Changing demographics, growing real incomes, and friendly tax laws underlie the continuing growth in demand for recreational real estate in the US. The market for recreational property has undergone a major transformation over the past decades, with the refinement and deepening of markets for...

This paper develops an empirical framework for taking into account the effects of endogenous liquidity on price capitalization estimates. Changes in school attendance zones in the East Baton Rouge Parish public school district provide a natural experiment for studying how changes in school...

This paper evaluates how consumers value differences in neighborhood composition and street layout, factors not previously included in empirical studies of house value. Highly connected street patterns are important to New Urbanism. We use measures of neighborhood street connectivity and their...

This study examines how individual agents affect house selling prices and time on the market while controlling for brokerage firm-specific effects as well as supply and demand conditions that vary by neighborhood. Firm size effects disappear once firm specialization and agent characteristics are...

This article examines the usefulness of listing prices as leading indicators of house values and as predictors of the direction of housing markets. With Multiple Listing Service data from a large metropolitan area, we create two price indexes, using first listing price and then selling price as...

In an earlier article in this journal Sefton and Yavas (1995) conclude that subsidizing a monopoly multiple listing service (MLS) can be efficient when the curvature of the representative consumer's demand function leads to over-shifting. This paper extends their analysis to a multiple-consumer...

Given a fixed commission rate and easy entry, economic profits must be competed away on some nonprice margin in the real estate brokerage market. This paper focuses on nonprice competition in the level or quality of services offered buyers and sellers in the market, examining the equilibrium...

The residential development sequence - land price relationship is the focus of this paper. Inherent in the dynamics of residential development is that the first consumers face the greatest risk since they do not know with certainty how the neighborhood development will evolve over time;...

Even though land use covenants are a pervasive feature in residential land markets, they are typically subsumed into the economist's picture of zoning and related land use regulation, In contrast to the traditional approach. We develop theory to explain the price spreads in the residential...