Premium
Gracing the Land of Elvis and Beale Street: Historic Designation and Property Values in Memphis
Author(s) -
Coulson N. Edward,
Lahr Michael L.
Publication year - 2005
Publication title -
real estate economics
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 1.064
H-Index - 61
eISSN - 1540-6229
pISSN - 1080-8620
DOI - 10.1111/j.1540-6229.2005.00127.x
Subject(s) - memphis , property value , commission , residential property , land values , property (philosophy) , quarter (canadian coin) , economics , sociology , law and economics , law , history , political science , archaeology , land use , economic geography , real estate , engineering , civil engineering , philosophy , epistemology , botany , biology
We analyze appreciation rates across comparable designated and undesignated neighborhoods in Memphis, Tennessee. Using appreciation rates potentially nullifies the objection to using assessed values in such an analysis while also mitigating some of the bias inherent in the differences between otherwise similar designated and undesignated neighborhoods. Nonetheless, in accord with the previous studies, after controlling for numerous housing characteristics, we find that properties in neighborhoods designated historical by the Memphis Landmarks Commission had appreciation rates above those in other similar neighborhoods. We also find that new properties benefit as much, perhaps even more, than older properties from being in a historic district.