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Measuring the Price Impact of Municipal Incorporation on Homeowner Associations

  • William H. Rogers

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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File URL: http://le.uwpress.org/cgi/reprint/86/1/91
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Article provided by University of Wisconsin Press in its journal Land Economics.

Volume (Year): 86 (2010)
Issue (Month): 1 ()
Pages: 91-116

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Handle: RePEc:uwp:landec:v:86:y:2010:i:1:p:91-116
Contact details of provider: Web page: http://le.uwpress.org/

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  1. 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.
  2. 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.
  3. Ron Cheung, 2004. "The Interaction Between Public and Private Governments: An Empirical Analysis," Working Papers wp2004_11_01, Department of Economics, Florida State University, revised Feb 2007.
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