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The Value of a Suburban Forest Preserve: Estimates from Sales of Vacant Residential Building Lots

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Author Info
Paul Thorsnes
Abstract

This paper reports estimates of the market value of proximity to forest preserves as capitalized into the sale prices of vacant building lots in residential subdivisions that on one side border a preserve. The results indicate that building lots that border the preserve sell at premia of about $5,800 to $8,400 (19% to 35% of lot price). These proximity premia appear to be highly localized. Estimates obtained from observations on subsequent sales of houses (rather than of vacant building lots) are larger and less precisely estimated, which suggests that omitted house characteristics may bias estimates of amenity value.

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File URL: http://le.uwpress.org/cgi/reprint/78/3/426
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Publisher Info
Article provided by University of Wisconsin Press in its journal Land Economics.

Volume (Year): 78 (2002)
Issue (Month): 3 ()
Pages: 426-441
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Handle: RePEc:uwp:landec:v:78:y:2002:i:3:p:426-441

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Find related papers by JEL classification:
Q23 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - Forestry

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  1. Lynch, Lori & Duke, Joshua M., 2007. "Economic Benefits of Farmland Preservation: Evidence from the United States," Working Papers 7342, University of Maryland, Department of Agricultural and Resource Economics. [Downloadable!]
  2. Kriesel, Warren & Mullen, Jeffrey D., 2009. "Alternative Housing Development Strategies in Georgia's Coastal Marshlands," 2009 Annual Meeting, July 26-28, 2009, Milwaukee, Wisconsin 49514, Agricultural and Applied Economics Association. [Downloadable!]
  3. Kopits, Elizabeth A. & McConnell, Virginia D. & Walls, Margaret A., 2007. "The Trade-off between Private Lots and Public Open Space in Subdivisions at the Urban-Rural Fringe," Discussion Papers dp-07-33, Resources For the Future. [Downloadable!]
  4. Cho, Seong-Hoon & Lambert, Dayton M. & Roberts, Roland K. & Kim, Seung Gyu, 2008. "Moderating Urban Sprawl through Land Value Taxation," 2008 Annual Meeting, July 27-29, 2008, Orlando, Florida 6150, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association). [Downloadable!]
  5. Walls, Margaret & McConnell, Virginia & Kopits, Elizabeth, 2003. "How Well Can Markets for Development Rights Work? Evaluating a Farmland Preservation Program," Discussion Papers dp-03-08, Resources For the Future. [Downloadable!]
  6. Holmes, Thomas P. & Murphy, Elizabeth A. & Bell, Kathleen P., 2006. "Exotic Forest Insects and Residential Property Values," Agricultural and Resource Economics Review, Northeastern Agricultural and Resource Economics Association, vol. 35(1), April. [Downloadable!]
  7. Lichtenberg, Erik, 2008. "Open Space and Urban Sprawl: The Case of the Maryland Forest Conservation Act," Working Papers 37812, University of Maryland, Department of Agricultural and Resource Economics. [Downloadable!]
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