Property-Value Movement in Old North Durham By Katerina
Valtcheva
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Old North Durham - Overview Developed with the construction of
tobacco warehouses and related commercials and industrial ventures
Considered a bad area despite proximity to CBD Farmers market,
North Durham Elementary School have had some effect on the area
Hypothesis: Recent commercial upturn has had a positive impact on
the area (Fullsteam Brewery, Motorco Music Hall, Geer Street
Garden, CocoaCinnamon)
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Old North Durham Motorco Area
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Old North Durham - Data Forty house values collected annually
for the first month of each year starting in Jan 2006 and ending in
Jan 2013 (Zillow estimates) Houses located on: W Geer St., North
St., Hargrove St., Glendale Ave, Northwood Cir, and N Mangum St.
Built between 1910 and 2004 Average house size: 1375 ft 2 ( 523 ft
2 ) Average lot size: 6121 ft 2 (1640 ft 2 ) Average year built:
1937 (20 years)
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Control Area: East Durham and Edgemont
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Why this area as a control? Similarly industrial: historical
roots in milling and textiles Similar houses, built around the same
time period Approximately the same distance from CBD Also
economically depressed area
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East Durham and Edgemont
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East Durham and Edgemont - Data Houses located on: Hart St., S
Driver St., Roberson St., Angier Ave, Vale St., S Plum St., E Main
St., Clay St., and Ashe St. Built between 1900 and 1992 Average
home size: 1432 ft 2 (476 ft 2 ) Average lot size: 7047 ft 2 (1413
ft 2 ) Averages year built: 1929 ( 21 years)
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Findings
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Findings - Continued Difference between the slopes of the
best-fitting line: 0.0113 in favor of the control area
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Findings - Continued
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Old North Durham: with the addition of data points through
2013, the slope of the price curve falls from.0206 to.0108 East
Durham/Edgemont: the slope of the line describing the overall trend
of house prices went from positive.0319 (between 2006-2010) to
negative.0275 (when data points are included through 2013)
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Statistically Significant Differences Running a Students t test
comparing mean home prices on a year-by-year basis: the difference
in mean home values between the two neighborhoods was statistically
significant from 2010 (p
