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A Methodology for Constructing Vacant Land Price Indices

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  • John M. Clapp

Abstract

Existing estimates of movements in vacant land prices are limited to a few metropolitan areas and infrequent time intervals. This paper develops a new methodology for estimating vacant land price trends for subareas within states and metropolitan areas. It utilizes data from a sales ratio study, a large database available in most states. The methodology uses assessed value to control for "hedonic characteristics" associated with the property and its location. A model is developed to correct assessed value for measurement errors. Statistical results for forty-one Connecticut towns indicate that the model provides a reasonable compromise between data availability and accuracy of price trend estimates. Copyright American Real Estate and Urban Economics Association.

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File URL: http://www.blackwell-synergy.com/doi/abs/10.1111/1540-6229.00522
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Bibliographic Info

Article provided by American Real Estate and Urban Economics Association in its journal Real Estate Economics.

Volume (Year): 18 (1990)
Issue (Month): 3 ()
Pages: 274-293

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Handle: RePEc:bla:reesec:v:18:y:1990:i:3:p:274-293

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Cited by:
  1. Bourassa, Steven C. & Hoesli, Martin & Scognamiglio, Donato & Zhang, Sumei, 2011. "Land leverage and house prices," Regional Science and Urban Economics, Elsevier, vol. 41(2), pages 134-144, March.
  2. Yan Li & AHongling Guo & Yaowu Wang & Feng Wang & Zheren Wang, 2009. "Information Systems-based Real Estate Macrocontrol Systems," International Real Estate Review, Asian Real Estate Society, vol. 12(2), pages 171-192.

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