The Market for Residential Architecture: 19th Century Row Houses in Boston′s South End

Moorhouse, John C.; Smith, Margaret

doi:10.1006/juec.1994.1016

Cited by 29 publications

(19 citation statements)

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“…Beyond this threshold, evidence for positive effects is weak at best. This is significantly less than previous studies have found in terms of the internal price effect of particular architectural styles and design features (up to about 20%, see Asabere, et al, 1989;Moorhouse & Smith, 1994;Vandell & Lane, 1989) and the external price effect of large scale iconic sports facilities (up to about 15%, see Ahlfeldt & Kavetsos, 2011;Ahlfeldt & Maennig, 2010b), but significantly more than the existing evidence for the effect of an additional historic landmark in close vicinity (0.14-2.8%, see Ahlfeldt & Maennig, 2010c;Lazrak, et al, 2010;Leichenko, et al, 2001;Noonan, 2007).…”

Section: Resultscontrasting

confidence: 58%

“…Hough and Kratz (1983), Vandell and Lane (1989) and Gat (1998) all studied the effect of architecture on commercial properties and found that a rental premium was achieved by buildings with 'good' architectural design. Other studies find that premiums can be achieve for certain architectural styles (Asabere, Hachey, & Grubaugh, 1989), exterior design features (Moorhouse & Smith, 1994) and new urbanism communities (Song & Knaap, 2003). These findings are informative for our case as they demonstrate that markets value architectural design, in principle.…”

Section: Background and Existing Literaturesupporting

confidence: 72%

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Valuing Iconic Design: Frank Lloyd Wright Architecture in Oak Park, Illinois

Ahlfeldt

Mastro

2012

Housing Studies

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This study investigates the willingness of homebuyers to pay for co-location with iconic architecture.Oak Park, Illinois was chosen as the study area given its unique claim of having 24 residential structures designed by world-famous American architect Frank Lloyd Wright, in addition to dozens of other designated landmarks and three preservation districts. This study adds to the limited body of existing literature on the external price effects of architectural design and is unique in its focus on residential architecture. We find a premium of about 8.5% within 50-100m of the nearest Wright building and about 5% within 50-250m. These results indicate that an external premium to iconic architecture does exist, although it may partially be attributable to the prominence of the architect.

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Section: Resultscontrasting

confidence: 58%

Section: Background and Existing Literaturesupporting

confidence: 72%

Valuing Iconic Design: Frank Lloyd Wright Architecture in Oak Park, Illinois

Ahlfeldt

Mastro

2012

Housing Studies

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“…4 For example, Nicholas and Scherbina (2010) collect house transaction data from the Real Estate Record and Builders' Guide and construct a hedonic price index for the Manhattan area between 1920 and 1939. 5 For example, Moorhouse and Smith (1994) constructed a hedonic house price index to study the effects of the row house on house prices in many US cities in the 19 th century. Margo (1996) collected house rental data from newspaper ads in New York City and constructed a hedonic house rental price index for New York City between 1830 and 1860.…”

Section: Introductionmentioning

confidence: 99%

Real estate prices in Beijing, 1644 to 1840

Raff

Wächter

Yan

2013

Explorations in Economic History

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This paper provides the first estimates of housing price movements for Beijing in late pre-modern China. We hand-collect from archival sources transaction prices and other house attribute information from the 498 surviving house sale contracts for Beijing during the first two centuries of the Qing Dynasty (1644-1840), a long period without major wars, political turmoil, or significant institutional change in the Chinese capital. We use hedonic methods to construct a real estate price index for Beijing for the period. The regression analysis explains a major proportion of the variance of housing prices. We find that house prices grew steadily for the first half-century of the Qing Dynasty and declined afterwards in both nominal and real terms through the late eighteenth century. Nominal prices grew starting in the late eighteenth century and declined from the early nineteenth century through 1840. But these price changes occurred with contemporaneous price changes in basic measures of the cost of living: there was little change in real terms to the end of our period. We hand-collect transaction prices and other house attribute information from the 498 surviving house sale contracts from Beijing during the Qing Dynasty years of 1644-1840, a long period without war, major political turmoil, or significant institutional change in the Chinese capital. We use hedonic methods to construct a real estate price index for Beijing for the period. Regression explains a quite respectable proportion of the variance. We find that house prices grew steadily for the first half-century of the Qing Dynasty and declined afterwards in both nominal and real terms. Nominal prices grew again in the late eighteenth century and declined again from the early nineteenth century. But these price changes occurred with contemporaneous price changes in basic measures of the cost of living: there was relatively little change in real terms in this second part of the period. More speculative comparisons of Qing-era prices with very recent ones suggest that longrun differences have been more modest than one might have imagined.

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“…That analysis was based on a combination of a statistical and a hierarchical approach. In another example, where the architectural quality in an urban economic perspective was investigated, the methodology was based on a hedonic prize index with easy collected housing characteristics for 131 row houses in a Victorian neighbourhood in the United States [10]. That study gave evidence that the residential architecture matters in the marketplace and that the architectural features appear to be more valuable if one row housedifferentiate from its immediate neighbours.…”

Section: Introductionmentioning

confidence: 99%

A Quantitative Approach for Valuating Architectural Qualities

Nordwall¹

2011

TOBCTJ

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Architectural qualities is often valuated based on a describable nature with a more personal interpretation, such as living space, size of ground plot, the number of sanitation rooms, or standard points according to the property taxation.Models with values of a more measurable qualitative nature, such monetary parameters,are less used. Within other research areas, for example the environmental and economic field, there are examples of well used qualitative models. One example is the Contingent Valuation (CV) model. It can be used to measure values in terms of willingness to pay on a hypothetic market. In this paper we introduce adirect quantitative approach for evaluating architectural qualities based on the theory of CV. The architectural qualities investigated are: the patina and mellowness of building components, usage flexibility within the apartment, and properties and characteristics of the surroundings.The method has been applied on a smaller case-study of 150 people living in cooperative and rented flats at Ålidhem, Ålidbacken and Östermalm in Umeå, Sweden. The case study was used merely to demonstrate and evaluate the methodology. The study indicated that the introduced three architectural values could be investigated with the used CV approach. It was found that the tenants had a measureable willingness to pay for those qualities. This supports a notion that valuations of architectural qualities are not entirely subjective and dependent on the individuals. Consequently the study supports the proposal to use qualitative measures to grade and compare such qualities.

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The Market for Residential Architecture: 19th Century Row Houses in Boston′s South End

Cited by 29 publications

References 0 publications

Valuing Iconic Design: Frank Lloyd Wright Architecture in Oak Park, Illinois

Valuing Iconic Design: Frank Lloyd Wright Architecture in Oak Park, Illinois

Real estate prices in Beijing, 1644 to 1840

A Quantitative Approach for Valuating Architectural Qualities

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