The Effect of a Large Urban Park on Real Estate Value

Hammer, Thomas; Coughlin, Robert E.; Horn, Edward

doi:10.1080/01944367408977479

Cited by 95 publications

(50 citation statements)

References 3 publications

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“…A suitable test of the distance-decay effect may be achieved using a regression model. Several researchers have explored the potential of this model, for example, in estimating the decline with distance of the property-value effect of a large urban park (Coughlin & Kawashima, 1973;Hammer, 1971). The initial equations were estimated using the following five variables:…”

Section: Distance-decay Effect In Property-value Impact (Proposition 2)mentioning

confidence: 99%

Impact of mental health facilities on property values

Dear

1977

Community Ment Health J

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Community opposition to the establishment of a small-scale mental health facility is often intense. One frequently voiced fear is that the estabishment of a facility will cause property values in its vicinity to decline. This paper examines empirical evidence of the impact on property values in the neighborhood of 12 mental health centers in Philadelphia. It is concluded that such facilities have an indeterminate effect on property values in their vicinity, contary to popular opinion.

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Section: Distance-decay Effect In Property-value Impact (Proposition 2)mentioning

confidence: 99%

Impact of mental health facilities on property values

Dear

1977

Community Ment Health J

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“…In fact, several hedonic pricing studies demonstrate empirically that proximity to a park -especially the quiet part of a park -raises residential property values. For example, Hammer, Coughlin and Horn (1974) find that proximity to a large regional park in Philadelphia adds to residential property values; Correll, Lillydahl and Singell (1978) produce similar results for homes located close to "greenbelts" in Boulder; and Weicher and Zerbst (1973) show that proximity to the quiet part of neighborhood parks in Columbus, Ohio increases the selling price of a home. For politicians, such a localized positive externality from a public service like a park makes parks especially desireable when they are located next to the homes of one's constituents.…”

Section: Data and Hypothesesmentioning

confidence: 84%

Rethinking ward and at-large elections in cities: Total spending, the number of locations of selected city services, and policy types

1996

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This study shows why the conventional wisdom that cities with ward elections will spend more than cities with at-large elections is too simple and explains why the empirical findings have been so mixed. Ward vs. at-large elections will only affect the policy choices of city councils when the policy choice is one that is decided by the median legislator. When the policy is one that is decided by the rule of universalism, the relevant institutional determinant of choice is the number of legislators, and not whether they are elected atqarge or by wards. Universalism is politically rational for divisible policies that all constituents deisre ("pork"); the majority rule equilibrium (at the median) is more rational for divisible policies that are generally desired, but only when they are not located too close to any one constituent's home ("LULUs"). The expectation then is that larger city councils will provide more parks than smaller ones, and that election by wards or atlarge will be irrelevant for these policy choices. By contrast, community centers and libraries are thought to be generally desireable, but not when they are in one's backyward. The size of the council is not predicted to be relevant for these decisions, but councils elected by wards are more likely to have a median legislator who represents geographically concentrated constituents, such as the minority poor; their preferences will have a bigger impact on councils elected by wards than on councils elected at large. Data from a sample of council-manager cities with weak mayors who have no veto uphold these hypotheses.

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“…The price premium for homes near parks averaged 20% (Crompton 2005) and the premium declined with increasing distance. However, location rent for vacant land near the 1,294-acre Pennypack Park in Philadelphia accrued 33 % premium at 40 feet from the park (Hammer et al 1974). This premium decayed with increasing distance --to 9% at 1,000 feet, and to 4.2 % at 2,500 feet from the Park.…”

Section: Proximity To Discrete Amenitiesmentioning

confidence: 95%

Valuing Visual Accessibility of Scenic Landscapes in a Single Family Housing Market: A Spatial Hedonic Approach

Mittal¹,

Thériault²,

Voisin³

et al. 2017

24th Annual European Real Estate Society Conference

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Abstract:This article uses a hedonic modelling approach to assess the effect of visual accessibility of scenic lands on housing price. It estimates households' implicit willingness to pay for the visual accessibility of privately owned voluntarily protected scenic lands in a single family housing market. These lands are protected in perpetuity for natural, historic, and scenic characteristics.The premium price effect was captured using the visual accessibility variable, a combined weighted measure of visibility and proximity. This is named as Gravity Inspired Visibility Index (GIVI). A comprehensive review of eight environmental amenity from multidisciplinary sources provides basis on significance of 'proximity' and 'view.' A detailed methodology on developing spatial interaction variable using 3D GIS and viewshed 1 technology is provided. This variable was used to estimate the capitalized premium from the preserved lands. Both global (adjusted price premium on mean home value from the GWR model. The article offers a useful framework for evaluating effects of land protection for planning and real estate scholars. It also offers useful insight to conservation agencies, local governments, professional planners, and real estate professionals for prioritizing land sites with scenic views and for property development. IntroductionThe study was conducted in Worcester, Massachusetts --the second largest city in the state. A cluster of 26 privately owned Conservation Easement (CE) properties with historically important1 The viewshed identifies cells in an input raster that are visible from one or more observation points. Binary values are added to the output raster with 1 meaning visible and 0means not visible. Please do not cite this paper3 sites and land parcels with scenic amenities were the focus of this article. This study estimates the externality effect of these voluntarily protected lands, on prices of surrounding 1,243 single family detached homes. The protected lands serve as public amenities, offer several indirect and direct environmental, and health benefits to the local community. In past, several parks, trails, waterways, and wildlife areas have been protected this way using CE in the United States. CE involve legal agreements between private landowners and a non-profit or a government agency in the United States to perpetually restrict any future development rights on preservation worthy lands. Under the agreement, the private landowners are allowed to retain their land titles, continue to retain their right to own and use lands. They also have the option to donate or sell the restricted development rights, and claim equivalent federal tax credits (Mittal 2014;Wright, 1994;Gustanski and Squires, 2000). Billions of dollars' worth of public money is involved as tax credits to incentivize private landowners; therefore, to motivate conservation organizations and local governments to promote land preservation activities, this article estimates direct monetary benefits to the local property tax base due to val...

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The Effect of a Large Urban Park on Real Estate Value

Cited by 95 publications

References 3 publications

Impact of mental health facilities on property values

Impact of mental health facilities on property values

Rethinking ward and at-large elections in cities: Total spending, the number of locations of selected city services, and policy types

Valuing Visual Accessibility of Scenic Landscapes in a Single Family Housing Market: A Spatial Hedonic Approach

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