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Empirical Modeling of the Relative Impacts of Various Sizes of Shopping Centers on the Values of Surrounding Residential Properties

This paper examines price differences of identical residential properties located around shopping centers of different sizes. Various models are tested for this purpose. The size of a shopping center is found to have a positive contributory effect on the values of surrounding residential properties as the variable "size of a shopping center" is found to be positive and significant in all models. The results indicate that the value of a residential property at a radial distance from the outer periphery of a larger shopping center is higher as compared to that of an otherwise identical residential property located at the same radial distance from the outer periphery of a smaller shopping center.

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Article provided by American Real Estate Society in its journal Journal of Real Estate Research.

Volume (Year): 9 (1994)
Issue (Month): 4 ()
Pages: 487-506

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Handle: RePEc:jre:issued:v:9:n:4:1994:p:487-506
Contact details of provider: Postal: American Real Estate Society Clemson University School of Business & Behavioral Science Department of Finance 401 Sirrine Hall Clemson, SC 29634-1323
Web page: http://www.aresnet.org/
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Order Information: Postal: Diane Quarles American Real Estate Society Manager of Member Services Clemson University Box 341323 Clemson, SC 29634-1323
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  1. David Dale-Johnson & G. Michael Phillips, 1984. "Housing Attributes Associated with Capital Gain," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 12(2), pages 162-175.
  2. 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..
  3. Jonathan H. Mark, 1983. "An Empirical Examination of the Stability of Housing Price Equations Over Time," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 11(3), pages 397-415.
  4. J F Kain & J M Quigley, 1970. "Evaluating the quality of the residential environment," Environment and Planning A, Pion Ltd, London, vol. 2(1), pages 23-32, January.
  5. Peter F. Colwell, 1990. "Power Lines and Land Value," Journal of Real Estate Research, American Real Estate Society, vol. 5(1), pages 117-128.
  6. Grieson, Ronald E. & White, James R., 1989. "The existence and capitalization of neighborhood externalities: A reassessment," Journal of Urban Economics, Elsevier, vol. 25(1), pages 68-76, January.
  7. Richardson, Harry W., 1977. "On the possibility of positive rent gradients," Journal of Urban Economics, Elsevier, vol. 4(1), pages 60-68, January.
  8. Charles J. Delaney & Douglas Timmons, 1992. "High Voltage Power Lines: Do They Affect Residential Property Value?," Journal of Real Estate Research, American Real Estate Society, vol. 7(3), pages 315-330.
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