|This centre is a member of The LSE Research Laboratory [RLAB]: CASE | CVER | CEP | SERC | STICERD||Cookies?|
Paper No' SERCDP0084: | Full paper
Save Reference as: BibTeX File | EndNote Import File
Keywords: Frank Lloyd Wright; hedonic analysis, iconic architecture, property prices
JEL Classification: R21; Z11
Is hard copy/paper copy available? YES - Paper Copy Still In Print.
This Paper is published under the following series: SERC Discussion Papers
Share this page: Google Bookmarks | Facebook | Twitter
Abstract:This study investigates the willingness of homebuyers to pay for co-location with iconic architecture. Oak Park, Illinois was chosen as the study area given its unique claim of having 24 residential structures designed by world-famous American architect Frank Lloyd Wright, in addition to dozens of other designated landmarks and three preservation districts. This study adds to the limited body of existing literature on the external price effects of architectural design and is unique in its focus on residential architecture. The results show that an external premium to iconic architecture does exist and that the effect steeply decays with distance.
Copyright © RLAB & LSE 2003 - 2016 | LSE, Houghton Street, London WC2A 2AE | Contact: RLAB | Site updated 03 December 2016