The Value Impact of New Residential Construction and Neighborhood Disinvestment on Residential Sales Price

Simons, Robert A.; Quercia, Roberto G.; Левин, И. С.

doi:10.1080/10835547.1998.12090921

Cited by 94 publications

(29 citation statements)

References 8 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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“…These spillover effects can be significant. Simons, Quercia, and Maric (1998) estimated that average sales prices fell $788 for each 1% increase in tax delinquencies within a one-to twoblock area of a residence. Cities, counties, and school districts lose tax revenue from abandoned homes.…”

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confidence: 99%

Measuring the Effect of Subprime Lending on Neighborhood Foreclosures

Immergluck

Smith²

2005

Urban Affairs Review

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Since the early 1990s, there has been a very large growth in mortgages made by so-called subprime lenders, which specialize in lending to borrowers with credit history problems. One reason for concern about this trend is that it has been associated with a large and simultaneous rise in foreclosures, which can entail significant costs not just for those directly affected but also for surrounding neighborhoodsand larger communities. This study usesmultivariate estimations to quantify the impact of subprime lending on neighborhood foreclosure levels. After controlling for neighborhood demographics and economic conditions, the authors find that subprime loans lead to foreclosures at far greater rates than do prime loans. Moreover, subprime lending appears to account for a substantial share of foreclosure activity in high-foreclosure neighborhoods.

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“…Many hedonic price models were reviewed in the development of the model for this study, and the variables were included. Two studies from Cleveland and Cuyahoga County, Ohio, were particularly useful (Simons, Quercia, and Maric 1998;Ding, Simons, and Baku 2000). A full list of variables along with the corresponding descriptive statistics can be found in Table 1.…”

Section: Methodsmentioning

confidence: 99%

The Spatial-Temporal Impact of Residential Foreclosures on Single-Family Residential Property Values

Kobie

Lee

2010

Urban Affairs Review

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As the home mortgage foreclosure crisis continues to spread, few households and geographic locations in the United States remain unaffected. This has led to a great deal of research on the causes and the impacts of the foreclosure crisis. This article focuses on the latter and specifically addresses the impact that residential foreclosures have on nearby single-family residential properties. Previous research has concluded that there is a negative impact. Although the hypothesis for this article has not changed, the authors offer a change in methodology. The study analyzes foreclosures' impact based upon face blocks, not straight-line distances, and it also incorporates time and the use of spatial statistics. Findings from this study show a negative relationship between the length of time a property has been foreclosed and its effect on neighboring property values. The first negative impact is seen after one year, and sheriff sales have a greater negative impact than preforeclosures. Therefore, policy responses need to be as swift as possible to prevent any negative impact on neighboring property values and all the while must attempt to prevent properties from going to auction.

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The Value Impact of New Residential Construction and Neighborhood Disinvestment on Residential Sales Price

Cited by 94 publications

References 8 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

Measuring the Effect of Subprime Lending on Neighborhood Foreclosures

The Spatial-Temporal Impact of Residential Foreclosures on Single-Family Residential Property Values

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