scholarly journals Valuing Historical and Open Space Amenities with Hedonic Property Valuation Models

2016 ◽  
Vol 45 (1) ◽  
pp. 44-67
Author(s):  
Robert L. Hicks ◽  
Bonnie M. Queen
Keyword(s):  
Open Space ◽  
Property Values ◽  
Nonmarket Valuation ◽  
Economic Benefits ◽  
Residential Property ◽  
Revealed Preferences ◽  
Property Valuation ◽  
Historic Areas ◽  
Hedonic Property ◽  
Statistical Effects

Impacts of historic and cultural amenities on property values and the economy have not been widely studied in part because of problems isolating statistical effects using nonmarket valuation and lack of study areas. Three jurisdictions in Virginia containing major historic sites provide a unique setting in which to isolate the effects of historical amenities on residential property values using revealed preferences and quantify their economic benefits. We find that historic areas provide both open space and historic amenities. Furthermore, being adjacent to a historical area is not a positive benefit on average, perhaps because of activity and congestion associated with tourism. Residing close to such areas is valuable to buyers.

scholarly journals Exotic Forest Insects and Residential Property Values

2006 ◽  
Vol 35 (1) ◽  
pp. 155-166 ◽  
Author(s):  
Thomas P. Holmes ◽  
Elizabeth A. Murphy ◽  
Kathleen P. Bell
Keyword(s):  
Property Values ◽  
Residential Property ◽  
Property Value ◽  
Negative Effects ◽  
Control Programs ◽  
Potential Control ◽  
Hemlock Decline ◽  
Hedonic Property ◽  
Residential Property Values

This paper presents a case study of the economic damages to homeowners in a northern New Jersey community due to an exotic forest insect—the hemlock woolly adelgid. Hedonic property value methods are used to estimate the effect of hemlock health on property values. A statistically significant relationship between hemlock health and residential property values is established. Moreover, there are some signs of spillover impacts from hemlock decline, as negative effects are realized on the parcels where the declining hemlock stands are located as well as on neighboring properties. These results give some indication of the benefits of potential control programs and strategies and also show support for community- or neighborhood-based programs in residential settings.

scholarly journals Evidence on the Amenity Value of Wetlands in a Rural Setting

2005 ◽  
Vol 37 (3) ◽  
pp. 589-602 ◽  
Author(s):  
Okmyung Bin ◽  
Stephen Polasky
Keyword(s):  
Urban Areas ◽  
Property Values ◽  
Rural Setting ◽  
Residential Property ◽  
Amenity Value ◽  
Property Price ◽  
Extensive Property ◽  
Hedonic Property ◽  
Wetland Inventory ◽  
Residential Property Values

This study uses a hedonic property price method to estimate how wetlands affect residential property values in a rural area. The study utilizes wetland inventory data coupled with extensive property sales records between January 2000 and September 2004 from Carteret County, NC. Our results indicate that i) a higher wetland percentage within a quarter mile of a property, ii) closer proximity to the nearest wetland, and iii) larger size of the nearest wetland are associated with lower residential property values. These results contrast with previous hedonic studies that use data from urban areas, which found positive associations between wetlands and property values. The amenity value of wetlands appears to depend at least as much on the characteristics of the area being considered as it does on the characteristics of the wetlands.

scholarly journals Varying Effects of Urban Tree Canopies on Residential Property Values across Neighborhoods

2020 ◽  
Vol 12 (10) ◽  
pp. 4331
Author(s):  
Youngme Seo
Keyword(s):  
Property Values ◽  
Economic Benefits ◽  
Tree Canopy ◽  
Urban Trees ◽  
Residential Property ◽  
Neighborhood Characteristics ◽  
Financial Capacity ◽  
Urban Tree ◽  
Residential Property Values ◽  
The Impact

As more land area than ever is covered with impermeable surfaces causing problems in the environment, urban trees are effective not only in mitigating environmental problems in the built environment and reducing buildings’ energy use, but also in increasing social and economic benefits. However, the benefits urban trees provide are not evenly distributed but rather disproportionately distributed in high-income neighborhoods. The purpose of this study is to estimate the varying effects of urban trees based on a variety of factors that have influence on tree canopy coverage, including land constraints, new developments, financial capacity to maintain trees, and neighborhood characteristics. Using a unique dataset that includes 24,203 single-family residential sales from 2007 to 2015 merged with Urban Tree Canopy (UTC), this study utilizes spatial models to empirically evaluate the impact of UTC on residential property values in the housing market. Multi-Level Mixed (MLM) models are used to capture the varying effects of tree cover, based on land constraints, new development, financial capacity, and neighborhood characteristics. The findings show the effect of trees is positive and varies across neighborhoods, and implication of the results to best achieve specific desired outcomes in tree-related policies and urban development are apparent.

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