre:issued:v:22:n:3:2001:p:289-312
    as

    Download full text from publisher

    File URL: http://pages.jh.edu/jrer/papers/pdf/past/vol22n03/03.289_312.pdf
    File Function: Full text
    Download Restriction: no

    References listed on IDEAS

    as
    1. Kiefer, Nicholas M, 1988. "Economic Duration Data and Hazard Functions," Journal of Economic Literature, American Economic Association, vol. 26(2), pages 646-679, June.
    2. 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.
    3. 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.
    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.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Ken Johnson & Thomas Springer & Christopher Brockman, 2005. "Price Effects of Non-Traditionally Broker-Marketed Properties," The Journal of Real Estate Finance and Economics, Springer, vol. 31(3), pages 331-343, November.
    2. Rosane Hungria-Gunnelin, 2013. "Impact of Number of Bidders on Sale Price of Auctioned Condominium Apartments in Stockholm," International Real Estate Review, Asian Real Estate Society, vol. 16(3), pages 274-295.
    3. Zumpano, Leonard V. & Johnson, Ken H. & Anderson, Randy I., 2003. "Internet use and real estate brokerage market intermediation," Journal of Housing Economics, Elsevier, vol. 12(2), pages 134-150, June.
    4. Bruce Gordon & Sean P. Salter & Ken H. Johnson, 2002. "Difficult to Show Properties and Utility Maximizing Brokers," Journal of Real Estate Research, American Real Estate Society, vol. 23(1/2), pages 111-128.

    More about this item

    JEL classification:

    • L85 - Industrial Organization - - Industry Studies: Services - - - Real Estate Services

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:jre:issued:v:22:n:3:2001:p:289-312. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (JRER Graduate Assistant/Webmaster). General contact details of provider: http://www.aresnet.org/ .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.