Spatial econometrics, land values and sustainability: Trends in real estate valuation research

Krause, Andy; Bitter, Christopher

doi:10.1016/j.cities.2012.06.006

Cited by 81 publications

(48 citation statements)

References 59 publications

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“…Substantial progress has been made over decades in specifying empirical HPMs for examining the impacts of both the locational and neighborhood environmental features described above. Krause and Bitter [13] addressed methodological issues surrounding advanced spatial models in real estate valuation research. Two different forms of specifying spatial HPMs were introduced in the study: the spatial lag model and the spatial error model [28,29].…”

Section: Hedonic Price Modelmentioning

confidence: 99%

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Investigating How the Rents of Small Urban Houses are Determined: Using Spatial Hedonic Modeling for Urban Residential Housing in Seoul

Won

Lee

2017

Sustainability

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Abstract:The Seoul metropolitan government has launched the Urban Residential Housing (URH) program to address the shortage of small urban houses, and enhance residential stability for the increasing number of one-and two-person households in Seoul, Korea. While studies have examined the price premium of locational and neighborhood environmental features for houses in general, little is known about how and to what extent these features influence the rents of small urban houses. We estimate and compare conventional and spatial hedonic price models (HPMs) to examine the effects of those features on the monthly rents of URH units, while using geographic information system techniques to measure the variables. We found that the spatial HPM outperforms the conventional HPM in terms of goodness of fit measures. All of the locational features, and most of the variables with respect to the neighborhood environment, had a significant impact on rents. Rent tended to be lower in areas adjacent to a university, suggesting that it is a good place for one and two-person households to enhance residential affordability. However, access to parks does not appear to be important for residents. We conclude that the people who live in small urban houses are inclined to place a premium on rents in different ways.

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Section: Hedonic Price Modelmentioning

confidence: 99%

“…One notion that defines the field of real estate is "location, location, location", which infers that there is a significant relationship between locational characteristics and housing values [6,7,13]. Locational factors considered in property valuation studies to date are closely related to accessibility measures.…”

Section: Introductionmentioning

confidence: 99%

Investigating How the Rents of Small Urban Houses are Determined: Using Spatial Hedonic Modeling for Urban Residential Housing in Seoul

Won

Lee

2017

Sustainability

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“…Though this measure is just beginning to be included in quantitative studies, it is consistently found to have a positive relationship with real estate values (see, e.g., Kok & Jennen, 2012;Pivo & Fisher, 2011;Rauterkus & Miller, 2011). Krause and Bitter (2012) predict that it will become widely adopted in the real estate valuation literature in the near future.…”

Section: Environmentmentioning

confidence: 99%

Development and Quality of Life in Cities

Peach

Petach

2015

Economic Development Quarterly

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Articulating the goals of economic development and defining quality of life has drawn the attention of influential thinkers from Socrates to Sen. Attempts to quantify and compare economies as they pertain to these concepts have largely focused on the macroeconomy. In this study, the Metropolitan Development Index is created to measure development and quality of life in large, urban areas in the United States. The researchers then test the sensitivity of city rankings to the data used in constructing the index. These tests indicate that the index is a substantive conception of development and quality of life. Additionally, the index is positively correlated with both economic prosperity and an individual's desire to reside in areas that offer higher levels of development and quality of life.

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“…Because of very specific and technical language of most assessment toolsspecialists professions are usu- ally their main user groups [10,12] limiting the wide spread use of tools as most stake holders and decision-makers in the building industry are not specialists enough to initiate the assessment process in all projects. It is therefore crucial to facilitate the use of assessment tools and also promote use of intelligible assessment tools capable of creating easy and simple interaction with potential clients on the market [13].To achieve truly sustainable buildings there must be a co-coordinated approach involving all stake holders including the client, the industry and local authorities and government [4]. It is also important to realise that in order to minimise carbon emissions, assessments should be carried out at the outset of the design when refinement of design strategies and options have the maximum potential of reducing whole life emissions [5].…”

Section: The Editors Alicante 2016mentioning

confidence: 99%

Comparative Analysis of Environmental Performance of an Office Building Using Breeam and GBL

Cheng¹,

Sodagar²,

Sun³

2016

WIT Transactions on State-of-the-Art in Science and Engineering

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Spatial econometrics, land values and sustainability: Trends in real estate valuation research

Cited by 81 publications

References 59 publications

Investigating How the Rents of Small Urban Houses are Determined: Using Spatial Hedonic Modeling for Urban Residential Housing in Seoul

Investigating How the Rents of Small Urban Houses are Determined: Using Spatial Hedonic Modeling for Urban Residential Housing in Seoul

Development and Quality of Life in Cities

Comparative Analysis of Environmental Performance of an Office Building Using Breeam and GBL

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