A Collection of Evidence Examining Effects of Heritage Designation on Property Values

Transcription

1 Heritage Foundation A Collection of Evidence Examining Effects of Heritage Designation on Property Values Michelle Racine Stacey Approved by Directors Resolution November

2 Executive Summary This paper does not attempt to critically review the prolific body of work on this issue, but provides a collection of evidence examining the impact of heritage designation on property values generally. Though far from conclusive, there is strong evidence to suggest heritage designation has positive effects on property values as compared with non-designated properties, but that this benefit may be more a function of such attributes as property type, its inherent features, location or condition, than merely historic designation alone. Therefore, the effect of heritage designated properties on adjacent property, or property in close proximity is even less conclusive, as is the assertion that heritage designated properties are better insulated from market fluctuation or downturns. What is evident is that property values are not negatively affected by heritage listing particularly in the case of single residential dwellings. Through a review of the collected literature, it is clear that more work needs to be done developing a comprehensive metric to investigate the complex relationship between heritage designated properties (HDP) and property values. This metric should include both qualitative and quantitative indicators which address the full scope of challenges present within the social and economic context of heritage conservation. Disclaimer This paper does not necessarily reflect the views of the District of Oak Bay or Council. It is a review of the research and evidence that can be weighed when considering heritage designation or registration. 1 P a g e H e r i t a g e F o u n d a t i o n

3 Table of Contents Executive Summary 1 Disclaimer 1 Table of Contents 2 1 Introduction 3 2 The Measurement of Economic Value in Heritage Designation 4 3 Are Historic Designated Properties More Valuable than Unlisted Properties 5 4 Does Historic Designation Heighten Property Values in Adjacent, or in Proximity Properties 8 5 Are heritage designated properties insulated from market fluctuation or downturns 9 6 Does the level of heritage significance or level of heritage designation affect the value 10 7 References 11 2 P a g e H e r i t a g e F o u n d a t i o n

4 1 Introduction Heritage conservation designations (HCD) have been used to protect and conserve historic property in districts, towns, and cities across the nation. The Historic Places Initiative (HPI) was implemented by the Government of Canada, in partnership with the provinces and territories, in 2001, with the objective of identifying and conserving Canada s historic places. The HPI features two key tools: the Canadian Register of Historic Places, an online listing of formally recognized historic places across Canada; and the Standards and Guidelines for the Conservation of Historic Places in Canada, a national benchmark of conservation principles and practices. 1 Provincially, British Columbia s Local Government Act [s. 5] gives local government the authority to determine heritage property, stated as having sufficient heritage value or heritage character to justify its conservation. 2 With heritage designation a single property, portion of a property (exterior, interior, landscape features), or more than one property, is afforded the highest level of legal protection through municipal bylaw prohibiting such things as demolition, structural, and/or land alterations. It also extends to include changes to specified exterior, interior fixtures, and landscaping. 3 The impact of historic designation on property values is perhaps the most researched economic indicator in the field of preservation economics. 4 Numerous studies from Australia, Canada, Great Britain, and the United States suggest that there are no adverse financial or economic impacts of heritage designation on property values, 5 and in fact, properties within historic districts appreciate in value more than similar properties in non-designated sites. 6 The relationship between heritage designation and property values is examined in previous comprehensive bibliographies and literature reviews including Mason s 2005 Brookings Institute Report, Canadian Claude Jean Harel s 2006 The Social, Economic and Environmental Benefits of Heritage, and more recently in 2011 by Urbis staff engaged by Australia s Gold Coast City Council in the Literature Review of Economic and Financial Impacts of Heritage Listing. This paper will not attempt to critically review the prolific body of work on this issue, but instead provide a collection of evidence examining the impact of heritage designation on property values generally. 1 For more information on this initiative see Canada s Historic Places, 2 Local Government Act, [RSBC 1996] CHAPTER 323. Available at /Local%20Government%20Act%20[RSBC%201996]%20c.%20323/00_Act/96323_01.xml. 3 Tools Used for the Protection of Heritage. 4 O'Brien, D. P. (2013). Measuring the Full Economic Impacts of Local Historic District Designations. Page 6. 5 In such studies as in the United States (Listokin and Lahr 1997, Federal Preservation Institute 2005), Great Britain (Burman, et al., 1995), Canada (Shipley 2000) and Australia (D Arcy 1991; The Allen Consulting Group 2005). 6 C Rypkema, 1996, p. 41; Shipley, 2000; Federal Preservation Institute 2005, p. 19; Chen, 2013;Chen, 2013; 3 P a g e H e r i t a g e F o u n d a t i o n

