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The Hedonic Pricing Model Applied to the Housing Market of the City of Savannah and Its Savannah Historic Landmark District

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  • Cebula, Richard J.

    (Jacksonville U)

Abstract

This study applies a hedonic pricing model to the housing market of the City of Savannah, Georgia. The Savannah Historic Landmark District is located both in and adjacent to downtown Savannah. Of the 2,888 single-family homes for the period 2000-2005 for which data are available, 591 are located in the Historic District. The model of the real sales price of a single-family house in the City of Savannah environment reveals it is positively affected by the number of bathrooms, fireplaces, bedrooms, stories in structure, garage car spaces, square feet of finished living space, the presence of a deck, a private courtyard, a pool and/or hot-tub, an exterior construction of brick or stucco, the presence of an underground sprinkler system, and whether the house was new. Six spatial control variables are considered. Locations across from or adjacent to open space carry premia, as do locations on cul-de-sacs or lakes. Corner properties do not. In addition, proximity to an apartment complex is capitalized as a negative quantity, as do locations on a busy street. The real sales prices of residential properties that closed during May or July tend to be higher. In addition, houses designated as a national historical monument tend to carry with them a modest price premium, as do properties that are simply located within the Savannah Historic Landmark District.

Suggested Citation

  • Cebula, Richard J., 2009. "The Hedonic Pricing Model Applied to the Housing Market of the City of Savannah and Its Savannah Historic Landmark District," The Review of Regional Studies, Southern Regional Science Association, vol. 39(1), pages 9-22.
  • Handle: RePEc:rre:publsh:v:39:y:2009:i:1:p:9-22
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    1. Dubin, Robin A, 1998. "Predicting House Prices Using Multiple Listings Data," The Journal of Real Estate Finance and Economics, Springer, vol. 17(1), pages 35-59, July.
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    Citations

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    Cited by:

    1. Angjellari-Dajci, Fiorentina & Cebula, Richard, 2014. "Applying the Hedonic Pricing Model to the Prices of Single-Family Homes in the Oldest U.S. City, St. Augustine, Florida, Testing Whether Property Taxes Are Capitalized into Housing Prices," MPRA Paper 55587, University Library of Munich, Germany.
    2. Jacob Macdonald & Sofia Franco, 2015. "The Effects of Tangible Immovable Cultural Heritage on Residential Property Values: Evidence from Lisbon, Portugal," ERSA conference papers ersa15p657, European Regional Science Association.
    3. Mihaescu, Oana & vom Hofe, Rainer, 2013. "The Impact of Brownfields on Residential Property Values in Cincinnati, Ohio: A Spatial Hedonic Approach," HUI Working Papers 85, HUI Research.
    4. repec:kap:jgeosy:v:20:y:2018:i:1:d:10.1007_s10109-017-0257-y is not listed on IDEAS
    5. Allan, Corey & Grimes, Arthur & Kerr, Suzi, 2013. "Value and Culture," Working Papers 13_09, Motu Economic and Public Policy Research.
    6. Kashian, Russell & Cebula, Richard & Peterson, Jeremy, 2015. "A Duration Analysis of Foreclosures to Sheriff Sales in Light of the Financial Crisis," Journal of Regional Analysis and Policy, Mid-Continent Regional Science Association, vol. 45(2).
    7. vom Hofe, Rainer & Mihaescu, Oana & Boorn, Mary Lynne, 2017. "Do urban parks really benefit homeowners economically? Evidence from a spatial hedonic study of the Cincinnati park system," HUI Working Papers 122, HUI Research.
    8. Yu, Peiyong, 2015. "The Effect of Eminent Domain on Private and Mixed Development on Property Values," Journal of Regional Analysis and Policy, Mid-Continent Regional Science Association, vol. 45(2).
    9. Fiorentina Angjellari-Dajci & Richard Cebula & Robert Boylan & C. Izard & George Gresham, 2015. "The Impact of Taxes and HOA Fees on Single-Family Home Prices," International Advances in Economic Research, Springer;International Atlantic Economic Society, vol. 21(2), pages 201-211, May.
    10. 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.
    11. repec:kap:iaecre:v:21:y:2015:i:2:p:201-211 is not listed on IDEAS
    12. Lori Dickes & Elizabeth Crouch, 2015. "The Impact of Changing Lake Levels on Property Values: A Hedonic Model of Lake Thurmond," The Review of Regional Studies, Southern Regional Science Association, vol. 45(3), pages 221-235, Winter.

    More about this item

    Keywords

    Apartment; Hedonic; Homes; Housing; Residential; Spatial;

    JEL classification:

    • R21 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Household Analysis - - - Housing Demand
    • R31 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - Housing Supply and Markets
    • R52 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Regional Government Analysis - - - Land Use and Other Regulations

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