Measuring Price Behavior in New Residential Subdivisions

Measuring Price Behavior in New Residential Subdivisions Early buyers of single-family residences in newly developed subdivisions assume a greater level of risk than later buyers in choosing to purchase a home in a new subdivision where the market has not been sufficiently established. This risk stems from such things as uncertainty regarding the maintenance of development standards and other negative externalities inherent in purchasing in the early stages of the development cycle. Because of this, early buyers may require lower prices to compensate them for the additional risk that they assume. This paper explores the evolution of the price of residences in newly developed single-family subdivisions through the phases of development. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png The Journal of Real Estate Finance and Economics Springer Journals

Measuring Price Behavior in New Residential Subdivisions

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Publisher
Springer US
Copyright
Copyright © 2012 by Springer Science+Business Media, LLC
Subject
Economics / Management Science; Regional/Spatial Science; Finance/Investment/Banking
ISSN
0895-5638
eISSN
1573-045X
D.O.I.
10.1007/s11146-012-9364-1
Publisher site
See Article on Publisher Site

Abstract

Early buyers of single-family residences in newly developed subdivisions assume a greater level of risk than later buyers in choosing to purchase a home in a new subdivision where the market has not been sufficiently established. This risk stems from such things as uncertainty regarding the maintenance of development standards and other negative externalities inherent in purchasing in the early stages of the development cycle. Because of this, early buyers may require lower prices to compensate them for the additional risk that they assume. This paper explores the evolution of the price of residences in newly developed single-family subdivisions through the phases of development.

Journal

The Journal of Real Estate Finance and EconomicsSpringer Journals

Published: Mar 1, 2012

References

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