The Effect of Residential Investment on Nearby Property Values: Evidence from Cleveland, Ohio

Ding, Chengri; Simons, Robert A.; Baku, Esmail

doi:10.1080/10835547.2000.12091011

Cited by 103 publications

(47 citation statements)

References 11 publications

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“…Some of the issues examined using this method include air pollution (e.g., Chattopadhyay, 1999), noise (e.g., espey & Lopez, 2000, views (e.g., Benson, Hanson, Schwartz, & Smersh, 1998), zoning (e.g., Thorson, 1997), crime and vandalism (Li & Brown, 1980), and underground storage tanks (Simons, Bowen, & Sementelli, 1997). Studies have also used hedonic methods to examine the welfare effects of various public and private investments, such as house construction (Ding, Simons, & Baku, 2000;Simons, Quercia, & Maric, 1998), urban green space (Morancho, 2003), and public transportation (Chau & Ng, 1998).…”

Section: Literature Synthesismentioning

confidence: 99%

Assessing the Effect of Publicly Assisted Brownfield Redevelopment on Surrounding Property Values

Sousa

Westphal

2009

Economic Development Quarterly

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This study measures and compares the impact of publicly assisted brownfield redevelopment on nearby residential property values in Milwaukee and Minneapolis. It also examines the influence of land use, neighborhood characteristics, and other redevelopment factors on this impact. The research approach incorporates a hedonic method to quantify nearby property value effects at more than 100 brownfield projects, and stakeholder interviews are used to assess perceived impacts to real estate conditions. The results reveal that the spillover effect in terms of raising surrounding property values is significant in both quantity and geographic scope, as redevelopment led to a net increase of 11.4% in nearby housing prices in Milwaukee and 2.7% in Minneapolis. It also reveals that project size, value, and the amount of public funding have minor impacts on this effect; factors such as proximity to major roads, distance from rail, and higher incomes have greater positive impacts.

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Section: Literature Synthesismentioning

confidence: 99%

Assessing the Effect of Publicly Assisted Brownfield Redevelopment on Surrounding Property Values

Sousa

Westphal

2009

Economic Development Quarterly

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“…Modern price theory distinguishes between value and price, whereby market value is an estimated sale price, while market price is the amount actually paid in a transaction. The market price for land is based on an actor's willingness to pay, which is dependent upon several factors that include the size and shape of the parcel, intended land use, permitted land use (such as zoning), local property taxes, owners' income, financing terms and a wide variety of spatially dependent neighbourhood amenities, such as type of buildings present, quality of schools, accessibility and neighbourhood character (Can, 1990;Case, 1992;Dubin, 1992;Colwell and Munneke, 1997;Cheshire and Sheppard, 1998;Ding et al, 2000;Din et al, 2001). Changes in the quality or quantity of neighbourhood amenities affect land prices either positively (i.e.…”

Section: Introductionmentioning

confidence: 99%

Exploring Spatial Dynamics with Land Price Indexes

Spinney¹,

Kanaroglou²,

Scott³

2010

Urban Studies

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The purpose of this study is to explore the within-region spatial dynamics of appreciation and depreciation rates using three different representations of geographical space. Mean value indexing methods are used to construct global land price indexes, sub-market land price indexes and local land price indexes using transaction price data for vacant residential land within the City of Hamilton, Ontario, between 1995 and 2003. The results are validated against Statistics Canada’s series of New Housing Price Indexes, followed by a comparison of the relative performance of the three geographical representations of land price indexes. The results indicate that the mean value indexing methods are robust, although subject to outliers and sample selection bias, and clearly illustrate the spatial dynamics of annual appreciation and depreciation rates across the study area. The results also underscore the need for regular surveillance of the spatial dynamics of urban land markets.

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“…Two studies of the impact of government-subsidized housing projects were performed on the Cleveland real estate market. Both Ding, Simons, and Baku (2000) and Simons, Quercia, and Maric (1998), using a cross section of residential sales, present findings that indicate that government-subsidized housing has a positive, though geographically limited, impact on residential values. Two earlier studies illustrate similar results indicating that local clusters of new construction positively affected existing residential property values (Segal 1977;Varaday 1989).…”

Section: Background Literaturementioning

confidence: 92%

“…More specifically, there have been few systematic attempts to assess the neighborhood impact, in quantitative terms, of CDC presence relative to their ability to influence the real estate market (Berger and Kasper 1993). There are studies on the influence of residential construction on the sales price of existing homes within the broader context of the entire community (Ding, Simons, and Baku 2000;Simons, Quercia, and Maric 1998). Both of these studies examined the real estate market of Cleveland and the influence of government-subsidized housing projects across the entire city, but there has been no work directly linking similar investments of CDCs to the private real estate market.…”

Section: Investing In Community Wealthmentioning

confidence: 99%

The Impact of Community Development Corporations on Neighborhood Housing Markets

Smith

2003

Urban Affairs Review

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Housing investment activities of community development corporations (CDCs) can be associated with a positive impact on the residential real estate market within their respective service area. Relying on a pseudo-experimental approach, the appreciation rate of single-family housing in CDC treatment and comparison areas is tested with a traditional hedonic model with pooled data. The results suggest that the area that is served by the 12 established CDCs operating in Center Township in the city of Indianapolis experienced a higher overall appreciation in the mean residential home value from 1987 to 2000 than did a comparison area in Center Township not served by CDCs.

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The Effect of Residential Investment on Nearby Property Values: Evidence from Cleveland, Ohio

Cited by 103 publications

References 11 publications

Assessing the Effect of Publicly Assisted Brownfield Redevelopment on Surrounding Property Values

Assessing the Effect of Publicly Assisted Brownfield Redevelopment on Surrounding Property Values

Exploring Spatial Dynamics with Land Price Indexes

The Impact of Community Development Corporations on Neighborhood Housing Markets

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