PT  - JOURNAL ARTICLE
AU  - Rogers, William H.
TI  - Measuring the Price Impact of Municipal Incorporation on Homeowner Associations
AID  - 10.3368/le.86.1.91
DP  - 2010 Feb 01
TA  - Land Economics
PG  - 91--116
VI  - 86
IP  - 1
4099  - http://le.uwpress.org/content/86/1/91.short
4100  - http://le.uwpress.org/content/86/1/91.full
SO  - Land Econ2010 Feb 01; 86
AB  - This paper investigates the impact of municipal formation, and subsequent change in land-use restrictions on existing deed-restricted subdivisions (DRSs) using a unique case in the suburbs of Saint Louis County: the city of Wildwood incorporated in 1995 even though a majority of houses were already in a homeowner association. Data was collected on single-family housing sales from 1990 through 2000 and on characteristics of 830 DRSs. Using a hedonic model, the surrounding 10 municipalities, and unincorporated area, results show a decline in DRS premiums after incorporation; however, the decline seems to have been concentrated in lots larger than 1 acre. (JEL D71, R14)