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Paper eres2017_1:
Valuing Visual Accessibility of Scenic Landscapes in a Single Family Housing Market: A Spatial Hedonic Approach

id eres2017_1
authors Mittal, Jay
year 2017
title Valuing Visual Accessibility of Scenic Landscapes in a Single Family Housing Market: A Spatial Hedonic Approach
source 24th Annual European Real Estate Society Conference in Delft, Netherlands
summary This paper uses a hedonic modelling approach to assess the effect of visual accessibility of scenic lands on housing price. It estimates households’ implicit willingness to pay for the visual accessibility of privately owned voluntarily protected scenic lands in a single family housing market. These lands are protected in perpetuity for natural, historic, and scenic characteristics. The premium price effect was captured using the visual accessibility variable, a combined weighted measure of visibility and proximity. This is named as Gravity Inspired Visibility Index (GIVI). A comprehensive review of eight environmental amenity from multidisciplinary sources provides basis on significance of ‘proximity’ and ‘view.’ A detailed methodology on developing spatial interaction variable using 3D GIS and viewshed technology is provided. This variable was used to estimate the capitalized premium from the preserved lands. Both global (adjusted R2= 0.52, AICc= 29828) and geographically weighted regression (GWR) models (adjusted R2= 0.59, AICc= 29729) estimated the marginal price effect. The results indicate an average 3.4% price premium on mean home value from the GWR model. The article offers a useful framework for evaluating effects of land protection for planning and real estate scholars. It also offers useful insight to conservation agencies, local governments, professional planners, and real estate professionals for prioritizing land sites with scenic views and for property development.References:- Conway, D., C. Q. Li, J. Wolch, C. Kahle, and M. Jerrett (2010). A spatial autocorrelation approach for examining the effects of urban greenspace on residential property values. J of Real Estate Fin and Econ 41: 150-69. - Mittal, J and S. Byahut (2016 in Press). Value capitalization effect of golf course, waterfront, parks and open spaces – A cross disciplinary review. J of Sustainable Real Estate 8 (1), p. 27.- Mittal, J. (2014). Value capitalization effect of protected properties – A comparison of conservation easement with mixed-bag open spaces. J of Sustainable Real Estate 6(1): 23-46.- Sander, H. A., and S. Polasky (2009). The value of views and open space: estimates from a hedonic pricing model for Ramsey County, Minnesota, USA. Land Use Policy 26: 837–845.- Shultz, S. D., and N. J. Schmitz (2009). Augmenting housing sales data to improve hedonic estimates of golf course. J of Real Estate Research 31(1):63-79
keywords Spatial Hedonic Model; Land Conservation; Geographically Weighted Regression; Viewshed analysis; GIS
series ERES:conference
type paper session
discussion No discussions. Post discussion ...
session Sustainable Real Estate
last changed 2017/11/18 16:20
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