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Buyer-Type Effects in Conservation and Preservation Property Values

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Author Info
Jason Winfree
Jill McCluskey ()
Ron Mittelhammer

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Abstract

Properties can be bought by government agencies, land trusts, or private entities for conservation and preservation purposes, such as farmland preservation, wildlife refuges, other conservation, and cultural and historical preservation. There is variation in the dollars paid per acre across properties and across buyer type. An option value model based on future potential land uses is used to explain much of this variation. The data used in our analysis is sales transactions data for conservation and preservation purposes from throughout the United States. We find that much of the value of conservation properties is derived from future potential land uses, including housing, timber, recreation, and conservation. We confirm that public versus private buyers value options differently, which makes sense from a public good point of view, if markets are thin. Copyright Springer Science + Business Media, LLC 2006

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File URL: http://hdl.handle.net/10.1007/s11146-006-8947-0
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Publisher Info
Article provided by Springer in its journal The Journal of Real Estate Finance and Economics.

Volume (Year): 33 (2006)
Issue (Month): 2 (September)
Pages: 167-179
Download reference. The following formats are available: HTML (with abstract), plain text (with abstract), BibTeX, RIS (EndNote, RefMan, ProCite), ReDIF
Handle: RePEc:kap:jrefec:v:33:y:2006:i:2:p:167-179

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Web page: http://www.springerlink.com/link.asp?id=102945

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Related research
Keywords: Land value; Preservation property; Option values;

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    Other versions:
  2. Capozza, Dennis R. & Li, Yuming, 2002. "Optimal Land Development Decisions," Journal of Urban Economics, Elsevier, vol. 51(1), pages 123-142, January. [Downloadable!] (restricted)
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  8. Åke Gunnelin, 2001. "The option to change the use of a property when future property values and construction costs are uncertain," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 22(7), pages 345-354. [Downloadable!]
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  10. Blume, Lawrence & Rubinfeld, Daniel L & Shapiro, Perry, 1984. "The Taking of Land: When Should Compensation Be Paid?," The Quarterly Journal of Economics, MIT Press, vol. 99(1), pages 71-92, February. [Downloadable!] (restricted)
  11. Capozza, Dennis R & Sick, Gordon A, 1991. "Valuing Long-Term Leases: The Option to Redevelop," The Journal of Real Estate Finance and Economics, Springer, vol. 4(2), pages 209-23, June.
  12. Turvey, Calum, 2002. "Can Hysteresis And Real Options Explain The Farmland Valuation Puzzle?," Working Papers 34131, University of Guelph, Department of Food, Agricultural and Resource Economics. [Downloadable!]
  13. Geltner, David & Riddiough, Timothy & Stojanovic, Srdjan, 1996. "Insights on the Effect of Land Use Choice: The Perpetual Option on the Best of Two Underlying Assets," Journal of Urban Economics, Elsevier, vol. 39(1), pages 20-50, January. [Downloadable!] (restricted)
  14. John F. McDonald, 2001. "Cost-Benefit Analysis of Local Land Use Allocation Decisions," Journal of Regional Science, Blackwell Publishing, vol. 41(2), pages 277-299. [Downloadable!] (restricted)
  15. Titman, Sheridan, 1985. "Urban Land Prices under Uncertainty," American Economic Review, American Economic Association, vol. 75(3), pages 505-14, June. [Downloadable!] (restricted)
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  17. Abebayehu Tegene & Keith Wiebe & Betsey Kuhn, 1999. "Irreversible Investment Under Uncertainty: Conservation Easements and the Option to Develop Agricultural Land," Journal of Agricultural Economics, Blackwell Publishing, vol. 50(2), pages 203-219. [Downloadable!] (restricted)
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