5 2 The Measurement of Economic Value in Heritage Designation The principal purpose of local historic district designation is to identify and protect buildings of historic and architectural significance. Measuring the value of heritage places in dollars is contentious, especially amongst conservationists, however. In challenging economic times, educational, cultural, aesthetic, social, and historical values may be insufficient to make the case for preserving our legacy of historic places. Politicians and public servants, citizens and scholars, bankers and bureaucrats, and voters and volunteers now expect that in addition to those other values, historic preservation should demonstrate an economic value as well. 7 Economic value is defined as the worth of a good or service as determined by people s preferences and the tradeoffs they choose to make given their scarce resources, or the value the market places on an item. 8 As noted by many economists and conservationists alike, it is becoming increasingly important to develop inclusive tools to measure the economic consequences of these designations given our current economic environment. 9 Some more common economic modeling approaches used in the collected literature include: 10 a) Hedonic pricing method considered the most sophisticated analysis to date which estimates the price effect of heritage listing by identifying the individual components of a property and each component s contribution to the overall property value. b) Choice modeling a survey method where the benefits from a policy proposal have a number of attributes. c) Contingent value method involves asking respondents about their willingness to pay (in real money terms) for the retention of heritage property (or receive compensation). d) Repeat sales technique comparison, over time, the sale prices of heritage and nonheritage prices. The dissimilar valuation approaches to data collection provide great challenges in comparing the results from each study. Each valuation method is structured based upon underlying hypotheses, lending it value and limitations which consequently lead to somewhat incomparable results. Data variations are also a reflection not only of the method used, but also the sample size and timing of the data collection. As well, the listing process itself is different in each country, state or province, 7 Place Economics, Measuring the Economics of Preservation: Recent Findings. Washington DC: Advisory Council for Historic Preservation (June 2011). Page Economic value. Investopedia. 9 O'Brien, D. P., 2013: Davies, D. S., Dip, B. A., T&CP, D., Arthur, C. D., Arts, B., Archaeology, B., & SH159, J. C. (2010). Urbis Staff Responsible for this report were. Pages DF. 4 P a g e H e r i t a g e F o u n d a t i o n

6 and locale which also is problematic for comparison of findings. Hence, despite the progress made in recent years to understand the economics of heritage property designation on property value using such modeling, there is lack of consensus on a standard metric, despite a general agreement amongst heritage practitioners that what is required is a consensus from economists on which systems to use and when it is most usefully applied Are Historic Designated Properties More Valuable than Unlisted Properties A long-standing argument for historic conservationists has been that with heritage designation comes greater assessed value and rates of sale for heritage designated properties. Studies reviewed here all vary in their focus, analysis and methodology; however, evidence which has emerged does show some encouraging support for this assertion. A survey of designated properties in the cities of London, UK, and Kitchener, Canada found about 60% of heritage designated properties in both cities performed better than the city s average real estate market. Designation has not had a negative impact on price and could be said to have a correlation with increases in property values. (Shipley, Robert. Does Heritage Designation Affect Property Values? The Canadian Appraiser, Spring 1992, pp ). Asabere and Huffman (1994) and Asabere, Huffman, and Mehdian (1994) find that restrictions on designated properties had an adverse impact on multi-unit property values in Philadelphia. In a 2000 Shipley report, 3,000 heritage-listed places in Ontario, Canada, were studied to assess the impact of property values with a heritage designation. The study found that the rate of sale of heritage designated properties were as good as, or better, than the ambient market trends with heritage properties tending to resist market down-turns. The Hedonic regression model was used to estimate housing prices in historic districts and comparable neighbourhoods in nine Texas cities. Historic designated properties had 5% to 20% higher appraised prices than other properties. Local historical designation adds about 17.6 percent to the value of a unit (p. 118) in Abilene, Texas.(Leichenko, Coulson & Listokin, 2001) Almost 3,000 Canadian properties in twenty four communities were investigated by Shipley in what is believed to be the largest comparison study of its kind ever undertaken in North America. Comparing average appreciation rates of designated heritage property and non-historical property findings indicate heritage designated properties have greater appreciation rates, with 74% doing average or better than average. (Shipley, 2000) In New Orleans, Louisiana, homes in districts listed on the National Register of Historic Places sold for one-third more than homes outside of historic districts, when using a hedonic price model (Haughey and Basolo, 2000) 11 Bogaards 2008:8; Macdonald 2006:9 5 P a g e H e r i t a g e F o u n d a t i o n

