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Semiparametric estimation of land price gradients using large data sets

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  • Kevin A. Bryan
  • Pierre-Daniel G. Sarte

Abstract

The exact nature of land price gradients, the surface describing how land prices change with location, can be difficult to uncover. This is particularly true for cities with few vacant lots or in more rural regions where the number of land sales in a given area is limited. This article outlines a semiparametric method to construct the land price surface given a large set of residential property sales, and investigates properties of this surface in Richmond, Virginia, and three surrounding counties. Despite recent concentrations of housing in suburban areas, we find that Richmond remains largely a monocentric city. Nevertheless, the price surface that we estimate features a complex topography, and high prices near suburban interstates and lakes are clearly evident.

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File URL: http://www.richmondfed.org/publications/research/economic_quarterly/2009/winter/pdf/sarte.pdf
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Bibliographic Info

Article provided by Federal Reserve Bank of Richmond in its journal Economic Quarterly.

Volume (Year): (2009)
Issue (Month): Win ()
Pages: 53-74

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Handle: RePEc:fip:fedreq:y:2009:i:win:p:53-74:n:v.95no.1

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Keywords: Federal Reserve District; 5th ; Housing - Prices;

References

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  1. Esteban Rossi-Hansberg & Pierre-Daniel Sarte & Raymond Owens, 2010. "Housing Externalities," Journal of Political Economy, University of Chicago Press, vol. 118(3), pages 485-535, 06.
  2. DiNardo, John & Tobias, Justin, 2001. "Nonparametric Density and Regression Estimation," Staff General Research Papers 12020, Iowa State University, Department of Economics.
  3. Redfearn, Christian L., 2007. "The topography of metropolitan employment: Identifying centers of employment in a polycentric urban area," Journal of Urban Economics, Elsevier, vol. 61(3), pages 519-541, May.
  4. Richard Arnott & Alex Anas & Kenneth Small, 1997. "Urban Spatial Structure," Boston College Working Papers in Economics 388., Boston College Department of Economics.
  5. Giuliano, Genevieve & Small, Kenneth A., 1991. "Subcenters in the Los Angeles Region," University of California Transportation Center, Working Papers qt7xv976dj, University of California Transportation Center.
  6. McMillen, Daniel P., 2001. "Nonparametric Employment Subcenter Identification," Journal of Urban Economics, Elsevier, vol. 50(3), pages 448-473, November.
  7. Colwell, Peter F. & Munneke, Henry J., 1997. "The Structure of Urban Land Prices," Journal of Urban Economics, Elsevier, vol. 41(3), pages 321-336, May.
  8. Yatchew, A., 1997. "An elementary estimator of the partial linear model," Economics Letters, Elsevier, vol. 57(2), pages 135-143, December.
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Cited by:
  1. Nichols, Joseph B. & Oliner, Stephen D. & Mulhall, Michael R., 2013. "Swings in commercial and residential land prices in the United States," Journal of Urban Economics, Elsevier, vol. 73(1), pages 57-76.
  2. Joseph B. Nichols & Stephen D. Oliner & Michael R. Mulhall, 2010. "Commercial and residential land prices across the United States," Finance and Economics Discussion Series 2010-16, Board of Governors of the Federal Reserve System (U.S.).

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