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What happened to the CBD-distance gradient?: land values in a policentric city

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  • E Heikkila
  • P Gordon
  • J I Kim
  • R B Peiser
  • H W Richardson
  • D Dale-Johnson
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    Abstract

    Hedonic regression methods are used to assess the impact of dwelling and structure characteristics, neighborhood effects, and multiple locations on a sample of almost 11 000 residential property sales in Los Angeles County in 1980. Correction for the dwelling characteristic permits the analysis to be interpreted in terms of land values rather than property values per unit area. The selected equation explains more than 93% of the variation in the dependent variable (house price per unit of lot area). All the independent variables (five property or transaction characteristics, four neighborhood effects, and ten locational nodes) are statistically significant, with one major exception: distance from the CBD, which has a very low t -value and an unexpected sign. This result should be considered in the context of many superficial references, based largely on visual symbols such as new office buildings, to a revival of downtown Los Angeles. The authors interpret the finding that eight subcenters have a statistically significant influence on metropolitan residential land values in Los Angeles as yet another indication of the demise of the monocentric model and the need to discuss US metropolitan areas in policentric terms.

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    Bibliographic Info

    Article provided by Pion Ltd, London in its journal Environment and Planning A.

    Volume (Year): 21 (1989)
    Issue (Month): 2 (February)
    Pages: 221-232

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    Handle: RePEc:pio:envira:v:21:y:1989:i:2:p:221-232

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    Web page: http://www.pion.co.uk

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    Cited by:
    1. Ahlfeldt, Gabriel M. & Wendland, Nicolai, 2010. "How polycentric is a monocentric city? The role of agglomeration economies," MPRA Paper 24078, University Library of Munich, Germany.
    2. Richard Arnott & Alex Anas & Kenneth Small, 1997. "Urban Spatial Structure," Boston College Working Papers in Economics 388., Boston College Department of Economics.
    3. Gabriel Ahlfeldt & Wolfgang Maennig, 2008. "Award-Winning Architecture and Urban Revitalization: The Case of “Olympic Arenas” in Berlin-Prenzlauer Berg," Working Papers 0814, International Association of Sports Economists & North American Association of Sports Economists.
    4. Shunfeng Song, 1995. "Does generalizing density functions better explain urban commuting? Some evidence from the Los Angeles region," Applied Economics Letters, Taylor & Francis Journals, vol. 2(5), pages 148-150.
    5. Arnstein Gjestland & David McArthur & Liv Osland & Inge Thorsen, 2011. "Relationships between housing prices and commuting flows," ERSA conference papers ersa10p906, European Regional Science Association.
    6. McMillen, Daniel P. & McDonald, John F., 1998. "Suburban Subcenters and Employment Density in Metropolitan Chicago," Journal of Urban Economics, Elsevier, vol. 43(2), pages 157-180, March.
    7. McMillen, Daniel P., 2001. "Nonparametric Employment Subcenter Identification," Journal of Urban Economics, Elsevier, vol. 50(3), pages 448-473, November.
    8. Song, Shunfeng, 1992. "Spatial Structure and Urban Commuting," University of California Transportation Center, Working Papers qt1962t3j6, University of California Transportation Center.

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