7 An empirical study was conducted in Sydney, Australia s upper north shore using the hedonic price technique. After controlling for main property attributes, heritage-listed houses were found to enjoy a premium over unlisted houses. This premium is a measure of the combined value placed by the market on both the heritage character of houses and their statutory listing status. The research also examined the relationship between market price and the level of heritage significance of heritage houses. The level of heritage significance was also found to have a positive influence on price.(deodhart, 2004) In Memphis, Tennessee, appreciation rates were 14% to 23% higher when properties were in neighbourhoods zoned as historical. Employing the use of hedonic pricing modelling and controlling for numerous housing characteristics, it was also found that new properties benefit as much, perhaps even more, than older properties from being in a historic district. Local designation was more important than national designation. (Coulson and Lahr, 2005). A study of designated heritage, non-designated heritage and non-heritage properties in four distinct Vancouver neighbourhoods between 1998 and 2004, found that values of both designated and non-designated heritage homes increased between 630% and 631% as compared with non-heritage homes (587%). (Singbeil, 2005). Australian Government Productivity Commission (2006) Heritage listing had no significant effect on the value of residential single dwelling properties. Method: Hedonic Pricing Study. Hedonic regression analysis was used to estimate the impact of historic designation on the value of single-family residences in the City of San Diego. Narwold, Sandy and Tu (2008) found a 16% increase in housing value. Gilderbloom, Hanka, and Ambrosius, (2009) examined the impact of historic preservation on property values in Kentucky and its largest city, Louisville. It was shown that neighbourhoods containing historic districts have higher increases in median neighbourhood housing values than undesignated neighbourhoods. In Philadelphia, houses in National Register historic districts command a premium of 14.3% over comparable properties not in historic districts. Houses in local historic districts command a premium of 22.5% over comparable properties not in historic districts. (The Economic Impact of Historic Preservation in Philadelphia, 2010) Sale prices of historic designated houses in Lincoln, Nebraska, yielded a $5000 increase in the value of single family homes after designation. Method: hedonic price study. Thompson, Rosenbaum and Schmitz (2011). In Baton Rouge, Louisiana, heritage designation is associated with average property value increases ranging between 5% and 8% of mean house value. However it was also noted that appreciation of property values may displace less-affluent residents of historic districts after designation takes place. The results also show that the lower-end properties gain the most value from historic preservation. (Zahirovic-Herbert and Chatterjee, 2011). 6 P a g e H e r i t a g e F o u n d a t i o n

