The Effect of Conservation Activity on Surrounding Land Prices
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.
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- 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.
- 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.
- Ruttan, Vernon W., 1971.
"Technology And The Environment,"
14026, University of Minnesota, Department of Applied Economics.
- 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.
- Cheshire, Paul & Sheppard, Stephen, 1995. "On the Price of Land and the Value of Amenities," Economica, London School of Economics and Political Science, vol. 62(246), pages 247-267, May.
- Jonathan R. King & Christopher M. Anderson, 2004. "Marginal Property Tax Effects of Conservation Easements: A Vermont Case Study," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 86(4), pages 919-932.
- Mashour, Terri & Alavalapati, Janaki & Matta, Rao & Larkin, Sherry & Carter, Doug, 2005. "A hedonic analysis of the effect of natural attributes and deed restrictions on the value of conservation easements," Forest Policy and Economics, Elsevier, vol. 7(5), pages 771-781, August.
- Mitchell Polinsky, A. & Shavell, Steven, 1976. "Amenities and property values in a model of an urban area," Journal of Public Economics, Elsevier, vol. 5(1-2), pages 119-129.
- Kohlhase, Janet E., 1991. "The impact of toxic waste sites on housing values," Journal of Urban Economics, Elsevier, vol. 30(1), pages 1-26, July.
- Anderson, Soren T. & West, Sarah E., 2006. "Open space, residential property values, and spatial context," Regional Science and Urban Economics, Elsevier, vol. 36(6), pages 773-789, November.
- Carolyn Dehring & Neil Dunse, 2006. "Housing Density and the Effect of Proximity to Public Open Space in Aberdeen, Scotland," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 34(4), pages 553-566, December.
- 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.
- 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.
When requesting a correction, please mention this item's handle: RePEc:uwp:landec:v:87:y:2011:iii:1:p:453-472. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: ()
If references are entirely missing, you can add them using this form.