Eres : Digital Library : Works

Paper eres2010_027:
WHAT IS THE VALUE OF A NAME? CONSPICUOUS CONSUMPTION AND HOUSE PRICES

id eres2010_027
authors Zahirovic-Herbert, Velma; Chatterjee, Swarn
year 2010
title WHAT IS THE VALUE OF A NAME? CONSPICUOUS CONSUMPTION AND HOUSE PRICES
source 17th Annual European Real Estate Society Conference in Milan, Italy
summary This is the first study to lend empirical support to anecdotal media reports that indicate that real property buyers pay price premiums based on property names. Using a standard hedonic price model, we explore the price effects of property names that include the terms “country” and “country club” within a neighborhood. Buyers assign a premium of 4.2 percent for the term “country” and an additional 5.1 percent for the term “country club” in the property name. Wealthier buyers tend to be the leaders in paying this price premium, but buyers are less willing to pay these premiums during recessionary times.
keywords hedonic house price, property names, subdivision specific amenities, conspicuous consumption
series ERES:conference
email vherbert@uga.edu
more http://www.eres2010.org/index.asp?page=papers_download
content file.pdf (175,663 bytes)
discussion No discussions. Post discussion ...
ratings
session Real Estate Valuation (3)
last changed 2010/08/04 20:47
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