IDEAS home Printed from https://ideas.repec.org/a/jre/issued/v24n32002p263-278.html
   My bibliography  Save this article

Age Restriction and Property Values

Author

Listed:
  • Karl L. Guntermann

    () (Arizona State University, Tempe, AZ 85287)

  • Seongman Moon

    () (Arizona State University, Tempe, AZ 85287)

Abstract

This study finds evidence of an age restriction premium that is maintained over time and across varying market conditions. Prior research has demonstrated that the reduced uncertainty associated with private covenants and deed restrictions can be capitalized into value. Age-restricted subdivisions provide a measure of certainty that future property owners must meet the same threshold age requirement satisfied by current owners. The evidence presented here is that this enhanced certainty is capitalized into property values, independent of the structural characteristics of individual units or subdivision amenities. Proposed federal regulations for age-restricted projects created uncertainty for several years in lower priced subdivisions that might not have met the new minimum quality standards. However, there is no evidence that this uncertainty impacted house prices.

Suggested Citation

  • Karl L. Guntermann & Seongman Moon, 2002. "Age Restriction and Property Values," Journal of Real Estate Research, American Real Estate Society, vol. 24(3), pages 263-278.
  • Handle: RePEc:jre:issued:v:24:n:3:2002:p:263-278
    as

    Download full text from publisher

    File URL: http://pages.jh.edu/jrer/papers/pdf/past/vol24n03/03.263_278.pdf
    File Function: Full text
    Download Restriction: no

    Citations

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


    Cited by:

    1. Jack Corgel & Crocker Liu & Robert White, 2015. "Determinants of Hotel Property Prices," The Journal of Real Estate Finance and Economics, Springer, vol. 51(3), pages 415-439, October.
    2. Jeremy R. Groves & William H. Rogers, 2011. "Effectiveness of RCA Institutions to Limit Local Externalities: Using Foreclosure Data to Test Covenant Effectiveness," Land Economics, University of Wisconsin Press, vol. 87(4), pages 559-581.
    3. Zhenguo Lin & Marcus Allen & Charles Carter, 2013. "Pet Policy and Housing Prices: Evidence from the Condominium Market," The Journal of Real Estate Finance and Economics, Springer, vol. 47(1), pages 109-122, July.
    4. William Rogers, 2010. "The Housing Price Impact of Covenant Restrictions and Other Subdivision Characteristics," The Journal of Real Estate Finance and Economics, Springer, vol. 40(2), pages 203-220, February.
    5. Charles Carter & Zhenguo Lin & Marcus Allen & William Haloupek, 2013. "Another Look at Effects of “Adults-Only” Age Restrictions on Housing Prices," The Journal of Real Estate Finance and Economics, Springer, vol. 46(1), pages 115-130, January.

    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:24:n:3:2002:p:263-278. 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.

    We have no references for this item. You can help adding them by using 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.