Volume 30, Number 2, 2008
Conservation Status and Residential Transaction Prices:
Initial Evidence from Dallas, Texas
Julian Diaz III
Department of Real Estate
Georgia State University
Box 4020
Atlanta, Georgia 30302-4020
Email: jdiaz@gsu.edu |
J. Andrew Hansz
Department of Finance and Real Estate
University of Texas, Arlington
701 South West Street, Room 434
Arlington, Texas 76019
Email: hansz@uta.edu
|
Matthew L. Cypher
INVESCO Real Estate
12155 Noel Road, Suite 500
Dallas, Texas 75240
Email:
Matthew_Cypher@Invesco.com
|
Darren K. Hayunga
Department of Finance and Real Estate
University of Texas, Arlington
701 South West Street, Room 626
Arlington, Texas 76019
Email: hayunga@uta.edu
|
Abstract:
The traditional mechanisms of
private covenants and public restrictions may not meet the
needs of residential property owners who want to preserve a certain
neighborhood style.
Privately initiated and publicly enforced conservation district
regulations can preserve
desirable neighborhood characteristics and signal to buyers that
neighborhood
conformity will likely persist. We analyze residential transaction
prices in Dallas, Texas
and find premiums associated with residential properties within and
buffering
conservation district locations. These results are robust to the spatial
autocorrelation
common in residential transaction prices.
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