The Impact of Historical Designation on Property Values Before and Following Hurricane Ike: The Case of Galveston Texas

Wen-Yao Grace Wang, Kris Knox and Gerald Hite

Journal of Real Estate Portfolio Management, 2013, vol. 19, issue 3, 225-234

Abstract: Executive Summary. The desire to preserve architectural heritage ensures that the historic districts continue to contribute to Galveston's economy. After Hurricane Ike, it became more challenging for homeowners in historic districts on Galveston Island to renovate damaged properties. A study of property values in Galveston, Texas indicates that increases in property values in historic districts were generally comparable to those in nonhistoric regions. Property values in the historic districts are less sensitive to negative macroeconomic shocks. In addition, property values that are above 95th percentile and below 5th percentile respond differently to macroeconomic shocks than those with average values.

Date: 2013
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DOI: 10.1080/10835547.2013.12089953

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