Economic Depreciation of Residential Real Estate: Microlevel Space and Time Analysis
Three elements in the study of real estate depreciation that warrant further consideration are uncovered: the spatial variation of depreciation on a micro scale, the variability of depreciation within a single market across time and the recognition of land value as an influence in modeling real prop...
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| Veröffentlicht in: | Real estate economics 2004-03, Vol.32 (1), p.161-180 |
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| container_title | Real estate economics |
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| creator | Smith, Brent C |
| description | Three elements in the study of real estate depreciation that warrant further consideration are uncovered: the spatial variation of depreciation on a micro scale, the variability of depreciation within a single market across time and the recognition of land value as an influence in modeling real property prices. Taken together, these three dimensions provide an opportunity to further expand the understanding of residential economic depreciation while enhancing the predictive power of real estate market models. The analytical results, utilizing a land‐value‐adjusted hedonic model, indicate that both the intramarket location and the year in which the property sold have significant impacts on the observed rate of economic depreciation. Such information is vitally important to policymakers and others interested in accurate modeling of real estate markets. |
| doi_str_mv | 10.1111/j.1080-8620.2004.00087.x |
| format | Article |
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Taken together, these three dimensions provide an opportunity to further expand the understanding of residential economic depreciation while enhancing the predictive power of real estate market models. The analytical results, utilizing a land‐value‐adjusted hedonic model, indicate that both the intramarket location and the year in which the property sold have significant impacts on the observed rate of economic depreciation. Such information is vitally important to policymakers and others interested in accurate modeling of real estate markets.</abstract><cop>Boston, USA and Oxford, UK</cop><pub>Blackwell Publishing, Inc</pub><doi>10.1111/j.1080-8620.2004.00087.x</doi><tpages>20</tpages></addata></record> |
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| ispartof | Real estate economics, 2004-03, Vol.32 (1), p.161-180 |
| issn | 1080-8620 1540-6229 |
| language | eng |
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| source | Wiley-Blackwell Journals; EBSCOhost Business Source Complete |
| subjects | Affordable housing Age Depreciation Economic aspects Economic theory Management Prices Property taxes Property values Real estate Real estate industry Residential buildings Residential real estate Studies Urban economics Valuation |
| title | Economic Depreciation of Residential Real Estate: Microlevel Space and Time Analysis |
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