IDEAS home Printed from https://ideas.repec.org/
MyIDEAS: Login to save this article or follow this journal

Capitalization of BRT network expansions effects into prices of non-expansion areas

  • Rodríguez, Daniel A.
  • Mojica, Carlos H.
Registered author(s):

    A before and after hedonic model is used to determine the property value impacts on properties already served by the transit system caused by extensions to Bogotá's bus rapid transit system. Asking prices of residential properties belonging to an intervention area (NÂ =Â 1407 before, 1570 after) or a control area (NÂ =Â 267 before, 732 after) and offered for sale between 2001 and 2006 are used to determine capitalization of the enhanced regional access provided by the extension. Properties offered during the year the extension was inaugurated and in subsequent years have asking prices that are between 13% and 14% higher than prices for properties in the control area, after adjusting for structural, neighborhood and regional accessibility characteristics of each property. Furthermore, the appreciation is similar for properties within 500Â m and properties between 500Â m and 1Â km of the BRT.

    If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.

    File URL: http://www.sciencedirect.com/science/article/B6VG7-4VW4V5D-1/2/b46e7004b2953980f0091d9d0e81977d
    Download Restriction: Full text for ScienceDirect subscribers only

    As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.

    Article provided by Elsevier in its journal Transportation Research Part A: Policy and Practice.

    Volume (Year): 43 (2009)
    Issue (Month): 5 (June)
    Pages: 560-571

    as
    in new window

    Handle: RePEc:eee:transa:v:43:y:2009:i:5:p:560-571
    Contact details of provider: Web page: http://www.elsevier.com/wps/find/journaldescription.cws_home/547/description#description

    Order Information: Postal: http://www.elsevier.com/wps/find/supportfaq.cws_home/regional
    Web: https://shop.elsevier.com/order?id=547&ref=547_01_ooc_1&version=01

    References listed on IDEAS
    Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

    as in new window
    1. Anselin, Luc & Getis, Arthur, 1992. "Spatial Statistical Analysis and Geographic Information Systems," The Annals of Regional Science, Springer, vol. 26(1), pages 19-33, April.
    2. Robert Armstrong & Daniel Rodríguez, 2006. "An Evaluation of the Accessibility Benefits of Commuter Rail in Eastern Massachusetts using Spatial Hedonic Price Functions," Transportation, Springer, vol. 33(1), pages 21-43, 01.
    3. Daniel P. McMillen & John McDonald, 2004. "Reaction of House Prices to a New Rapid Transit Line: Chicago's Midway Line, 1983-1999," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 32(3), pages 463-486, 09.
    4. Stephen Gibbons & Stephen Machin, 2004. "Valuing rail access using transport innovations," LSE Research Online Documents on Economics 19989, London School of Economics and Political Science, LSE Library.
    5. Economides, Nicholas, 1996. "The economics of networks," International Journal of Industrial Organization, Elsevier, vol. 14(6), pages 673-699, October.
    6. John D. Benjamin & G. Stacy Sirmans, 1996. "Mass Transportation, Apartment Rent and Property Values," Journal of Real Estate Research, American Real Estate Society, vol. 12(1), pages 1-8.
    7. Francisco Mart�nez & Claudio Araya, 2000. "Transport and land-use benefits under location externalities," Environment and Planning A, Pion Ltd, London, vol. 32(9), pages 1611-1624, September.
    8. Kennedy, Peter E, 1981. "Estimation with Correctly Interpreted Dummy Variables in Semilogarithmic Equations [The Interpretation of Dummy Variables in Semilogarithmic Equations]," American Economic Review, American Economic Association, vol. 71(4), pages 801, September.
    9. McDonald, John F. & Osuji, Clifford I., 1995. "The effect of anticipated transportation improvement on residential land values," Regional Science and Urban Economics, Elsevier, vol. 25(3), pages 261-278, June.
    10. Rosen, Sherwin, 1974. "Hedonic Prices and Implicit Markets: Product Differentiation in Pure Competition," Journal of Political Economy, University of Chicago Press, vol. 82(1), pages 34-55, Jan.-Feb..
    11. Bae, Chang-Hee Christine & Jun, Myung-Jin & Park, Hyeon, 2003. "The impact of Seoul's subway Line 5 on residential property values," Transport Policy, Elsevier, vol. 10(2), pages 85-94, April.
    12. Martínez, Francisco J., 1995. "Access: The transport-land use economic link," Transportation Research Part B: Methodological, Elsevier, vol. 29(6), pages 457-470, December.
    13. Cheshire, Paul & Sheppard, Stephen, 1998. "Estimating the Demand for Housing, Land, and Neighbourhood Characteristics," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 60(3), pages 357-82, August.
    14. Ghebreegziabiher Debrezion & Eric Pels & Piet Rietveld, 2007. "The Impact of Railway Stations on Residential and Commercial Property Value: A Meta-analysis," The Journal of Real Estate Finance and Economics, Springer, vol. 35(2), pages 161-180, August.
    15. Juan Carlos Mendieta & Jorge Andrés Perdomo, 2007. "Especificación y estimación de un modelo de precios hedónico espacial para evaluar el impacto de Transmilenio sobre el valor de la propiedad en Bogotá," DOCUMENTOS CEDE 004280, UNIVERSIDAD DE LOS ANDES-CEDE.
    16. Michael L. Katz & Carl Shapiro, 1994. "Systems Competition and Network Effects," Journal of Economic Perspectives, American Economic Association, vol. 8(2), pages 93-115, Spring.
    17. Anselin, Luc & Bera, Anil K. & Florax, Raymond & Yoon, Mann J., 1996. "Simple diagnostic tests for spatial dependence," Regional Science and Urban Economics, Elsevier, vol. 26(1), pages 77-104, February.
    18. Stephen Malpezzi, . "Hedonic Pricing Models: A Selective and Applied Review," Wisconsin-Madison CULER working papers 02-05, University of Wisconsin Center for Urban Land Economic Research.
    19. Strange, William, 1992. "Overlapping neighborhoods and housing externalities," Journal of Urban Economics, Elsevier, vol. 32(1), pages 17-39, July.
    20. Jin Kim & Ming Zhang, 2005. "Determining Transit’s Impact on Seoul Commercial Land Values: An Application of Spatial Econometrics," International Real Estate Review, Asian Real Estate Society, vol. 8(1), pages 1-26.
    Full references (including those not matched with items on IDEAS)

    This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

    When requesting a correction, please mention this item's handle: RePEc:eee:transa:v:43:y:2009:i:5:p:560-571. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Zhang, Lei)

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If references are entirely missing, you can add them using this form.

    If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    This information is provided to you by IDEAS at the Research Division of the Federal Reserve Bank of St. Louis using RePEc data.