Please use this identifier to cite or link to this item:
|Title:||WHAT RESIDENTIAL REAL ESTATE INDICES IGNORE: THE IMPACT OF IMPLICIT AMENITY VALUES IN THE RECESSIONARY MANHATTAN MARKET|
|Abstract:||While indices report huge drops in real estate prices, little is known about the actual composition of the equity losses that occurred as a result of the Great Recession. After manually compiling a micro-data set of apartment sales and corresponding property characteristics for the island of Manhattan from 2006 to 2012, this study develops a hedonic model to estimate implicit prices of the characteristics examined. By allowing the value of different sets of variables to fluctuate with time and later running a Blinder- Oaxaca decomposition, we were able to observe whether individual components had an effect on average property prices and if so, whether these effects were homogeneous or variable-specific. Our significant findings indicate a flight to quality, in which individual characteristics with the greatest value in a static period increased the most in value after the Recession|
|Type of Material:||Princeton University Senior Theses|
|Appears in Collections:||Economics, 1927-2017|
Files in This Item:
|Tait_Margaret.pdf||3.97 MB||Adobe PDF||Request a copy|
Items in Dataspace are protected by copyright, with all rights reserved, unless otherwise indicated.