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Exotic Forest Insects and Residential Property Values

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  • Holmes, Thomas P.
  • Murphy, Elizabeth A.
  • Bell, Kathleen P.

Abstract

This paper presents a case study of the economic damages to homeowners in a northern New Jersey community due to an exotic forest insect--the hemlock woolly adelgid. Hedonic property value methods are used to estimate the effect of hemlock health on property values. A statistically significant relationship between hemlock health and residential property values is established. Moreover, there are some signs of spillover impacts from hemlock decline, as negative effects are realized on the parcels where the declining hemlock stands are located as well as on neighboring properties. These results give some indication of the benefits of potential control programs and strategies and also show support for community- or neighborhood-based programs in residential settings.

Suggested Citation

  • 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.
  • Handle: RePEc:ags:arerjl:10187
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    File URL: http://purl.umn.edu/10187
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    References listed on IDEAS

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    1. Robert W. Paterson & Kevin J. Boyle, 2002. "Out of Sight, Out of Mind? Using GIS to Incorporate Visibility in Hedonic Property Value Models," Land Economics, University of Wisconsin Press, vol. 78(3), pages 417-425.
    2. Guy Garrod & Ken Willis, 1992. "The amenity value of woodland in Great Britain: A comparison of economic estimates," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 2(4), pages 415-434, July.
    3. Benson, Earl D & Hansen, Julia L. & Schwartz Jr., Arthur & Smersh, Greg T., 1998. "Pricing Residential Amenities: The Value of a View," The Journal of Real Estate Finance and Economics, Springer, vol. 16(1), pages 55-73, January.
    4. Paul Thorsnes, 2002. "The Value of a Suburban Forest Preserve: Estimates from Sales of Vacant Residential Building Lots," Land Economics, University of Wisconsin Press, vol. 78(3), pages 426-441.
    5. Acharya, Gayatri & Bennett, Lynne Lewis, 2001. "Valuing Open Space and Land-Use Patterns in Urban Watersheds," The Journal of Real Estate Finance and Economics, Springer, vol. 22(2-3), pages 221-237, March-May.
    6. Elena G. Irwin, 2002. "The Effects of Open Space on Residential Property Values," Land Economics, University of Wisconsin Press, vol. 78(4), pages 465-480.
    7. Kathleen P. Bell & Nancy E. Bockstael, 2000. "Applying the Generalized-Moments Estimation Approach to Spatial Problems Involving Microlevel Data," The Review of Economics and Statistics, MIT Press, vol. 82(1), pages 72-82, February.
    8. Geoghegan, Jacqueline & Wainger, Lisa A. & Bockstael, Nancy E., 1997. "Spatial landscape indices in a hedonic framework: an ecological economics analysis using GIS," Ecological Economics, Elsevier, vol. 23(3), pages 251-264, December.
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    Citations

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    Cited by:

    1. Kathleen P. Bell & Timothy J. Dalton, 2007. "Spatial Economic Analysis in Data-Rich Environments," Journal of Agricultural Economics, Wiley Blackwell, vol. 58(3), pages 487-501, September.
    2. Jed Cohen & Christine E. Blinn & Kevin J. Boyle & Thomas P. Holmes & Klaus Moeltner, 2016. "Hedonic Valuation with Translating Amenities: Mountain Pine Beetles and Host Trees in the Colorado Front Range," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 63(3), pages 613-642, March.
    3. Hansen, Winslow D. & Naughton, Helen T., 2013. "The effects of a spruce bark beetle outbreak and wildfires on property values in the wildland–urban interface of south-central Alaska, USA," Ecological Economics, Elsevier, vol. 96(C), pages 141-154.
    4. Siriwardena, Shyamani D. & Boyle, Kevin J. & Holmes, Thomas P. & Wiseman, P. Eric, 2016. "The implicit value of tree cover in the U.S.: A meta-analysis of hedonic property value studies," Ecological Economics, Elsevier, vol. 128(C), pages 68-76.
    5. Price, James I. & McCollum, Daniel W. & Berrens, Robert P., 2010. "Insect infestation and residential property values: A hedonic analysis of the mountain pine beetle epidemic," Forest Policy and Economics, Elsevier, vol. 12(6), pages 415-422, July.
    6. 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.
    7. Zhang, Congwen & Boyle, Kevin J., 2010. "The effect of an aquatic invasive species (Eurasian watermilfoil) on lakefront property values," Ecological Economics, Elsevier, vol. 70(2), pages 394-404, December.

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