[MassHistPres] R.E. values in LHDs

[Dennis De Witt]

I just came across a story first published in the New York Times on  
7/8/07 about the Jackson Heights LHD in NYC —it is the city's 88th —  
which includes the following citation re the effect of being in an LHD  
on real estate values.  Given the scarcity of non-anecdotal numbers on  
this issue, any rigorous study (even one in NYC) is worth knowing  
about.  It's also nice that it shows an increase, but nothing  
suggestive of significantly higher taxes.

A 2003 study by the city's Independent Budget Office found that market  
values of properties in historic districts are higher and appreciate  
at a slightly greater rate than those outside historic districts. For  
example, the study, which covered the years 1975 to 2002, found that  
the inflation-adjusted prices of properties within historic districts  
rose by an average of 5.3 percent a year, while those outside historic  
districts rose by an average of 4.2 percent.

The article is called "Jackson Heights; Color War" — a somewhat  
inappropriate and misleading reference to the brown (vs. green) street  
name signs used in NYC's LHDs.

Dennis De Witt
-------------- next part --------------
An HTML attachment was scrubbed...
URL: http://mailman.cs.umb.edu/mailman/private/masshistpres/attachments/20081228/ed8dd5e6/attachment.htm