8 The oldest 32 of 93 districts in Ontario were studied by Shipley and Kovacs (2011). Resident surveys, land-use mapping, townscape evaluation, land value records, municipal documents, and interviews were used to determine property values perform better in the marketplace than those in surrounding areas, and are very stable areas in terms of ownership. Of the 431 properties in the historic districts that had sales histories, 190 (44%) showed above average sales history trajectories when compared to the surrounding neighbourhoods. In all, 147 (34%) had average trajectories, while only 94 (22%) performed below average. Repeat-sales fixed effects analysis was used to study homes before and after the creation of districts in the Boston-Cambridge-Quincy MSA between 2000 and Evidence suggested that the creation of a local historic district, on average, reduces home prices for homes in that district between 11.6 and 15.5%. (Heintzelman and Altieri, 2013) A three stage least square (3SlS) model is employed to examine how property with historic district designation in Baton Rouge, Louisiana, profits either through a price premium or marketing duration, and how that mechanism differs between neighborhoods inside and outside the historic district boundaries. The architectural style of a house, or neighborhood, is valued more by home buyers such as white collar professionals (Asabere et al., 1989), who value the prestige and style associated with this unique ownership (Zahirovic-Herbert and Chatterjee, 2011). This client effect is the main reason for the higher price premium, or premium price, a distinctive landmark building can fetch on the open market which is a certain benefit of historic designation. (Zahirovic- Herbert and Gibler, 2014) Using data over a long period of more than 20 years, the Dutch urban area of Zaanstad was studied. Detailed information on individual dwellings, and their market prices was available in a GIS 12 context. One of the first applications using a spatial auto regressive model to investigate the impact of listed buildings and historic cultural sites on the value of real estate in cities, as well as, suggesting a novel way of specifying the spatial weight matrix in identifying the spatial dependency effects between sold properties. The effect of cultural heritage is analyzed in three complementary ways: 1. measure the effect of a listed building on its market price in the relevant area, 2. investigate the value that listed heritage has on nearby property, 3. estimate the effect of historic cultural sites on real estate prices. It was determined that buyers are willing to pay an additional 26.9%, while surrounding houses are worth an extra 0.28 % for each additional listed building within a 50-m radius. Houses sold within a conservation area appear to gain a premium of 26.4 % which confirms the existence of a historic ensemble effect. (Lazrak, F., Nijkamp, P., Rietveld, P., & Rouwendal, J. 2014) A study using quantitative analysis of aggregate neighborhood data examined twenty historic districts spread across ten mid-sized cities in Texas. Property data was collected from the National Register of Historic Places, as well as various county tax appraisal offices and city planning departments. The data revealed that homes in historic districts have higher property values than the city median residential property values. (Cox, 2014) 12 Geographic information system (GIS) is a computer system designed to capture, store, manipulate, analyze, manage, and present all types of spatial or geographical data. 7 P a g e H e r i t a g e F o u n d a t i o n

9 Been, V., Ellen, I. G., Gedal, M., Glaeser, E., & McCabe, B. J. (2014). This paper develops a theory of heterogeneous impacts across neighbourhoods and exploits variation in the timing of historic district designations in New York City to identify the effects of preservation policies on residential property markets. An extensive dataset of residential transactions during the 35-year period between 1974 and 2009, combined with data from the Landmarks Preservation Commission on the location of the city s historic districts and the timing of the designations, it was found that designation raises property values within historic districts, but only outside of Manhattan. In areas where the value of the option to build unrestricted is higher, designation has a less positive effect on property values within the district. 4 Does Historic Designation Heighten Property Values in Adjacent, or in Proximity Properties It is presumed that anundesignated property bordering on historic units, or districts, experiences positive impacts from proximity. Clark and Herrin, (1997) assessed the impact local historic zoning had on property values of in Sacramento, CA by drawing on a sample of both designated and non-designated neighbourhoods. Their model regressed the adjusted sale price against housing characteristics typical to property value assessments including number of stories, property acreage, age, number of rooms, and total liveable area. Their findings suggest there was no significant effect on homes adjacent to historically designated districts. A study in Abilene, Texas, found strong positive price effects from having a number of historical properties in the same census tract. Historical designation in Abilene is largely on a property-by-property basis rather than a neighbourhood-by-neighbourhood basis, which is unlike many cities. Thus, the historical unit s neighbours are not bound to the same restrictions. The spill-over effect effect was particularly strong, perhaps precisely because for most properties there was only the upside of the external effect. (Coulson and Leichenko, 2002) In San Diego, California, when the amenity is a historically significant house the proximity effect on property values added up to 3.7 percent to adjacent home values. A house's value is increased by 3.8 per cent by having a historical house within 250 feet, and by 1.6 per cent by having a historical home located between 250 and 500 feet away. (Narwold, 2008) The results from Chicago during the 1990s indicate that price impacts from designation inside a landmark district vary considerably across homes inside the districts. Controlling for extant historic quality, which the market values positively, restrictions apparently have negative price effects on average both within and outside districts. (Noonan and Krupka, 2011) A three stage least square (3SlS) model is employed to examine how historic district designation, in Baton Rouge, Louisiana profit either through a price premium or marketing duration, and how that differs between neighborhoods inside and outside the historic district boundaries. Homes located adjacent to a historic district have higher 8 P a g e H e r i t a g e F o u n d a t i o n

