The Impact of Age on the Value of historic homes in a Nationally Recognized Historic District

Kimberly Winson-Geideman (), Dawn Jourdan () and Shan Gao ()
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Kimberly Winson-Geideman: University of North Texas
Dawn Jourdan: University of Florida
Shan Gao: Texas A&M University

Journal of Real Estate Research, 2011, vol. 33, issue 1, 25-48

Abstract: This paper uses hedonic modeling to test the effects of age, both actual and effective, on the value of historic properties within a nationally recognized historic district. Findings show that there is a critical point where the value of historic properties is affected by actual age and the depreciation schedule turns upward. Effective age is used to develop a variant of Tobin's Q which provides evidence that inter-district price differentials often attributed to historic designation are at least partially a function of investment differentials between districts.

JEL-codes: L85 (search for similar items in EconPapers)
Date: 2011
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