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The Value Impact of New Residential Construction and Neighborhood Disinvestment on Residential Sales Price

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  • Robert Simons
  • Roberto Quercia
  • Ivan Levin

Abstract

The topic of neighborhood redevelopment is central to residential appraisal and the lending process. We examine both the effect of neighborhood upgrading and decline, captured by subsidized new residential construction and sustained property tax delinquency respectively, on the sales price of one-to-two family homes. The research uses a two stage hedonic price model of 12,100 individual residential sales in Cleveland, Ohio during 1992-94. Results show a significant positive effect of $670 on the sales price of existing housing for each new unit built in a one-to-two block area. A decrease in sales price of $778 is associated with a 1% increase in the tax delinquency rate. The spatial variability of these effects is also explored.

Suggested Citation

  • Robert Simons & Roberto Quercia & Ivan Levin, 1998. "The Value Impact of New Residential Construction and Neighborhood Disinvestment on Residential Sales Price," Journal of Real Estate Research, Taylor & Francis Journals, vol. 15(2), pages 147-161, January.
    • Handle: RePEc:taf:rjerxx:v:15:y:1998:i:2:p:147-161
    DOI: 10.1080/10835547.1998.12090921
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