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Values of environmental landscape amenities during the 2000-2006 real estate boom and subsequent 2008 recession

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  • Seong-Hoon Cho
  • Seung Gyu Kim
  • Roland Roberts

Abstract

This research suggests that consumers' marginal willingness to pay for environmental landscape attributes, such as water view, developed open space and forest-land open space, decreased during the 2008 recession compared to the 2000-2006 real estate boom. Estimates were obtained from a spatial hedonic housing price model after controlling for household location patterns and structural differences between the periods. Because the decline in amenity values was probably due to a temporary deterioration in economic conditions, the amenity values will probably rebound with economic recovery. Thus, development decisions based on the lower estimated amenity values measured during a temporary deterioration in economic conditions may be determined suboptimal post-economic recovery.

Suggested Citation

  • Seong-Hoon Cho & Seung Gyu Kim & Roland Roberts, 2011. "Values of environmental landscape amenities during the 2000-2006 real estate boom and subsequent 2008 recession," Journal of Environmental Planning and Management, Taylor & Francis Journals, vol. 54(1), pages 71-91.
    • Handle: RePEc:taf:jenpmg:v:54:y:2011:i:1:p:71-91
    DOI: 10.1080/09640568.2010.502760
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    Citations

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    Cited by:

    1. Salvati, Luca & Ciommi, Maria Teresa & Serra, Pere & Chelli, Francesco M., 2019. "Exploring the spatial structure of housing prices under economic expansion and stagnation: The role of socio-demographic factors in metropolitan Rome, Italy," Land Use Policy, Elsevier, vol. 81(C), pages 143-152.
    2. Jay Mittal, 2017. "Valuing Visual Accessibility of Scenic Landscapes in a Single Family Housing Market: A Spatial Hedonic Approach," ERES eres2017_1, European Real Estate Society (ERES).
    3. Dan S. Rickman & Mouhcine Guettabi, 2015. "The Great Recession And Nonmetropolitan America," Journal of Regional Science, Wiley Blackwell, vol. 55(1), pages 93-112, January.
    4. Aaron Swoboda & Tsegaye Nega & Maxwell Timm, 2015. "Hedonic Analysis Over Time And Space: The Case Of House Prices And Traffic Noise," Journal of Regional Science, Wiley Blackwell, vol. 55(4), pages 644-670, September.
    5. Okmyung Bin & Jeffrey Czajkowski & Jingyuan Li & Gabriele Villarini, 2017. "Housing Market Fluctuations and the Implicit Price of Water Quality: Empirical Evidence from a South Florida Housing Market," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 68(2), pages 319-341, October.
    6. Mutoko, Morgan C. & Hein, Lars & Shisanya, Chris A., 2015. "Tropical forest conservation versus conversion trade-offs: Insights from analysis of ecosystem services provided by Kakamega rainforest in Kenya," Ecosystem Services, Elsevier, vol. 14(C), pages 1-11.
    7. Stephen Gibbons & Cong Peng & Cheng Keat Tang, 2021. "Valuing the Environmental Benefits of Canals and Canal Restoration Using House Prices," Land Economics, University of Wisconsin Press, vol. 97(4), pages 858-874.
    8. Cao, Yangzhe & Swallow, Brent & Qiu, Feng, 2021. "Identifying the effects of a land-use policy on willingness to pay for open space using an endogenous switching regression model," Land Use Policy, Elsevier, vol. 102(C).
    9. Luca Salvati & Ioannis Gitas & Tullia Valeria Giacomo & Efthimia Saradakou & Margherita Carlucci, 2017. "Sprawl matters: the evolution of fringe land, natural amenities and disposable income in a Mediterranean urban area," Environment, Development and Sustainability: A Multidisciplinary Approach to the Theory and Practice of Sustainable Development, Springer, vol. 19(2), pages 727-743, April.
    10. Fernandez, Mario Andres & Bucaram, Santiago, 2019. "The changing face of environmental amenities: Heterogeneity across housing submarkets and time," Land Use Policy, Elsevier, vol. 83(C), pages 449-460.
    11. Laitila, Thomas & Paulrud, Anton & Waldo, Staffan, 2018. "Valuation of fishing rights associated with Swedish real estate," Journal of Forest Economics, Elsevier, vol. 30(C), pages 25-31.
    12. Pia Nilsson, 2017. "Are valuations of place-based amenities driven by scale?," Housing Studies, Taylor & Francis Journals, vol. 32(4), pages 449-469, May.

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