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Abstract
This article is the winner of the 2009 Real Estate Valuation category (sponsored by the Appraisal Institute) presented at the American Real Estate Society 25th Annual Meeting in Monterey, California.
This paper uses hedonic modeling to test the effects of age, both actual and effective, on the value of historic properties within a nationally recognized historic district. Findings show that there is a critical point where the value of historic properties is affected by actual age and the depreciation schedule turns upward. Effective age is used to develop a variant of Tobin's Q, which provides evidence that inter-district price differentials often attributed to historic designation are at least partially a function of investment differentials between districts.