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Measuring the Impact of Eminent Domain Partial Takings: A Behavioral Approach

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  • Michael J. Seiler

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    (Old Dominion University)

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    Abstract

    This study uses a behavioral approach to measure the impact of a partial eminent domain land taking (which affects easement rights and causes proximity damage) on residential property values. Existing appraisal methods are not suited to handle this type of unique valuation impact determination, yet diminution must be determined by the courts to establish proper ¡§just compensation¡¨. To accomplish the quantification of damages, an experimental design is implemented that allows the market to voice its opinion of valuation impact through a mechanism other than direct comparable sales. Moreover, this behavioral methodology can and should be used in a number of additional real estate valuation applications.

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    Bibliographic Info

    Article provided by Asian Real Estate Society in its journal International Real Estate Review.

    Volume (Year): 17 (2014)
    Issue (Month): 2 ()
    Pages: 137-156

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    Handle: RePEc:ire:issued:v:17:n:02:2014:p:137-156

    Contact details of provider:
    Postal: Asia Real Estate Society, 51 Monroe Street, Plaza E-6, Rockville, MD 20850, USA
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    Web page: http://www.asres.org/

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    Postal: Asian Real Estate Society, 51 Monroe Street, Plaza E-6, Rockville, MD 20850, USA
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    Web: http://www.asres.org/

    Related research

    Keywords: Eminent Domain; Partial Takings; Experimental Design; Behavioral Real Estate;

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    References

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    1. William J. Baumol & Alvin K. Klevorick, 1970. "Input Choices and Rate-of Return Regulation: An Overview of the Discussion," Bell Journal of Economics, The RAND Corporation, vol. 1(2), pages 162-190, Autumn.
    2. Geoffrey Turnbull, 2012. "Delegating Eminent Domain Powers to Private Firms: Land Use and Efficiency Implications," The Journal of Real Estate Finance and Economics, Springer, vol. 45(2), pages 305-325, August.
    3. Ghebreegziabiher Debrezion & Eric Pels & Piet Rietveld, 2007. "The Impact of Railway Stations on Residential and Commercial Property Value: A Meta-analysis," The Journal of Real Estate Finance and Economics, Springer, vol. 35(2), pages 161-180, August.
    4. Abdullah Yavas & Thomas J. Miceli & C.F. Sirmans, 2001. "An Experimental Analysis of the Impact of Intermediaries on the Outcome of Bargaining Games," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 29(2), pages 251-276.
    5. Gneezy, Uri & Potters, Jan, 1997. "An Experiment on Risk Taking and Evaluation Periods," The Quarterly Journal of Economics, MIT Press, vol. 112(2), pages 631-45, May.
    6. Nuriddin Ikromov & Abdullah Yavas, 2012. "Cash Flow Volatility, Prices and Price Volatility: An Experimental Study," The Journal of Real Estate Finance and Economics, Springer, vol. 44(1), pages 203-229, January.
    7. Francois Des Rosiers, 2002. "Power Lines, Visual Encumbrance and House Values: A Microspatial Approach to Impact Measurement," Journal of Real Estate Research, American Real Estate Society, vol. 23(3), pages 275-302.
    8. Bowes, David R. & Ihlanfeldt, Keith R., 2001. "Identifying the Impacts of Rail Transit Stations on Residential Property Values," Journal of Urban Economics, Elsevier, vol. 50(1), pages 1-25, July.
    9. Nuriddin Ikromov & Abdullah Yavas, 2012. "Asset Characteristics and Boom and Bust Periods: An Experimental Study," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 40(3), pages 603-636, 09.
    10. Michael J. Seiler & Poornima Madhavan & Molly Liechty, 2012. "Toward an Understanding of Real Estate Homebuyer Internet Search Behavior: An Application of Ocular Tracking Technology," Journal of Real Estate Research, American Real Estate Society, vol. 34(2), pages 211-242.
    11. Michael J. Seiler & Vicky L. Seiler & Stefan Traub & David M. Harrison, 2008. "Regret Aversion and False Reference Points in Residential Real Estate," Journal of Real Estate Research, American Real Estate Society, vol. 30(4), pages 461-474.
    12. Daniel P. McMillen & John McDonald, 2004. "Reaction of House Prices to a New Rapid Transit Line: Chicago's Midway Line, 1983-1999," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 32(3), pages 463-486, 09.
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