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

Winson-Geideman, Kimberly; Jourdan, Dawn; Gao, Shan

doi:10.1080/10835547.2011.12091297

Cited by 10 publications

(7 citation statements)

References 15 publications

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“…In most valuation literature, property age is used as a proxy for depreciation, and incremental increases negatively affect value. Yet Winson‐Geideman et al (2010) empirically show that age is valued in historic property markets, specifically Savannah. It is probable that age captures some vintage effects, wherein buyers prefer one particular style over another (Rehm et al , 2006; Goodman and Thibodeau, 1995).…”

Section: Methodsmentioning

confidence: 99%

“…The term “displacement” is often included in the definition of gentrification (Criekingen and Decroly, 2003; Bostic and Martin, 2003) along with references to neighborhood economic conditions that “improve” when young, wealthy professionals move in. Education and income statistics show the population of the NHLD to be much more affluent and educated in 2000 than it was in 1990 (Winson‐Geideman et al , 2010).…”

Section: Study Areamentioning

confidence: 99%

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Historic façade easements and single‐family home value: a case study of Savannah, Georgia (USA)

Winson-Geideman

Jourdan

2011

Int J of Hous Markts and Analy

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PurposeSeveral pending court cases regarding the valuation of historic façade easements and the associated tax credit have generated interest in the valuation of such preservation tools. The purpose of this paper is to assess the impact of façade easements on the value of single‐family home sales.Design/methodology/approachThe hedonic method, initially applied to real estate economics by Rosen in 1974, is used to analyze the data.FindingsResults contradict established theory and research on other property types, showing no observable impact.Research limitations/implicationsThe paper is limited to a single historic district in the USA, though it is the largest and arguably one of the most important. Facade easements, however, are used in many cities, making the study relevant in other geographic areas.Originality/valueLittle empirical work has been conducted on façade easements, and none in the context of single‐family homes, making this research an important contribution to real estate valuation literature.

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Section: Methodsmentioning

confidence: 99%

Section: Study Areamentioning

confidence: 99%

Historic façade easements and single‐family home value: a case study of Savannah, Georgia (USA)

Winson-Geideman

Jourdan

2011

Int J of Hous Markts and Analy

Self Cite

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“…Historic preservation is a topic widely discussed in the fields of planning and economics as it affects property ownership but appears to be a powerful tool to preserve and conserve heritage (Been et al , 2016). A number of scholars believe that historic designation can be a tool to promote local tourism (Mason, 2005; Tan and Ti, 2020) and economic development (Carruthers et al , 2010; Coulson and Leichenko, 2001; Tan and Ti, 2020) and increase values of individual properties which have been designated or included in the designated district (Angjellari-Dajci and Cebula, 2016; Asabere and Huffman, 1991; Been et al , 2016; Carruthers et al , 2010; Coulson and Leichenko, 2001; Ford, 1989; Gilderbloom et al , 2009; Winson-Gendeman et al , 2011). A number of scholars contend that due to its restrictive nature, historic preservation limits to a substantial extent what the owner can do to his or her property in terms of functionality and upkeep, resulting in a negative impact on housing prices (Asabere and Huffman, 1994; Asabere et al , 1994; Been et al , 2016; Heintzelman and Altieri, 2013; Schaeffer and Millerick, 1991).…”

Section: Literature Reviewmentioning

confidence: 99%

The external impacts of historic landmarks and buildings on townhouse prices in Vietnam

Nguyen

2021

IJHMA

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Purpose This paper aims to explore the external spillover effects of landmarks and buildings with historic preservation designation in Vietnam, a country marked with a unique property right regime and market transparency. The study contributes to the existing debate over the impact of distance to historic preservation sites and landmarks and property prices. Design/methodology/approach The study examines property data of 274 attached townhouses in Ho Chi Minh City, Vietnam and estimates the spillover effects of historic preservation on property prices collected during 2018–2019. The authors test for spatial autocorrelation by using the Global Moran’s I and Lagrange Multiplier diagnostics and deploy different spatial regression models including SAR, SEM and SDM. Findings The authors find that there is a premium on the prices of townhouses near formally designated landmarks and buildings. This premium decreases monotonically away from the historic sites. However, this paper also demonstrates that there is a non-linear (U-shape) relationship between housing premium and the distance to the nearest historic building. Originality/value This study is the first to take advantage of the surveyed property data to study the external impacts of historic preservation designation on housing prices in Vietnam. The study also contributes to the ongoing scholarly debate over the direction of the impacts. The study suggests that similar to other amenities, the price effect of designation tends to fade away after a certain distance.

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“…As the discussion of urban policy for building preservation has continued in developed countries, various notions have been raised regarding the urban economic effect of preservation. The first is the antique effect, also known as the vintage effect, related to the value of rarity [6,15]. The economic value of rare historic buildings may increase based on the perception of their being an antique with unique architectural characteristics.…”

Section: The Urban Economic Impact Of Building Preservationmentioning

confidence: 99%

“…Discussions on building preservation methods have persisted ever since [1][2][3][4][5]. More recently, the economical aspect of historic building conservation has been studied, demonstrating that these buildings can generate profits [6,7]. On the other hand, many East Asian cities, including Korea, have a relatively short history of building preservation, and old buildings are perceived as deteriorated buildings that need to be renovated, while new buildings are considered not only more convenient but also the only pursuable option for consumers.…”

Section: Introductionmentioning

confidence: 99%

The Impact of Historic Building Preservation in Urban Economics: Focusing on Accommodation Prices in Jeonju Hanok Village, South Korea

Kim

Lee

2020

Sustainability

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The preservation of historic buildings, based on economic value, has long been discussed in developed countries. On the other hand, in Korea, where the history of preservation is relatively short, discussions have only recently started. Related to this, a discussion regarding the scope of buildings that need to be protected in relation to urban planning is needed. This study analyzes the Jeonju Hanok Village, a tourist destination where Hanok—the traditional Korean architectural type—is highly concentrated. The study provides evidence for the economic impact of historic building preservation with respect to rarity, experience and agglomeration, based on the price analysis of accommodations. As a result, the accommodation prices of Hanok were found to be higher despite being older. The relation between accommodation prices and building age was quadratic, which revealed that buildings that have become rare attained accommodation prices similar to new buildings. Also, it was found that the prices increased with the provision of traditional activities and meal services. Lastly, the price was higher in the area where Hanok was agglomerated. The results suggested that the preservation of buildings should not only be justified on cultural grounds but also economic grounds, based on market demand and the fact that such preservation could contribute meaningfully toward sustainable development.

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

Cited by 10 publications

References 15 publications

Historic façade easements and single‐family home value: a case study of Savannah, Georgia (USA)

Historic façade easements and single‐family home value: a case study of Savannah, Georgia (USA)

The external impacts of historic landmarks and buildings on townhouse prices in Vietnam

The Impact of Historic Building Preservation in Urban Economics: Focusing on Accommodation Prices in Jeonju Hanok Village, South Korea

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