Conservation Status and Residential Transaction Prices: Initial Evidence from Dallas, Texas
24 Pages Posted: 22 Jan 2008 Last revised: 1 Jul 2013
The traditional mechanisms of private covenants and public restrictions may not meet the needs of residential property owners who want to preserve a certain neighborhood style. Privately initiated and publicly enforced conservation district regulations can preserve desirable neighborhood characteristics and signal to buyers that neighborhood conformity will likely persist. This study examined residential transaction prices in Dallas, Texas and finds premiums associated with residential properties within and buffering conservation district locations. These results are robust to the spatial autocorrelation common in residential transaction prices.
Keywords: conservation district, Dallas, transaction price
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