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Housing Price Bubble, Hedonic Pricing Model, Housing Prices
This study applies a hedonic pricing model to the rapidly developing suburban housing market adjacent to the Savannah Historic Landmark District in the downtown area of Savannah, Georgia. Using OLS estimation, the hedonic pricing model yields results clearly tracing out the magnitude of the time-related housing price premium in the suburban market analyzed for the years from 2005 to 2010. The results also control for internal and external housing characteristics that are capitalized into the real sales prices of the housing transactions analyzed.