Historic Districts and Land Values

Paul K. Asabere () and Forrest E. Huffman ()
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Paul K. Asabere: School of Business Management Temple University Philadelphia, Pennsylvania 19122, http://www.sbm.temple.edu/
Forrest E. Huffman: The Real Estate Center Temple University Philadelphia, Pennsylvania 19122, http://www.cob.unl.edu/

Journal of Real Estate Research, 1991, vol. 6, issue 1, 1-8

Abstract: We measure the net effect of historic districting on the value of federally certified historic sites. The impact could be either positive or negative depending on the tension between positive externality effects and the constraints on property rights. Since federally certified historic parcels are not severely encumbered by regulations, we expect positive externality effects to dominate any negative effects of constraining rights. We find that the net effect of historic districting on land values is significantly positive. We also find that while residential parcels within historic districts attract a huge price premium of 131%, the premium associated with nonresidential parcels within historic districts is statistically insignificant.

JEL-codes: L85 (search for similar items in EconPapers)
Date: 1991
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Citations: View citations in EconPapers (15)

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