Open AccessInternational Real Estate Review
Author(s) -
Jay Weiser,
Ronald C. Neath
Publication year - 2016
Publication title -
journal of the asian real estate society
Language(s) - English
Resource type - Journals
ISSN - 1029-6131
DOI - 10.53383/100213
Subject(s) - covenant , enforcement , conveyancing , unit (ring theory) , deed , business , real estate , deference , public economics , actuarial science , accounting , economics , finance , political science , law , psychology , mathematics education
Residential community associations (common interest communities such as condominiums, cooperatives and planned unit developments, as well as properties subject to homeowners associations and architectural review boards) have become the dominant form of ownership for new United States single-family residential units. Community associations typically use covenants, conditions and restrictions (also known as CCRs, C&Rs, deed restrictions or covenants) to impose extensive private-ordered controls over unit owners. This empirical study uses regression analysis of a Web-based community association enforcement practices survey, concluding that more intense private-ordered enforcement is associated with increased unit value and decreased covenant violation levels. It also finds that judicial deference to private-ordered community association enforcement decisions is associated with higher value, and that some measures of social cohesion are associated with decreased covenant violation levels.