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An Empirical Analysis of the Determinants of the Value of Vacant Land

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Abstract

This study extends the literature that investigates the use of buyer and seller characteristics in traditional hedonic price equation regressions. This study adds to the existing literature on the relationship between parcel size and price, coined plattage by Colwell and Sirmans (1980). The results reveal statistically significant buyer and seller effects. Also, the results confirm the existence of the plattage effect and reveal a statistically significant change in the plattage effect over time. The findings of this study should prove useful to those interested in the behavior of land markets on an urban fringe.

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  • Hans R. Isakson, 1997. "An Empirical Analysis of the Determinants of the Value of Vacant Land," Journal of Real Estate Research, American Real Estate Society, vol. 13(2), pages 103-114.
  • Handle: RePEc:jre:issued:v:13:n:2:1997:p:103-114
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    References listed on IDEAS

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    1. 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..
    2. Kanemoto, Yoshitsugu & Nakamura, Ryohei, 1986. "A new approach to the estimation of structural equations in hedonic models," Journal of Urban Economics, Elsevier, vol. 19(2), pages 218-233, March.
    3. Joseph G. Kowalski & Peter F. Colwell, 1986. "Market Versus Assessed Values of Industrial Land," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 14(2), pages 361-373.
    4. David L. Chicoine, 1981. "Farmland Values at the Urban Fringe: An Analysis of Sale Prices," Land Economics, University of Wisconsin Press, vol. 57(3), pages 353-362.
    5. Epple, Dennis, 1987. "Hedonic Prices and Implicit Markets: Estimating Demand and Supply Functions for Differentiated Products," Journal of Political Economy, University of Chicago Press, vol. 95(1), pages 59-80, February.
    6. Bartik, Timothy J., 1986. "Neighborhood revitalization's effects on tenants and the benefit-cost analysis of government neighborhood programs," Journal of Urban Economics, Elsevier, vol. 19(2), pages 234-248, March.
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    Cited by:

    1. Hans R. Isakson & Mark D. Ecker, 2001. "An Analysis of the Influence of Location in the Market for Undeveloped Urban Fringe Land," Land Economics, University of Wisconsin Press, vol. 77(1), pages 30-41.
    2. Gabriel Ahlfeldt & Wolfgang Maennig, 2010. "Impact of sports arenas on land values: evidence from Berlin," The Annals of Regional Science, Springer;Western Regional Science Association, vol. 44(2), pages 205-227, April.
    3. Jeanty, Pierre Wilner & Kraybill, David S. & Libby, Lawrence W. & Sohngen, Brent, 2002. "Effects Of Local Development Pressure On Land Prices: A Spatial Economic Approach," 2002 Annual meeting, July 28-31, Long Beach, CA 19767, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    4. Reed, L.L. & Kleynhans, Theo E., 2009. "Agricultural land purchases for alternative uses – evidence from two farming areas in the Western Cape province, South Africa," Agrekon, Agricultural Economics Association of South Africa (AEASA), vol. 48(3), September.
    5. Felipe Morandé & Alexandra Petermann & Miguel Vargas, 2010. "Determinants of Urban Vacant Land," The Journal of Real Estate Finance and Economics, Springer, vol. 40(2), pages 188-202, February.
    6. I. R. Aliu, 2016. "Marginal land use and value characterizations in Lagos: untangling the drivers and implications for sustainability," Environment, Development and Sustainability: A Multidisciplinary Approach to the Theory and Practice of Sustainable Development, Springer, vol. 18(6), pages 1615-1634, December.
    7. Alexandra Petermann Reifschneider & Felipe Morandé & Miguel Vargas, "undated". "The Determinants of Vacant Land Inside Cities: the Case of Santiago De Chile," Regional and Urban Modeling 283600071, EcoMod.
    8. Joseph B. Nichols & Stephen D. Oliner & Michael R. Mulhall, 2010. "Commercial and residential land prices across the United States," Finance and Economics Discussion Series 2010-16, Board of Governors of the Federal Reserve System (U.S.).
    9. Gabriel Ahlfeldt & Wolfgang Maennig, 2008. "Award-Winning Architecture and Urban Revitalization: The Case of “Olympic Arenas” in Berlin-Prenzlauer Berg," Working Papers 0814, International Association of Sports Economists;North American Association of Sports Economists.

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    JEL classification:

    • L85 - Industrial Organization - - Industry Studies: Services - - - Real Estate Services

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