10 property values than homes not located near a historic district. Also, listed properties with the distinction of being located near, but not inside the district, result in shorter duration on the real estate market.(zahirovic-herbert and Gibler, 2014) Been, V., Ellen, I. G., Gedal, M., Glaeser, E., & McCabe, B. J. (2014). This paper develops a theory of heterogeneous impacts across neighbourhoods and exploits variation in the timing of historic district designations in New York City to identify the effects of preservation policies on residential property markets. An extensive dataset of residential transactions during the 35-year period between 1974 and 2009, combined with data from the Landmarks Preservation Commission on the location of the city s historic districts, and the timing of the designations, it was found that properties just outside the boundaries of districts increase in value after designation. A study used quantitative analysis of aggregate neighborhood data to examine twenty historic districts spread across ten mid-sized cities in Texas. Property data was collected from the National Register of Historic Places, as well as various county tax appraisal offices and city planning departments. The data revealed there was no increased value observed for homes bordering the historic district. Additionally, the results demonstrate that districts located 0.2 miles or farther away from the central business district have higher property values. (Cox, 2014) 5 Are heritage designated properties insulated from market fluctuation or downturns Shipley (1992) found individual heritage designated properties tend to resist down-turns in the ambient market. In 21% of the cases, the designated heritage properties fell in value at a greater rate than the average. In 32% of the cases they performed the same as the average. In 47% of cases, the designated properties went against the downward trend and did better than average. Atherwood, Walter and Ivy (2013) examined market fluctuations in property values in seven historic districts and twelve adjacent non-historic neighborhoods in Savannah, Georgia, across a nine-year period ( ) that included the mid-2000s bubble in real estate prices, and the late-2000s financial crisis. Residential properties in designated historic districts resisted price depreciation better than properties in nonhistoric neighborhoods. A study of property values in Galveston, Texas after hurricane Ike indicated that increases in property values in historic districts were generally comparable to those in non-historic regions. Property values in the historic districts are less sensitive to negative macroeconomic shocks. In addition, property values that are above the 95th percentile and below the 5th percentile respond differently to macroeconomic shocks than those with average values. (Wang, Knox, and Hite, 2013) 9 P a g e H e r i t a g e F o u n d a t i o n

11 6 Does the level of heritage significance or level of heritage designation affect the value Schaefer and Millerick (1991), in a study of Chicago, found that national designation had a positive impact, but local designation a negative impact. They conclude the stringency of those local regulations at the time to be the cause of this negative impact. Coulson and Leichenko (2001), Hedonic pricing study found national designation of individual properties to be more value-enhancing in Abilene Texas. Leichenko et al. (2001) control for different types of historic designation and conclude that difference in price effects is due to differences in landmark regulation at local and national levels, and that price effects generally differ across cities and sources of data. Local historic designation raised the value 17.6% of designated property. Deodhart, V. (2004), Hedonic price study. On average heritage listed houses commanded a 12% premium over non heritage listed houses. The premium was a combined value of heritage character, their architectural style elements, and the statutory listing status. The level of heritage significance was also found to have a positive influence on price. Shipley and Kovacs (2011) speculate that the reason for the strong market performance of properties within heritage districts is not strictly a function of designation itself, but has more to do with good maintenance and well-designed additions and modifications. 10 P a g e H e r i t a g e F o u n d a t i o n

