Four Centuries of Location Value: Implications for Real Estate Capital Gain in Central Places
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- University of Cincinnati
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Overview: This paper constructs a 347-year index of location value for the period 1628-1974 for a major section of a big city. This index is used to investigate the implications of the monocentric city model for potential long-term capital gain in real estate investments in central places. The results show that this capital gain is very close to zero in real terms, as the monocentric city model would predict. Nearly all of the real growth in location value that did occur can be attributed to two historical periods, one in the seventeenth century and the other in the mid 20th century.
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Format: PDF | Size: 100KB | Date: Mar 2002 | Pages: 47
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