Conservation Status and Residential Transaction Prices: Initial Evidence from Dallas, Texas

Julian Diaz (), J. Andrew Hansz (), Matthew L. Cypher () and Darren K. Hayunga ()
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Julian Diaz: Georgia State University Atlanta, Georgia 30302-4020
J. Andrew Hansz: University of Texas, Arlington Arlington, Texas 76019
Matthew L. Cypher: INVESCO Real Estate Dallas, Texas 75240
Darren K. Hayunga: University of Texas, Arlington Arlington, Texas 76019

Journal of Real Estate Research, 2008, vol. 30, issue 2, pages 225-248

Abstract: The traditional mechanisms of private covenants and public restrictions may not meet the needs of residential property owners who want to preserve a certain neighborhood style. Privately initiated and publicly enforced conservation district regulations can preserve desirable neighborhood characteristics and signal to buyers that neighborhood conformity will likely persist. We analyze residential transaction prices in Dallas, Texas and find premiums associated with residential properties within and buffering conservation district locations. These results are robust to the spatial autocorrelation common in residential transaction prices.

JEL-codes: L85 (search for similar items in EconPapers)
Date: 2008
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