Showing papers in "Journal of Housing Research in 2009"
TL;DR: The authors empirically examined the effect of neighborhood controls, including homeowner associations and private/limited access streets, on house prices using data from St. Louis, one of the first urban areas to consider neighborhood control.
Abstract: We empirically examine the effect of neighborhood controls, including homeowner associations and private/limited access streets, on house prices using data from St. Louis, one of the first urban ar...
27 citations
TL;DR: In this paper, a hedonic analysis of residential sales from Cuyahoga County, Ohio is employed to estimate how property and location-specific characteristics influence the foreclosure discount.
Abstract: This paper examines the overall magnitude and determinants of the value of foreclosed homes. A hedonic analysis of residential sales from Cuyahoga County, Ohio is employed to estimate how property and location-specific characteristics influence the foreclosure discount. Results indicate that the discount is substantial and subject to wide variations. The discount depends on a home's age, size, and condition, as well as numerous neighborhood characteristics. The duration of vacancy and number of surrounding foreclosures also impact the discount level. The results from this analysis inform policymakers on how foreclosure diminishes community property values and have practical implications to lenders and investors.
22 citations
TL;DR: In this article, the authors present an example of ancillary service providers that are required to pay closing costs on behalf of buyers that are contingent on the buyers' use of preferred service providers.
Abstract: Offers by sellers to pay closing costs on behalf of buyers that are contingent on the buyers' use of preferred ancillary service providers are a relatively new but increasing phenomenon. These cont...
18 citations
TL;DR: In this paper, the authors examined the effects of impact fees on housing prices using data from 46,420 properties in 63 Texas cities, 38 of which impose an impact fee, after controlling for self-selection of the...
Abstract: This paper examines the effects of impact fees on housing prices using data from 46,420 properties in 63 Texas cities, 38 of which impose an impact fee. After controlling for self-selection of the ...
16 citations
TL;DR: In this paper, a hedonic pricing model was applied to determine whether property taxes are capitalized into housing prices in the city of Savannah, Georgia, and the results showed that property taxes were not capitalized.
Abstract: This study applies a hedonic pricing model to determine whether property taxes are capitalized into housing prices in the city of Savannah, Georgia. There were sufficient data to study a total of 2...
15 citations
TL;DR: In this paper, the impact of privately-administered architectural review boards on property price and marketing time and their financial efficacy was investigated, and the authors demonstrated the financial efficacy of these review boards.
Abstract: This paper investigates the impact of privately-administered architectural review boards on property price and marketing time and, thus, their financial efficacy. Additionally, the paper demonstrat...
14 citations
TL;DR: The authors examined how demographics shape demand and projects household growth, second home and additional vacant unit demand, and replacement demand from 2010 to 2020 under different assumptions, showing that demographics are not quite destiny but do exert a powerful influence on future housing demand.
Abstract: Demographics are not quite destiny but do exert a powerful influence on future housing demand. This paper examines how demographics shape demand and projects household growth, second home and additional vacant unit demand, and replacement demand from 2010 to 2020 under different assumptions. To analyze the housing supply-demand balance entering 2010, results are presented from a backward look at long-run construction demand compared to actual new construction and from a simple econometric model of long-run demand for starts using pooled metropolitan area data from 1982 to 2000. Implications of the housing and mortgage market meltdown for homeownership in the years ahead are also explored.
12 citations
TL;DR: In this paper, the authors seek to determine what factors are decisive when an agent chooses between a 100% payout and the more traditional split-commission arrangement, in addition to the expected positive re...
Abstract: This research seeks to determine what factors are decisive when an agent chooses between a 100% payout and the more traditional split-commission arrangement. In addition to the expected positive re...
9 citations
TL;DR: In this article, a semi-parametric duration model was employed on residential data to examine marketing time until sold as a function of multiple spatial planes, including both locally defined neighborhood proxies and absolute location signatures in the models.
Abstract: Research on the relevance of location in real estate markets has been limited in studies of time on market. A semi-parametric duration model, adjusted for groupwise heterogeneity and corrected for bias, is employed on residential data to examine marketing time until sold as a function of multiple spatial planes. Including both locally defined neighborhood proxies and absolute location signatures in the models allows for controlling the influence that location externalities have on the components of individual properties and their relationship to marketing time. The results indicate that the impact on marketability from characteristics on a specific property vary by location within a housing market. The results are consistent with the pricing literature, suggesting that prime locations can command price premiums and potentially result in reduced marketing time.
7 citations
TL;DR: Using listing price as a proxy to the market value of residential housing, this paper examined the extent to which seller-paid concessions are capitalized into the final selling price of residentia.
Abstract: Using listing price as a proxy to the market value of residential housing, this study examines the extent to which seller-paid concessions are capitalized into the final selling price of residentia...
2 citations
TL;DR: In this article, the authors apply a parametric spatially adjusted SUR approach, so that dynamic as well as spatial patterns are controlled for simultaneously and further analyzes the effects of spatial spillover using a non-parametric spatial filtering approach.
Abstract: Determination of the demand for home ownership is analyzed. Determinants include prices and short—and medium term price changes, public regulation, competition from alternative residence forms, social composition of population, economic ability, and congestion. The study applies a parametric spatially adjusted SUR approach, so that dynamic as well as spatial patterns are controlled for simultaneously and further analyzes the effects of spatial spillover using a non-parametric spatial filtering approach. The importance of adjusting for spatial spillover is confirmed, but we show that parametric and non-parametric approaches may lead to substantially different conclusions regarding explanation of homeownership rate variations.