12 7 References Ashworth, G. J. (2002). Conservation Designation and the Revaluation of Property: the risk of heritage innovation. International Journal of Heritage Studies, 8(1), Atherwood, S., Walter, R. J., & Ivy, R. (2013). Residential Selling Price Performance In and Next to Historic Districts: A Case Study of Savannah, Georgia. The Florida Geographer, 43. Been, V., Ellen, I. G., Gedal, M., Glaeser, E., & McCabe, B. J. (2014). Preserving History or Hindering Growth? The Heterogeneous Effects of Historic Districts on Local Housing Markets in New York City (No. w20446). National Bureau of Economic Research. Broadbent, Kimberly A. (2011). Assessing the Impact of Local Historic District Designation on Mortgage Foreclosure Rates: The Case of Philadelphia. (Masters Thesis). University of Pennsylvania, Philadelphia, PA. Chen, K. (2013). The Making of a Historic District and the Economic Impact upon Housing Value: An Empirical Analysis of the Tree Streets Neighborhood in Johnson City, Tennessee. Modern Economy, Coulson, N. E., & Lahr, M. L. (2005). Gracing the land of Elvis and Beale Street: historic designation and property values in Memphis. Real Estate Economics, 33(3), D Arcy, J. 1991, The Preservation of Historic Buildings and Sites and the Cost Implications, Melbourne in The Allen Consulting Group Davies, D. S., Dip, B. A., T&CP, D., Arthur, C. D., Arts, B., Archaeology, B., & SH159, J. C. (2010). URBIS STAFF RESPONSIBLE FOR THIS REPORT WERE. Deodhar, V. (2004). Does the Housing Market Value Heritage? : Some Empirical Evidence (No. 0403). Macquarie University, Department of Economics. Elsorady, D. A. (2014). The economic value of heritage properties in Alexandria, Egypt. International Journal of Heritage Studies, 20(2), Forbes, S., Goodhead, T., &Moobela, C. Life-Cycle Maintenance Cost Implications of Heritage Properties: Valuation Challenges and Opportunities for Further Research. Life, 1, 12. Gilderbloom, J. I., Hanka, M. J., & Ambrosius, J. D. (2009). Historic preservation s impact on job creation, property values, and environmental sustainability. Journal of Urbanism, 2(2), Goddard-Bowman, R. (2014). Something old is something new: The role of heritage preservation in economic development. Papers in Canadian Economic Development, 9, Hay, J. A. (2014). Restoring Cultural Capital through Preservation in the Holy Cross Historic District (Doctoral dissertation, Texas State University-San Marcos). Harel, Claude-Jean (2006). The Economic, Social and Environmental Benefits of Heritage Conservation: An Annotated Bibliography P a g e H e r i t a g e F o u n d a t i o n

