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|Title:||Inconsistent effects of a feature on home prices - Lang's two-market explanation|
|Citation:||Housing Policy Debate, 2008; 19(3):573-582|
|Publisher:||Fannie Mae Foundation|
|Organisation:||Centre for Automotive Safety Research (CASR)|
|T. Paul Hutchinson|
|Abstract:||In his 2005 article “Valuing the Suburbs: Why Some ‘Improvements’ Lower Home Prices,” Robert E. Lang proposes an explanation of why improvements to a home may either add to or detract from its value. He suggests a dual housing market: “one for conventional low-density suburbs, and one for cities and denser suburbs” (8). The former values features implying a natural or less intense use, and the latter values features adding “intensity or utility to a property” (8). This article reinterprets Lang’s explanation as an example of interaction (something having a different effect under one condition than it does under another) arising via summation followed by a nonlinear function of the result. An alternative explanation in terms of the fit between characteristics of a home and its location is also noted.|
|Keywords:||Alterations; markets; prices|
|Description:||Published online: 31 Mar 2010|
|Rights:||© 2008 Metropolitan Institute at Virginia Tech. ALL RIGHTS RESERVED.|
|Appears in Collections:||Centre for Automotive Safety Research publications|
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