Teardowns and land values in the Chicago metropolitan area

Dye, Richard F.; McMillen, Daniel P.

doi:10.1016/j.jue.2006.06.003

Cited by 113 publications

(88 citation statements)

References 20 publications

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“…We recover the land value of an unassembled parcel using the technique pioneered by Rosenthal and Helsley (1994) and refined by Dye and McMillen (2007). This technique recovers the value of land using sales of properties where the structure is torn down shortly after sale.…”

Section: Empirical Approach: Establishing the Existence Of Surplusmentioning

confidence: 99%

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From Today's City to Tomorrow's City: An Empirical Investigation of Urban Land Assembly

Brooks

Lutz

2016

American Economic Journal: Economic Policy

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C ities are composed of individual pieces of land called parcels. Just as atoms dictate the properties of matter, parcels dictate the size, shape, and placement of the built infrastructure of which cities are composed. Changes in technology and economic conditions cannot induce fundamental changes to this built infrastructure without changes to parcel boundaries. Thus, the long-run evolution of cities-and the economic growth and innovation they generate-depends upon the ease of modifying parcel boundaries.

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Section: Empirical Approach: Establishing the Existence Of Surplusmentioning

confidence: 99%

“…We rely on the technique pioneered by Rosenthal and Helsley (1994) and refined by Dye and McMillen (2007) that identifies the price of land from parcels sold shortly before the structure is subsequently torn down. Because the structure is worthless to the new owner, the sale value represents only the land value.…”

mentioning

confidence: 99%

From Today's City to Tomorrow's City: An Empirical Investigation of Urban Land Assembly

Brooks

Lutz

2016

American Economic Journal: Economic Policy

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“…The R-square of Cunningham's OLS model is only 0.2. Dye and McMillen (2007) uses sale prices of tear-down houses as a proxy for vacant land value. Nevertheless, their model is not appropriate for my purpose, because the vacant land sales or vacant land condemnations in my data set have been vacant for some time, so usually I was not able to ascertain the housing characteristics of the properties before they become vacant land.…”

Section: Data On Condemnationmentioning

confidence: 99%

“…Nevertheless, their model is not appropriate for my purpose, because the vacant land sales or vacant land condemnations in my data set have been vacant for some time, so usually I was not able to ascertain the housing characteristics of the properties before they become vacant land. Moreover, Dye and McMillen (2007) uses this kind of model because they do not have enough vacant land sales, which I do have. 49 Therefore, condemnations of which New York State, MTA, Port Authority, etc are condemnors are not included in my data set.…”

Section: Data On Condemnationmentioning

confidence: 99%

An Empirical Study of Compensation Paid in Eminent Domain Settlements: New York City, 1990–2002

Chang

2010

The Journal of Legal Studies

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No large-scale empirical study on condemnation compensation has been done in the past thirty years. Yet several state legislatures, in response to the Kelo case, have changed laws to increase condemnation compensation, despite the lack of empirical grounds. To fill in the empirical gap, I use hedonic regression models and about 80,000 sales to estimate the fair market value (FMV) of condemned properties whose owners reached compensation settlements with the condemnor, New York City, between 1990 and 2002. More than 50% of these condemnees were compensated with less than FMV; about 40% received more than FMV; and less than 10% got FMV. Owners of residential properties and non-residential properties alike often received extreme compensations that are less than 50%, or more than 150%, of FMV. Condemnor's political interests and condemnees' ignorance of estimated FMV are the most likely explanations. Compensation level does not correlate with any factor with available data.

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“…This is important for the context of this analysis because the focus is not on expected future changes or real option values (Anderson & West 2006;Dye & McMillen, 2007;Clapp &Salavei, 2010). The focus is on the value associated with public parks, which have a relatively lower anticipated likelihood of being developed for other uses than private open space within the neighborhood context in which those assets are located.…”

Section: Discussionmentioning

confidence: 99%

The implicit price of urban public parks and greenways: a spatial-contextual approach

Payton

Ottensmann

2014

Journal of Environmental Planning and Management

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Abstract:This paper examines the value residents place on public parks in a mid-sized urban area. The analysis makes a direct contribution to the literature by examining the extent to which spatial and neighborhood context is related to the house price premium or discount associated with public recreational opportunities, natural resource areas, and urban greenways. The analysis shows that the value of public parks and greenways varies across space, neighborhood context, and park type. Community area fixedeffects are included to bolster the findings. The findings indicate that park and greenway investment should be planned and managed contextually in urban areas. Park planners can use these findings to inform public policy debates over park investment and, perhaps, support efforts focused on comprehensive neighborhood planning.

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Teardowns and land values in the Chicago metropolitan area

Cited by 113 publications

References 20 publications

From Today's City to Tomorrow's City: An Empirical Investigation of Urban Land Assembly

From Today's City to Tomorrow's City: An Empirical Investigation of Urban Land Assembly

An Empirical Study of Compensation Paid in Eminent Domain Settlements: New York City, 1990–2002

The implicit price of urban public parks and greenways: a spatial-contextual approach

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