13 Heintzelman, M. D., & Altieri, J. A. (2013). Historic Preservation: Preserving Value?The Journal of Real Estate Finance and Economics, 46(3), Irons, Janine, and Lynne Armitage. "The value of built heritage: Community, economy and environment." 17th Annual Pacific Rim Real Estate Society (PRRES) Conference Jansen, R. J. (2010). Yukon Heritage Conservation Districts: Case Studies and Strategies for Success (Doctoral dissertation, University of Oregon). Lazrak, F., Nijkamp, P., Rietveld, P., & Rouwendal, J. (2014). The market value of cultural heritage in urban areas: an application of spatial hedonic pricing. Journal of Geographical Systems, 16(1), Leichenko, R. M., Coulson, N. E., & Listokin, D. (2001). Historic preservation and residential property values: an analysis of Texas cities. Urban Studies, 38(11), Listokin, David, Michael Lahr, Timothy McLendon, and JoAnn Klein Economic Impacts of Historic Preservation in Florida. University of Florida, Levin College of Law. Mason, R. (2005). Economics and historic preservation. Washington, DC: The Brookings Institution. Narwold, A. J. (2008). Estimating the value of the historical designation externality. International Journal of Housing Markets and Analysis, 1(3), Narwold, A., Sandy, J., & Tu, C. (2008). Historic designation and residential property values. International real estate review, 11(1), Noonan, D. S. (2013). 17. Market effects of historic preservation. Handbook on the Economics of Cultural Heritage, 344. Noonan, D. S. (2007). Finding an impact of preservation policies: price effects of historic landmarks on attached homes in Chicago, Economic development quarterly, 21(1), Noonan, D. S., & Krupka, D. J. (2011). Making or picking winners: evidence of internal and external price effects in historic preservation policies. Real Estate Economics, 39(2), O'Brien, D. P. (2013). Measuring the Full Economic Impacts of Local Historic District Designations. PlaceEconomics, (June 2011) Measuring the Economics of Preservation: Recent Findings. Washington DC: Advisory Council for Historic Preservation. Provins, A., Pearce, D., Ozdemiroglu, E., Mourato, S. and Morse-Jones, S. 2005, Valuation of the Historic Environment The Scope for Using Results of Valuation Studies in the Appraisal and Assessment of Heritage-related Projects and Programmes, report prepared for English Heritage, the Heritage Lottery Fund, the Department for Culture, Media and Sport and the Department for Transport, England in The Allen Consulting Group Rypkema, D., Cheong, C., & Mason, R. (2011). Measuring economic impacts of historic preservation. A Report to the Advisory Council on Historic Preservation, Washington, DC, November. 12 P a g e H e r i t a g e F o u n d a t i o n

14 Rypkema, D. (1996). Community, Place and the Economics of Historic Preservation, New Jersey Historic Preservation Awards Ceremony, Montclair, New Jersey, April 27 in Federal Preservation Institute 2005:19. Rypkema, D. Heritage Conservation and Property Values. THE ECONOMICS OF UNIQUENESS, 107. Schaeffer, P. V., & Millerick, C. A. (1991). The impact of historic district designation on property values: an empirical study. Economic Development Quarterly, 5(4), Shipley, R., & Snyder, M. (2013). The role of heritage conservation districts in achieving community economic development goals. International Journal of Heritage Studies, 19(3), Shipley, R. (2000). Heritage designation and property values: is there an effect? International Journal of Heritage Studies, 6(1), Shipley, R. (1992). Exploring the Value of Heritage Properties, MA Thesis, Heritage Resources Centre, University of Waterloo in Shipley 2000:4. Singbeil, Kelsey (2005) Study of the Comparative Value of Heritage and Non-Heritage Houses in Vancouver. Compiled for the Vancouver Heritage Foundation. The Allen Consulting Group (2005) Valuing the Priceless: The Value of Historic Heritage in Australia, Heritage Chairs and Officials of Australia and New Zealand, Sydney. Thompson, E., Rosenbaum, D., & Schmitz, B. (2011). Property values on the plains: the impact of historic preservation. The Annals of Regional Science, 47(2), Throsby, D. (2007). Regional Aspects of Heritage Economics: Analytical and Policy Issues, Australasian Journal of Regional Studies, Vol. 13, No. 1. Wang, W. Y. G., Knox, K. J., & Hite, G. E. (2013). The Impact of Historical Designation on Property Values Before and Following Hurricane Ike: The Case of Galveston Texas. Journal of Real Estate Portfolio Management, 19(3), Zahirovic-Herbert, V., & Chatterjee, S. (2012). Historic preservation and residential property values: evidence from quantile regression. Urban Studies, 49(2), Zahirovic-Herbert, V., & Gibler, K. M. (2014). Historic District Influence on House Prices and Marketing Duration. The Journal of Real Estate Finance and Economics, 48(1), P a g e H e r i t a g e F o u n d a t i o n