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

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  • 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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Bibliographic 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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Cited by:
  1. Carriazo, Fernando & Ready, Richard & Shortle, James, 2013. "Using stochastic frontier models to mitigate omitted variable bias in hedonic pricing models: A case study for air quality in Bogotá, Colombia," Ecological Economics, Elsevier, vol. 91(C), pages 80-88.
  2. Lichtenberg, Erik, 2011. "Open Space and Urban Sprawl: The Effects of Zoning and Forest Conservation Regulations in Maryland," Agricultural and Resource Economics Review, Northeastern Agricultural and Resource Economics Association, vol. 40(3), December.
  3. Abbott, Joshua K. & Klaiber, H. Allen, 2010. "Is all space created equal? Uncovering the relationship between competing land uses in subdivisions," Ecological Economics, Elsevier, vol. 70(2), pages 296-307, December.
  4. CARUSO, Geoffrey & PEETERS, Dominique & CAVAILHES, Jean & ROUNSEVELL, Mark, . "Spatial configurations in a periurban city. A cellular automata-based microeconomic model," CORE Discussion Papers RP -1986, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  5. Pierre Wavresky & Mohamed Hilal & Jean Cavailhès, 2011. "L’influence urbaine sur le prix des terres agricoles et ses conséquences pour l’agriculture," Économie et Statistique, Programme National Persée, vol. 444(1), pages 99-125.
  6. 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.
  7. Waltert, Fabian & Schläpfer, Felix, 2010. "Landscape amenities and local development: A review of migration, regional economic and hedonic pricing studies," Ecological Economics, Elsevier, vol. 70(2), pages 141-152, December.
  8. 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).
  9. Poudyal, Neelam C. & Hodges, Donald G. & Tonn, Bruce & Cho, Seong-Hoon, 2009. "Valuing diversity and spatial pattern of open space plots in urban neighborhoods," Forest Policy and Economics, Elsevier, vol. 11(3), pages 194-201, May.
  10. Monique DANTAS (GREThA UMR CNRS 5113) & Frédéric GASCHET (GREThA UMR CNRS 5113) & Guillaume POUYANNE (GREThA UMR CNRS 5113), 2010. "Regulatory zoning and coastal housing prices: a bayesian hedonic approach (In French)," Cahiers du GREThA 2010-12, Groupe de Recherche en Economie Théorique et Appliquée.
  11. Sander, Heather & Polasky, Stephen & Haight, Robert G., 2010. "The value of urban tree cover: A hedonic property price model in Ramsey and Dakota Counties, Minnesota, USA," Ecological Economics, Elsevier, vol. 69(8), pages 1646-1656, June.
  12. 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.
  13. Elizabeth Kopits & Virginia McConnell & Margaret Walls, 2007. "The Trade-off between Private Lots and Public Open Space in Subdivisions at the Urban-Rural Fringe," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 89(5), pages 1191-1197.
  14. 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.
  15. 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.
  16. Lichtenberg, Erik & Tra, Constant & Hardie, Ian, 2007. "Land use regulation and the provision of open space in suburban residential subdivisions," Journal of Environmental Economics and Management, Elsevier, vol. 54(2), pages 199-213, September.
  17. Harpankar, Kshama, 2006. "Reserve Selection in the presence of Economic Feedback Effects," 2006 Annual meeting, July 23-26, Long Beach, CA 21177, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
  18. Chamblee, John F. & Dehring, Carolyn A. & Depken, Craig A., 2009. "Watershed development restrictions and land prices: Empirical evidence from southern Appalachia," Regional Science and Urban Economics, Elsevier, vol. 39(3), pages 287-296, May.
  19. Nelson, Erik & Uwasu, Michinori & Polasky, Stephen, 2007. "Voting on open space: What explains the appearance and support of municipal-level open space conservation referenda in the United States?," Ecological Economics, Elsevier, vol. 62(3-4), pages 580-593, May.
  20. Steve Gibbons & Susana Mourato & Guilherme Resende, 2011. "The amenity value of English nature: a hedonic price approach," LSE Research Online Documents on Economics 33594, London School of Economics and Political Science, LSE Library.
  21. 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.

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