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• W2271654485 abstract "We introduce a hedonic price model that enables us to disentangle the value of a property into the value of land and the value of structure. For given reconstruction costs, we are able to estimate the impact of physical deterioration, functional obsolescence and vintage effects on the structure and the impact of time on sale (and external obsolescence) on the land value simultaneously. Our findings show that maintenance has a substantial impact on the rate of physical deterioration. After 50 years of not or barely maintaining a home, a typical structure has lost around 43% of its value. In contrast, maintaining a home very well results in virtually no physical deterioration in the long run." @default.
• W2271654485 created "2016-06-24" @default.
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• W2271654485 date "2016-01-21" @default.
• W2271654485 modified "2023-10-17" @default.
• W2271654485 title "Land, Structure and Depreciation" @default.
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• W2271654485 doi "https://doi.org/10.1111/1540-6229.12146" @default.
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