Measuring the Price Impact of Municipal Incorporation on Homeowner Associations
This paper investigates the impact of municipal formation, and subsequent change in land-use restrictions on existing deed-restricted subdivisions (DRSs) using a unique case in the suburbs of Saint Louis County: the city of Wildwood incorporated in 1995 even though a majority of houses were already in a homeowner association. Data was collected on single-family housing sales from 1990 through 2000 and on characteristics of 830 DRSs. Using a hedonic model, the surrounding 10 municipalities, and unincorporated area, results show a decline in DRS premiums after incorporation; however, the decline seems to have been concentrated in lots larger than 1 acre.
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- Ron Cheung, 2004.
"The Interaction Between Public and Private Governments: An Empirical Analysis,"
wp2004_11_01, Department of Economics, Florida State University, revised Feb 2007.
- Cheung, Ron, 2008. "The interaction between public and private governments: An empirical analysis," Journal of Urban Economics, Elsevier, vol. 63(3), pages 885-901, May.
- Kathleen P. Bell & Nancy E. Bockstael, 2000. "Applying the Generalized-Moments Estimation Approach to Spatial Problems Involving Microlevel Data," The Review of Economics and Statistics, MIT Press, vol. 82(1), pages 72-82, February.
- Sudip Chattopadhyay, 1999. "Estimating the Demand for Air Quality: New Evidence Based on the Chicago Housing Market," Land Economics, University of Wisconsin Press, vol. 75(1), pages 22-38.
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