The Impact of Age on the Value of historic homes in a Nationally Recognized Historic District

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.

Determining Market Perceptions on Contamination of Residential Property Buyers using Contingent Valuation Surveys

This study reports on the results of several residential contingent valuation (CV) studies conducted throughout the US. Over the past several years CV has often been used to illustrate potential residential buyer bid prices for contaminated real property. The data set for this study contains 1,115 telephone interviews and examines the consistency of the results for residential property affected by a Leaking Underground Storage Tank (LUST) in different markets in eight states, controlling for income, age, education, local market type, and other demographic factors. Negative discounts associated with a LUST for marginal bidders in the top half of the market were quite consistent across states, varying from ?25% to ?33%, with an average of ?31%,. Using ANOVA indicates that bidding patterns from six of the seven states were statistically similar. Male bidders, those over 40 years of age and those with no high school degree were more likely to bid, while those with higher incomes and those bidding on certain, rather than suspected contamination, were less likely to bid. Local market type did not appear to affect bid outcomes. Using the marginal bidder approach, the CV results benchmark reasonably closely to, but still higher than, revealed preference outcomes for residential LUST sites in Ohio.

Timber and Multi-Storey Buildings: Industry Perceptions of Adoption in Australia

The use of Engineered Wood Systems (EWS) as structural alternatives or complements of traditional materials, such as steel and concrete, is of growing interest and acceptance in the architecture, engineering, and construction industries. Gathering evidence from the Australian context, this paper proposes a roadmap for the adoption of EWS as the primary structural materials of medium-rise buildings, with the scope of increasing levels of public awareness about the potential and current shortcomings of these building technologies. A nation-wide survey with stakeholders at the forefront of adoption in structural design, construction, and property development, indicates that the demand for timber in multi-storey projects has promising prospects of growth, but faces circumstantial industry-wide hurdles in the short to medium term. Awareness of benefits and inclination towards more use of timber among designers are positive factors that provide a promising base for further adoption. The translation of positive front-end design attitudes into adoption, however, requires holistic long-term investment efforts with industry-wide education. The pathway to innovation for timber in multi-storey projects needs to grow beyond mere promotional strategies of its benefits, seeking to expand technical knowledge through education and reaching out beyond a group of already committed and knowledgeable stakeholders at the forefront of adoption

Timber and Multi-Storey Buildings: Industry Perceptions of Adoption in Australia

The use of Engineered Wood Systems (EWS) as structural alternatives or complements of traditional materials, such as steel and concrete, is of growing interest and acceptance in the architecture, engineering, and construction industries. Gathering evidence from the Australian context, this paper proposes a roadmap for the adoption of EWS as the primary structural materials of medium-rise buildings, with the scope of increasing levels of public awareness about the potential and current shortcomings of these building technologies. A nation-wide survey with stakeholders at the forefront of adoption in structural design, construction, and property development, indicates that the demand for timber in multi-storey projects has promising prospects of growth, but faces circumstantial industry-wide hurdles in the short to medium term. Awareness of benefits and inclination towards more use of timber among designers are positive factors that provide a promising base for further adoption. The translation of positive front-end design attitudes into adoption, however, requires holistic long-term investment efforts with industry-wide education. The pathway to innovation for timber in multi-storey projects needs to grow beyond mere promotional strategies of its benefits, seeking to expand technical knowledge through education and reaching out beyond a group of already committed and knowledgeable stakeholders at the forefront of adoption

Promoting Sustainability: Innovations In Flood Management

Problem/Purpose: Developing flood preparation and mitigation plans is of increasing importance in Australian cities, particularly since the devastating Queensland floods of 2010 and Victorian floods of 2011. Local planning is generally more effective than national planning as the factors that impact areas including weather patterns, geography, and population density vary widely by region. This study comprehensively analyses aspects of flood preparation, mitigation, and relief plans in two coastal cities in the United States and offers those strategies as approaches that can be implemented in flood-prone areas of Australia. The case studies provided here include King County, Washington and Galveston, Texas. King County, Washington, home to the city of Seattle, is notable for its highly rated disaster mitigation plan while Galveston is regularly subject to seasonal hurricanes and flooding issues. Design/methodology/approach: Using a case study approach, this research investigates innovative approaches to flood management used in the United States. Findings: The research offers several best practice approaches to flood management that can be implemented in flood-prone areas in Australia. Research limitations/implications: The solutions investigated were overseas and some adjustment may be necessary considering the different political climates and land regulations of Australia. Takeaway for practice: Flooding events in Australia have increased in the past decade, and each has had an increasing economic impact from damage to the built environment. This paper offers alternative approaches to flood management, which, if implemented, may reduce the social and economic impacts of future flooding events. Originality/value: This paper offers alternative flood mitigation and disaster preparedness strategies for use by Australian policy-makers, planning and property professionals. We investigate and present responsible, pro-active approaches to flood management that have the potential to reduce the social and economic impacts of future flooding events

Quantifying Long-term Environmental Regulatory Risk for Brownfields: Are Reopeners Really an Issue?

Brownfields are potentially contaminated sites that often present economic development opportunities that require financing. State environmental voluntary clean-up programmes (VCPs) offer closure letters as a way for developers to obtain assurance that their clean-up was completed properly and is 'bankable'. However, there is still fear among lenders about the potential for these closed remediated sites to be reopened and therefore negatively affect the value of the real estate as collateral. While it is believed to be an infrequent act, there has been no comprehensive study of reopeners, and therefore of the effectiveness of VCPs available. This study seeks to quantify the incidence of reopeners in the USA through a systematic inventory of VCP administrators. The authors initially find that among the 46 states with VCPs, only 12 cases were reopened out of 11 497 closed environmental cases, a reopener rate of between 0.1% and 0.2%. However, reopener rates may increase with more vigorous enforcement and over the passage of time. This information means that brownfield deals can go forward with confidence, and that the risk of reopeners can now be quantified, allowing cheaper insurance and more assurance that negative outcomes can be avoided.