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The Effect of Conservation Activity on Surrounding Land Prices

  • John F. Chamblee
  • Peter F. Colwell
  • Carolyn A. Dehring
  • Craig A. Depken

This paper presents an empirical analysis of the structure of land prices both before and after land conservation occurs. Using data describing 12 years of vacant land transactions in Buncombe County, North Carolina, we find that fee simple conservations, as opposed to conservation easements, occur in higher-priced areas, but that lower-valued parcels within these areas are selected for conservation. We find positive price effects from land conservation of 46%. This premium declines with distance from the conserved parcel but does so to a lesser extent with easements, perhaps suggesting the market’s perception that conservation easements are more permanent than parcels conserved in fee.

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File URL: http://le.uwpress.org/cgi/reprint/87/3/453
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Article provided by University of Wisconsin Press in its journal Land Economics.

Volume (Year): 87 (2011)
Issue (Month): 3 ()
Pages: 453-472

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Handle: RePEc:uwp:landec:v:87:y:2011:iii:1:p:453-472
Contact details of provider: Web page: http://le.uwpress.org/

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  1. Margot Lutzenhiser & Noelwah R. Netusil, 2001. "The Effect Of Open Spaces On A Home'S Sale Price," Contemporary Economic Policy, Western Economic Association International, vol. 19(3), pages 291-298, 07.
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  9. Adina M. Merenlender, 2006. "Habitat and Open Space at Risk of Land-Use Conversion: Targeting Strategies for Land Conservation," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 88(1), pages 28-42.
  10. Espey, Molly & Owusu-Edusei, Kwame, 2001. "Neighborhood Parks And Residential Property Values In Greenville, South Carolina," Journal of Agricultural and Applied Economics, Southern Agricultural Economics Association, vol. 33(03), December.
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  12. Lubowski, Ruben N. & Vesterby, Marlow & Bucholtz, Shawn & Baez, Alba & Roberts, Michael J., 2006. "Major Uses of Land in The United States, 2002," Economic Information Bulletin 7203, United States Department of Agriculture, Economic Research Service.
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