A rose by any other name may smell as sweet. But would the Highlands of Olney sell as well if it were peddled as Barry´s Neglect? Or Shepherd´s Misfortune?…..read remainder of article at link below.
Baton Rouge is mentioned in the article in only 1 paragraph with no details mentioned, BUT the data gathered would certainly be interesting!
“That’s a total of almost 10 percent more that people are willing to pay for the prestige associated with the term “country club.”
A joke? Hardly. The study, the results of which were published last year in the Journal of Real Estate Research, is a serious investigation of sales in the Baton Rouge, La., area over 15 years. It carefully controlled for such variables as location, number of bedrooms and bathrooms, and days on the market, among others.”
See on www.dailytribune.com
Here’s the Journal of Real Estate article link on this study, which again, doesn’t provide any detailed data on Baton Rouge itself and quoted below:
“Abstract: This study is the first to lend empirical support to anecdotal media reports that indicate that real property buyers are willing to pay price premiums based on property names. Using a standard hedonic price model, we explore the price effects of property names that include the terms “country” and “country club” within a neighborhood. We find that buyers assign a premium of 4.2 percent for the term “country” and an additional 5.1 percent for the term “country club” in the property name. We also find that wealthier buyers tend to be the leaders in paying this price premium, but that buyers are less willing to pay these premiums during recessionary times.”