Skip navigation
Please use this identifier to cite or link to this item: http://arks.princeton.edu/ark:/88435/dsp01zs25x8603
Title: WHAT RESIDENTIAL REAL ESTATE INDICES IGNORE: THE IMPACT OF IMPLICIT AMENITY VALUES IN THE RECESSIONARY MANHATTAN MARKET
Authors: Tait, Margaret
Advisors: Bleakley, Hoyt
Department: Economics
Class Year: 2014
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
Extent: 69 pages
URI: http://arks.princeton.edu/ark:/88435/dsp01zs25x8603
Type of Material: Princeton University Senior Theses
Language: en_US
Appears in Collections:Economics, 1927-2016

Files in This Item:
File SizeFormat 
Tait_Margaret.pdf3.97 MBAdobe PDF    Request a copy


Items in Dataspace are protected by copyright, with all rights reserved, unless otherwise indicated.