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The Effect of Conservation Activity on Surrounding Land Prices

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  • John F. Chamblee
  • Peter F. Colwell
  • Carolyn A. Dehring
  • Craig A. Depken

Abstract

This paper presents an empirical analysis of the structure of land prices both before and after land conservation occurs. Using data describing 12 years of vacant land transactions in Buncombe County, North Carolina, we find that fee simple conservations, as opposed to conservation easements, occur in higher-priced areas, but that lower-valued parcels within these areas are selected for conservation. We find positive price effects from land conservation of 46%. This premium declines with distance from the conserved parcel but does so to a lesser extent with easements, perhaps suggesting the market’s perception that conservation easements are more permanent than parcels conserved in fee.

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Bibliographic Info

Article provided by University of Wisconsin Press in its journal Land Economics.

Volume (Year): 87 (2011)
Issue (Month): 3 ()
Pages: 453-472

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Handle: RePEc:uwp:landec:v:87:y:2011:iii:1:p:453-472

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Web page: http://le.uwpress.org/

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Cited by:
  1. Beal-Hodges, Mary, 2012. "Conservation land acquisition lists and nearby property values: evidence from the Florida Forever programme," Studies in Agricultural Economics, Research Institute for Agricultural Economics, Research Institute for Agricultural Economics, vol. 114(1), April.
  2. Kathrine Lausted Veie & Toke Emil Panduro, 2013. "An alternative to the standard spatial econometric approaches in hedonic house price models," IFRO Working Paper, University of Copenhagen, Department of Food and Resource Economics 2013/18, University of Copenhagen, Department of Food and Resource Economics.
  3. Tuttle, Carrie M. & Heintzelman, Martin D., 2013. "The Value of Forever Wild: An Economic Analysis of Land Use in the Adirondacks," Agricultural and Resource Economics Review, Northeastern Agricultural and Resource Economics Association, Northeastern Agricultural and Resource Economics Association, vol. 42(1), April.
  4. Frey, Elaine F. & Palin, Marissa B. & Walsh, Patrick J. & Whitcraft, Christine R., 2013. "Spatial Hedonic Valuation of a Multiuse Urban Wetland in Southern California," Agricultural and Resource Economics Review, Northeastern Agricultural and Resource Economics Association, Northeastern Agricultural and Resource Economics Association, vol. 42(2), August.

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