The Journal of Real Estate Finance and Economics

, Volume 2, Issue 3, pp 181–195

Architecture, historic zoning, and the value of homes

  • Paul K. Asabere
  • George Hachey
  • Steven Grubaugh
Article

Abstract

The principal objective of this paper is to detect any partial effects due to architecture on home value. The empirical results show that premium prices are associated with the historical architectural styles like colonial, federal, garrison, and Victorian. A second objective to detect potential impacts of historic zoning, however, does not show conclusively that the historic district of Newburyport has positive external effects.

Preview

Unable to display preview. Download preview PDF.

Unable to display preview. Download preview PDF.

References

  1. Alonso, W. Location and Land Use. Cambridge: Harvard University Press, 1964.Google Scholar
  2. Anderson, R.J., Jr. and Crocker, T.D. “Air Pollution and Residential Property Values.” Urban Studies 8 (1971), 171–180.Google Scholar
  3. Asabere, P.K. “The Determinants of Land Values in an African City: The Case of Accra, Ghana.” Land Economics 57 (3, 1981).Google Scholar
  4. Baumol, W.J. and Bowen, W. G. Performing Arts: The Economic Dilemma. Cambridge: M.I.T. Press, 1966.Google Scholar
  5. Beaver, T. D. “The Economic Benefits of Historic Preservation.” Commentary 8 (1978), 7–9.Google Scholar
  6. Box, G. and Cox D. “An Analysis of Transformations.” Journal of the American Statistical Association 26 (Ser. B, 1964), 211–243.Google Scholar
  7. Box, G. and Tidwell, P.W. “Transformations of the Independent Variables.” Technometrics (1962), 531–550.Google Scholar
  8. Chicoine, D. L. “Farmland Values at Urban Fringe: An Analysis of Sale Prices.” Land Economics 54 (1981), 514–19Google Scholar
  9. Colwell, P.F. and Sirmans, C.F. “Area, Time, Centrality and the Value of Urban Land.” Land Economics 54 (1978), 514–19.Google Scholar
  10. Costonis, J. J. Space Adrift: Landmark Preservation and the Marketplace. Urbana: University of Illinois Press, 1974.Google Scholar
  11. Garwood, Alfred N. Massachusetts: Municipal Profiles 1986–87. Wellesley Hills: Information Publications, 1987.Google Scholar
  12. Griliches, A. “Introduction: Hedonic Price Indexes Revisited.” In: Z. Griliches, ed., Price Indexes and Quality Change. Cambridge: Harvard University Press, 1971.Google Scholar
  13. Hammer, T.R.; Coughlin, R.E.; and Horn, E.T. “The Effect of a Large Urban Park on Real Estate Value.” Journal of American Institute of Planners 49 (1974), 274–277.Google Scholar
  14. Hough, D.E. and Kratz, C.G. “Can ‘Good’ Architecture Meet the Market Test?” Journal of Urban Economics 14 (1982), 40–54.Google Scholar
  15. Johnson, N.L. and Kotz, S. Continuous Univariate Distributions -1. New York: Houghton Mifflin Co, 1970.Google Scholar
  16. Johnson, R.J. “Toward an Analytical Study of the Townscape: The Residential Building Fabric.” Geografiska Annaler 51B (1969), 20–32.Google Scholar
  17. Kain, J.F. and Quigley, J.M. “Measuring the Value of Housing Quality.” Journal of the American Statistics Association 65 (1970), 532–548Google Scholar
  18. Kowalski, J.G. and Colwell, P.F. “Market Versus Assessed Values of Industrial Land.” AREUEA Journal 14 (1986), 361–373.Google Scholar
  19. Mills, E.S. “The Value of Urban Land.” In: H.S. Perloff, ed., The Quality of the Urban Environment. Baltimore: Johns Hopkins University Press, 1972.Google Scholar
  20. Mills, E.S. Studies in the Structure of the Urban Economy. Baltimore: Johns Hopkins University Press, 1972.Google Scholar
  21. Millward, H. “The Geography of Housing in Metropolitan Halifax, Nova Scotia.” Atlantic Region of Geographic Studies No. 3. Unpublished.Google Scholar
  22. Morison, Samuel Eliot. The Maritime History of Massachusetts 1783–1860. Boston: Northeastern University Press, 1979.Google Scholar
  23. Muth, R.F. Cities and Housing. Chicago: University of Chicago Press, 1969.Google Scholar
  24. National Trust for Historic Preservation. Economic Benefits of Preserving Old Buildings. Washington, D.C.: Preservation Press, 1976.Google Scholar
  25. Nelson, J.P. “Residential Choice, Hedonic Prices, and the Demand for Urban Air Quality.” Journal of Urban Economics 5 (1978), 357–369.Google Scholar
  26. Pevsner, J. An Outline of European Architecture. 7th ed. New York: Penguin Books, 1963.Google Scholar
  27. Polinsky, A.M. and Shavell, S. “Amenities and Property Values in a Model of an Urban Area.” Journal of Public Economics 5 (1976), 119–129.Google Scholar
  28. Quigley, J.M. “Housing Demand in the Short Run: An Analysis of Poltomous Choice.” Explor. Econ. Res. 3 (1976), 76–102.Google Scholar
  29. Rao, P. and Miller, R.L. Applied Econometrics. Belmont, California: Wadsworth, 1971.Google Scholar
  30. Rickert, J.E. “House Facades in Northeastern United States.” Annals, Association of American Geographers 67 (1967), 52–537.Google Scholar
  31. Ridker, R.G. and Henning, J.A. “The Determinants of Residential Property Values with Special Reference to Air Pollution.” Rev. Econ. Statis. 49 (1967), 246–257.Google Scholar
  32. Rosen, S. “Hedonic Prices and Implicit Markets: Product Differentiation in Pure Competition.” Journal of Political Economics 82 (1974), 34–55.Google Scholar
  33. Rubin, B. “A Chronology of Architecture in Los Angeles.” Annals, Association of American Geographers 67 (1977), 521–537.Google Scholar
  34. Smith, B.A. “Measuring the Value of Urban Amenities.” Journal of Urban Economics 5 (1978), 370–187.Google Scholar
  35. Weisbrod, B.A. “Collective-consumption Services of Individual-consumption Goods.” Quart. J. Econ. 78 (1964), 471–477.Google Scholar
  36. White, H. “A Heteroscedasticity-consistent Covariance Matrix and a Direct Test for Heteroscedasticity.” Econometrica 48 (1980), 817–838.Google Scholar

Copyright information

© Kluwer Academic Publishers 1989

Authors and Affiliations

  • Paul K. Asabere
    • 1
  • George Hachey
    • 2
  • Steven Grubaugh
    • 3
  1. 1.Department of Legal and Real Estate StudiesTemple UniversityPhiladelphiaUSA
  2. 2.Bentley CollegeBentleyUK
  3. 3.Bentley CollegeBentleyUK

Personalised recommendations