有鑒於以往房價泡沫文獻較少探討泡沫與房屋特徵間的關係，本文援引特徵價格法研究內外部特徵對房價泡沫的影響。藉由所建構之台中市集合式住宅交易個案資料庫為依據，全面納入「建築內部」、「教育」、「休閒」、「生活機能」、「區位」、「交通」、「安全」、「鄰避設施」八類衡量生活品質的房屋特徵，以房價泡沫取對數值作為應變數，住宅與各類設施距離取對數值為自變數，並將樣本區分為六十五個學區進而實證歸納出學區環域內容易被炒作的特徵。
由研究成果顯示集合式住宅渴望在繁榮的鬧區保有安靜的生活環境，即「鬧中取靜」，換言之與公園綠地等休閒設施距離越近泡沫越大，但對於會帶來大量車流和人潮的交通樞紐及大型遊樂場所等則是距離越遠，泡沫越大。

Since there were not many papers focusing on the topic of the relationship between bubbles and housing characteristics, this paper studies the internal as well as the external causes of housing bubble by adopting the canonical Hedonic Pricing Method. By utilizing a constructed unique database composed of Taichung housing transactions, the detailed features of transactions on the condominiums can be investigated. The “Building Interior”, “Education”, “Leisure”, “Living Infrastructure”, “Location”, “Transportation”, “Security”, and “NIMBY” are collected as the measurement of quality of life in housing characteristics to complement the Star School District impact in the educational buffer. Using the logarithm of house price bubbles as dependent variable, and the independent variable taking distance between condominiums and facility the form of logarithm, the discover what factors are used for house price speculation.
The results show the resident of condominium prefers living in the prosperous urban area with serene environment. In other words, the closer the condominiums are with leisure facilities, such as public park, and the further they are with facilities that gathers crowd and traffic, such as transportation hub and entertainment facilities, the larger the bubble.