ECONOMICS UNIQUENESS

TABLE 4.1
Overview of Hedonic Price Studies with Regard to Cultural Heritage
Authors Study Study area Key fi ndings
Narwold et al. (2008) Effect of designated
historic houses on sale
price
Noonan (2007) Effect of landmarks and
districts on sale price
Ruijgrok (2006) Effect of authenticity,
ensemble, and landmark
designation on house
prices
Coulson and Lahr
(2005)
Effect of district
designation on
appreciation rate
Deodhar (2004) Effect of heritage listing
on sale prices
Coulson and
Leichenko (2001)
Effect of designation on
tax-appraisal value
Leichenko et al. (2001) Effect of historic
designation on house
prices
San Diego, California,
U.S.
Historic designation of single-family residences creates a 16 percent
increase in housing value, which is higher than the capitalization of the
property tax savings due to designation.
Chicago, Illinois, U.S. Designated property has a positive effect on both itself and neighboring
properties.
Tiel, The Netherlands Authenticity and façade elements account for 15 percent of sale prices
in the Hanseatic city of Tiel.
Memphis, Tennessee,
U.S.
Appreciation rates were 14–23 percent higher when properties were in
neighborhoods that were zoned historic. In this case, local designation
proved to be more important than national designation.
Sydney, Australia On average, heritage listed houses commanded a 12 percent premium
over non-listed houses. This premium is a combined value of the
houses’ heritage character, their architectural style elements, and their
statutory listing status.
Abilane, Texas, U.S. Local historic designation raises value of designated property by 17.6
percent.
Nine different Texas
cities, U.S.
Historically designated properties in Texas enjoy 5–20 percent higher
appraised prices than other property.
98 ■ THE ECONOMICS OF UNIQUENESS