ABSTRACT Common-interest developments (CIDs) or planned urban developments (PUDs) can include a multitude of property types such as condos, townhomes, coops and single-family residences. Many such developments are privately governed by a homeowners’ association (HOA) and managed by an HOA board of directors comprised of community homeowners. While such communities and their governing bodies have been widely criticised for their onerous rules, regulations and exclusionary practices, many argue that the amenities, benefits and utility afforded to its members provide a large degree of satisfaction for homeowners. In fact, one of the purposes of an HOA is to preserve and enhance home values by creating an environment with minimal negative externalities. Although it is generally assumed that an HOA does add value, these associations have also generated a number of controversial disputes. This paper examines the effects of an HOA on marketability to empirically shed light on the question of whether buyers find HOAs to be beneficial or burdensome. The results show that the impact of the HOA on price, marketing time and probability of sale are not even across price segments and exist even after controlling for the presence of gated communities.

中文翻译：

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限制与便利：房主协会对房地产市场的不同影响

摘要共同利益发展项目（CID）或计划中的城市发展项目（PUD）可以包括多种房地产类型，如公寓，联排别墅，合作社和单户住宅。许多此类开发都由房主协会（HOA）私人管理，并由社区房主组成的HOA董事会进行管理。尽管此类社区及其理事机构因其繁琐的规则，法规和排他性行为而受到广泛批评，但许多人认为，为其成员提供的便利，利益和实用性使房主感到非常满意。实际上，HOA的目的之一是通过创建具有最小负面外部性的环境来保存和提高房屋价值。尽管通常假设HOA确实会增加价值，这些协会还产生了许多有争议的争议。本文研究了HOA对可销售性的影响，以经验性地揭示了购买者认为HOA是有益还是繁重的问题。结果表明，HOA对价格，营销时间和销售可能性的影响甚至不跨价格段，甚至在控制了封闭式社区的存在之后仍然存在。