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The Value of a Suburban Forest Preserve: Estimates from Sales of Vacant Residential Building Lots

  • Paul Thorsnes

This paper reports estimates of the market value of proximity to forest preserves as capitalized into the sale prices of vacant building lots in residential subdivisions that on one side border a preserve. The results indicate that building lots that border the preserve sell at premia of about $5,800 to $8,400 (19% to 35% of lot price). These proximity premia appear to be highly localized. Estimates obtained from observations on subsequent sales of houses (rather than of vacant building lots) are larger and less precisely estimated, which suggests that omitted house characteristics may bias estimates of amenity value.

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File URL: http://le.uwpress.org/cgi/reprint/78/3/426
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Article provided by University of Wisconsin Press in its journal Land Economics.

Volume (Year): 78 (2002)
Issue (Month): 3 ()
Pages: 426-441

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Handle: RePEc:uwp:landec:v:78:y:2002:i:3:p:426-441
Contact details of provider: Web page: http://le.uwpress.org/

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  1. David E. Mills, 1989. "Is Zoning a Negative-Sum Game?," Land Economics, University of Wisconsin Press, vol. 65(1), pages 1-12.
  2. Mats Wilhelmsson, 2000. "The Impact of Traffic Noise on the Values of Single-family Houses," Journal of Environmental Planning and Management, Taylor & Francis Journals, vol. 43(6), pages 799-815.
  3. Mark R. Correll & Jane H. Lillydahl & Larry D. Singell, 1978. "The Effects of Greenbelts on Residential Property Values: Some Findings on the Political Economy of Open Space," Land Economics, University of Wisconsin Press, vol. 54(2), pages 207-217.
  4. Philippe Le Goffe, 2000. "Hedonic Pricing of Agriculture and Forestry Externalities," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 15(4), pages 397-401, April.
  5. Chang-Moo Lee & Peter Linneman, 1998. "Dynamics of the Greenbelt Amenity Effect on the Land Market-The Case of Seoul's Greenbelt," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 26(1), pages 107-129.
  6. Tyrvainen, Liisa & Miettinen, Antti, 2000. "Property Prices and Urban Forest Amenities," Journal of Environmental Economics and Management, Elsevier, vol. 39(2), pages 205-223, March.
  7. Mills, David E., 1980. "Transferable development rights markets," Journal of Urban Economics, Elsevier, vol. 7(1), pages 63-74, January.
  8. Brent L. Mahan & BStephen Polasky & Richard M. Adams, 2000. "Valuing Urban Wetlands: A Property Price Approach," Land Economics, University of Wisconsin Press, vol. 76(1), pages 100-113.
  9. Donald R. Haurin & Patric H. Hendershott, 1991. "House Price Indexes: Issues and Results," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 19(3), pages 259-269.
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