Landscaping and House Values: An Empirical Investigation
This article is the winner of the Real Estate Valuation manuscript prize (sponsored by The Appraisal Institute) presented at the 2001 American Real Estate Society Annual Meeting. This hedonic study investigates the effect of landscaping on house values, based on a detailed field survey of 760 single-family homes sold between 1993 and 2000 on the territory of the Quebec Urban Community. Environmental information includes thirty-one landscaping attributes of both houses and their immediate environment. By and large, a positive tree cover differential between the property and its immediate neighborhood, provided it is not excessive, translates into a higher house value. Findings also suggest that the positive price impact of a good tree cover in the visible surroundings is all the more enhanced in areas with a high proportion of retired persons. Finally, a high percentage of lawn cover as well as features such as flower arrangements, rock plants, the presence of a hedge, etc. all command a substantial market premium.
Volume (Year): 23 (2002)
Issue (Month): 1/2 ()
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- Basu, Sabyasachi & Thibodeau, Thomas G, 1998. "Analysis of Spatial Autocorrelation in House Prices," The Journal of Real Estate Finance and Economics, Springer, vol. 17(1), pages 61-85, July.
- Pace, R Kelley & Barry, Ronald & Sirmans, C F, 1998.
"Spatial Statistics and Real Estate,"
The Journal of Real Estate Finance and Economics,
Springer, vol. 17(1), pages 5-13, July.
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- Dubin, Robin A, 1988. "Estimation of Regression Coefficients in the Presence of Spatially Autocorrelated Error Terms," The Review of Economics and Statistics, MIT Press, vol. 70(3), pages 466-74, August.
- Can, Ayse & Megbolugbe, Isaac, 1997. "Spatial Dependence and House Price Index Construction," The Journal of Real Estate Finance and Economics, Springer, vol. 14(1-2), pages 203-22, Jan.-Marc.
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