Price effects of surface street traffic on residential property

Abstract

2011),"Effect of property management on property price: a case study in HK", Facilities, Vol. 29 Iss 11/12 pp. 459-471 http://dx.If you would like to write for this, or any other Emerald publication, then please use our Emerald for Authors service information about how to choose which publication to write for and submission guidelines are available for all. Please visit www.emeraldinsight.com/authors for more information. About Emerald www.emeraldinsight.comEmerald is a global publisher linking research and practice to the benefit of society. The company manages a portfolio of more than 290 journals and over 2,350 books and book series volumes, as well as providing an extensive range of online products and additional customer resources and services.Emerald is both COUNTER 4 and TRANSFER compliant. The organization is a partner of the Committee on Publication Ethics (COPE) and also works with Portico and the LOCKSS initiative for digital archive preservation. AbstractPurpose -The purpose of this study is to gauge and compare the impact of surface street traffic externalities on residential properties. Limited previous research indicates that negative externalities dominate for single-family houses. Our objective is to verify that this result applies to our sample, and to determine if the same result extends to multi-unit rental properties. Design/methodology/approach -Hedonic regression is used to analyze data from 9,680 single-family house transactions and 455 multi-unit rental properties to measure the influence of surface street traffic on the price of the two property types. Findings -Houses located adjacent to an arterial street sold at a 7.8 per cent discount, on average, compared to similar houses located on collector streets. Limiting the analysis to houses adjacent to an arterial street (where traffic counts were available), price and traffic count are negatively related. The results for multi-unit rental dwellings are dramatically different. Multi-unit properties adjacent to an arterial street sold at a 13.75 per cent premium compared to similar properties on collector streets, and when limiting the analysis to properties on arterial streets, no significant relationship was detected between price and traffic volume. Originality/value -This is the first empirical study of the influence of surface street traffic on both single-family houses and multi-unit rental residential property. Evidence is provided that traffic externalities impact the two types of properties quite differently. To the extent that this result applies to other locations, the authors suggest planners may be able to use such information to reduce the negative effect of traffic externalities on residential property associated with changes that will increase traffic flow.

Investigating the impacts of street environment on pre-owned housing price in Shanghai using street-level images

“…Using a hedonic price model (HPM), Sander et al (2010) implied that 10% more tree cover on parcels increased sales price by 0.48% in Minnesota. Besides trees, the impacts of other features on the property value, such as open space (Anderson & West, 2006), street lighting (Willis et al, 2005), and surface street traffic (Larsen & Blair, 2014) have been studied separately with the HPM approach.…”

“…The hedonic price model (HPM) was widely adopted to investigate the impacts of built environment features on housing prices (Chen et al, 2020;Larsen & Blair, 2014;Zhang & Dong, 2018). It assumes that housing is a heterogeneous good, and the determinants of its price can be investigated by regressing the housing price on three types of independent variables capturing the property's structural, locational and neighborhood attributes (Rosen, The impacts of street environment on pre-owned housing price in Shanghai using street-level images 1974).…”

Towards a Hedonic Pricing Method for the Bucharest Private Housing Market

“…Location influence the access of a household to jobs, resources, alongside various social and urban facilities, generating suitable accessibility, but also noise and air pollution caused by vehicles (Baranzini and Schaerer, 2011;Larsen and Blair, 2014;Tian et al, 2017). By using data from Athens, Greece, Efthymiou and Antoniou (2013) revealed that the vicinity to transportation infrastructure show a direct effect on house and apartment purchase prices, as well as rents, namely positive influence related to metro, tram, suburban railway and bus stations, but a negative impact of ISAP (the oldest rail in Greece) and national rail stations, airports and ports.…”

“…By using data from Athens, Greece, Efthymiou and Antoniou (2013) revealed that the vicinity to transportation infrastructure show a direct effect on house and apartment purchase prices, as well as rents, namely positive influence related to metro, tram, suburban railway and bus stations, but a negative impact of ISAP (the oldest rail in Greece) and national rail stations, airports and ports. Larsen and Blair (2014) examined Kettering, south-western Ohio and noticed that the value of a detached single-family house settled on an arterial street is less by 7.8 per cent than kindred houses located differently, but multi-unit housing placed adjacent to an arterial street showed a 13.75 percent upper sale price. Mulley et al (2016) highlighted for Brisbane, Australia, that being close to bus rapid transit (BRT) systems adds a premium to the housing price of 0.14%, for every hundred meters closer to the BRT station.…”

A spatial econometric analysis of residential land prices in Kuwait

“…In the existing literature, variables such as density, personal relationships, proximity to schools and other amenities, air and toxic pollution, and traffic-related noise and car accidents have been constantly linked to residential land prices (Enríquez Sierra, Barreto Nieto, Correa Caro, & Campo Robledo, 2013;Glaesener & Caruso, 2015;Hu, Yang, Li, Zhang, & Xu, 2016;Kheir & Portnov, 2016;Larsen & Blair, 2014;Lee, 2015;Wen & Goodman, 2013). For example, in a study investigating factors influencing residential land prices in Tokyo and Kitakyushu, population density, the presence of obnoxious facilities and average elevation were found to be significantly related to urban land prices (Gao & Asami, 2007).…”