The Price of Aesthetic Externalities

Topics:
Market Studies,
Property Analysis,
Property Management
Tags:
Business Operations,
Externality,
Price,
Real Estate,
University Of Louisville
Source:
University of Louisville

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Overview: This paper explores the prices of three aesthetic externalities (the presence of a water view, the appearance of nearby improvements, and the quality of landscaping in the neighborhood) in residential property markets. In particular, the paper focuses on how the implicit prices of such characteristics change with the residential real estate cycle. Given that the supply of these attributes is limited, one would expect their implicit prices to vary with the real estate cycle, contrary to what would be expected for the prices of property characteristics that are in relatively elastic supply.

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Format: PDF | Size: 2,724KB | Date: Nov 2003 | Pages: 31

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