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作者

来源

REAL ESTATE ECONOMICS,Vol.45,Issue2,P.415-451

语言

英文

关键字

ECONOMIC DEPRECIATION; RESIDENTIAL LAND; HOUSING PRICES; URBAN DECLINE; UNITED-STATES; MAINTENANCE; MODEL; TIME; AGE

作者单位

[Francke, Marc K.] Univ Amsterdam, Finance Grp, Roetersstr 11, NL-1018 WB Amsterdam, Netherlands. [van de Minne, Alex M.] Ortec Finance Res Ctr, Barajasweg 10, NL-1043 CP Amsterdam, Netherlands. Francke, MK (reprint author), Univ Amsterdam, Finance Grp, Roetersstr 11, NL-1018 WB Amsterdam, Netherlands. E-Mail: m.k.francke@uva.nl; a.m.vandeminne@uva.nl

摘要

We introduce a hedonic price model that enables us to disentangle the value of a property into the value of land and the value of structure. For given reconstruction costs, we are able to estimate the impact of physical deterioration, functional obsolescence and vintage effects on the structure and the impact of time on sale (and external obsolescence) on the land value simultaneously. Our findings show that maintenance has a substantial impact on the rate of physical deterioration. After 50 years of not or barely maintaining a home, a typical structure has lost around 43% of its value. In contrast, maintaining a home very well results in virtually no physical deterioration in the long run.