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"Location, Location, Location!" The Price Gradient for Vacant Urban Land: New York, 1835 to 1900

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  • Atack, Jeremy
  • Margo, Robert A

Abstract

We preview new archival evidence on the price of vacant land in New York City between 1835 and 1900. Before the Civil War, the price of land per square foot fell steeply with distance from New York's City Hall located in the central business district (CBD). After the Civil War, the distance gradient flattened and the fit of a simple regression of the log of land price per square foot on distance from the CBD declined markedly. Our most remarkable finding is that average nominal land prices at the CBD increased at an average annual rate of over 3 percent per year between 1835 and 1895, growing particularly rapidly around the time of the Civil War before declining as the century came to an end. Copyright 1998 by Kluwer Academic Publishers

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  • Atack, Jeremy & Margo, Robert A, 1998. ""Location, Location, Location!" The Price Gradient for Vacant Urban Land: New York, 1835 to 1900," The Journal of Real Estate Finance and Economics, Springer, vol. 16(2), pages 151-172, March.
  • Handle: RePEc:kap:jrefec:v:16:y:1998:i:2:p:151-72
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    Cited by:

    1. Daniel P. McMillen, 2010. "Issues In Spatial Data Analysis," Journal of Regional Science, Wiley Blackwell, vol. 50(1), pages 119-141.
    2. repec:eee:exehis:v:65:y:2017:i:c:p:1-16 is not listed on IDEAS
    3. Michael Iacono & David Levinson, 2017. "Accessibility dynamics and location premia: Do land values follow accessibility changes?," Urban Studies, Urban Studies Journal Limited, vol. 54(2), pages 364-381, February.
    4. Jenny Schuetz & Arturo Gonzalez & Jeff Larrimore & Ellen A. Merry & Barbara J. Robles, 2017. "Are Central Cities Poor and Non-White?," Finance and Economics Discussion Series 2017-031, Board of Governors of the Federal Reserve System (U.S.).
    5. Satyajit Chatterjee & Burcu Eyigungor, 2012. "A tractable circular city model with an application to the effects of development constraints on land rents," Working Papers 12-25, Federal Reserve Bank of Philadelphia.
    6. Tse, Chung Yi & Chan, Alex W. H., 2003. "Estimating the commuting cost and commuting time property price gradients," Regional Science and Urban Economics, Elsevier, vol. 33(6), pages 745-767, October.
    7. Ahlfeldt, Gabriel M. & Wendland, Nicolai, 2009. "Looming stations: Valuing transport innovations in historical context," Economics Letters, Elsevier, vol. 105(1), pages 97-99, October.
    8. Ahlfeldt, Gabriel M. & Wendland, Nicolai, 2011. "Fifty years of urban accessibility: The impact of the urban railway network on the land gradient in Berlin 1890-1936," Regional Science and Urban Economics, Elsevier, vol. 41(2), pages 77-88, March.
    9. Tom Nicholas & Anna Scherbina, 2013. "Real Estate Prices During the Roaring Twenties and the Great Depression," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 41(2), pages 278-309, June.
    10. Barr, Jason & Cohen, Jeffrey P., 2014. "The floor area ratio gradient: New York City, 1890–2009," Regional Science and Urban Economics, Elsevier, vol. 48(C), pages 110-119.
    11. Siodla, James, 2015. "Razing San Francisco: The 1906 disaster as a natural experiment in urban redevelopment," Journal of Urban Economics, Elsevier, vol. 89(C), pages 48-61.
    12. William C. Wheaton & Mark S. Baranski & Cesarina A. Templeton, 2009. "100 Years of Commercial Real Estate Prices in Manhattan," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 37(1), pages 69-83.
    13. Edward L. Glaeser, 2013. "A Nation Of Gamblers: Real Estate Speculation And American History," NBER Working Papers 18825, National Bureau of Economic Research, Inc.

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