Browsing by Subject "Property values"
Now showing 1 - 4 of 4
Results Per Page
Sort Options
Item Can you hear me now (that I’m in Your Backyard)? A Mesa, Arizona case study on freeway construction and property values(2013-08) Doumakes, Andrew; Von Ende, Terry; Becker, Klaus G.The paper introduces environmental economics, and its role in the study of public goods and externalities. Without definable property rights, other methods must be used in order to value the environment. In particular, this paper considers the value of quiet associated with property values by looking at causes of noise pollution, which is often the dominant effect observed in these studies regarding construction projects; however, it is not the only possible outcome. It introduces a number of environmental valuation techniques, with emphasis on the hedonic approach – which utilizes marketable goods as a proxy for environmental value. The author outlines significant literature that applies the hedonic approach in the study of noise pollution using property values as the marketable good, namely Nelson (2008) and Palmquist (1982). It is important to note that most environmental papers discuss the concept of willingness to pay or willingness to accept. In the following paper, however, a more general microeconomic analysis is presented. That is, we look more explicitly at consumer preferences than prices. A case study of two zipcodes in Mesa, Arizona is performed. One zipcode is directly bisected by a freeway, while the other is not. The two zipcodes are considered to be homogeneous. Arguments and demographics are presented in order to support this key assumption. The first approach uses Maricopa County Assessor’s Office assessed home values. Using a dummy variable in a multiple regression, it is observed that – from the assessor’s point of view – the positive externalities associated with the freeway outweigh the negative externalities. The second approach uses sale prices instead of assessed values, but the same result is observed from the home buyer and seller’s perspective. In these types of studies we typically see a dominant effect by the negative externality, as in the Nelson and Palmquist literature. However, it is the case in this study that a positive externality, likely reduced commute times to work and entertainment, is dominant. These results, along with some deficiencies and possible improvements are discussed in detail.Item Documentation and preliminary analysis of property values surrounding Austin's commuter rail stations(2007-05) Coburn, Chad; Zhang, Ming, 1963 April 22-Commuter rail infrastructure often adds value to neighboring properties. The best methods to measure changes in values require baseline data from a year prior to system implementation. The current planning of a commuter rail in Austin, TX presents the need to document property values for future studies. The report records 2005 property values from Travis and Williamson Central Appraisal Districts, using GIS to group the data by various distances away from the proposed train stations. In addition, a large set of secondary improvement data and census demographic information about each site has been accumulated. Future researchers will be able to conduct matched-pair and multivariable regression models with the data, and rely on the station descriptions for a solid understanding of the sites and their relationships.Item Light rail impacts on property values : analyzing Houston's METRORail(2011-05) Campbell, Elizabeth Cochrane; Zhang, Ming, 1963 Apr. 22-; Kahn, Terry D.Light rail transit (LRT) systems are tools to help reduce traffic congestion and air pollution, promote high-density development and more affordable housing, and curtail urban sprawl in metropolitan cities throughout the United States. The impact of transit system services on property values has been studied from various perspectives using many statistical approaches. There are two general categories of effects that proximity to a light rail system can have on the value of residential properties: accessibility benefits (experienced in close proximity to the LRT stations) might increase property values, while nuisance qualities (experienced in both proximity to the LRT line and stations) could have a negative effect on residential property values. Due to the opposing nature of these coexisting effects, results from many empirical studies have been contradictory or inconclusive. This report reviews the spectrum of results found by the growing body of literature focusing on the capitalization effects of rail stations on property values. The economic effect of one particular LRT system, the 7.5 mile long METRORail line located in Houston, Texas, on the value of properties within close proximity to rail stations has not been thoroughly examined, as it only opened for service in 2004. This study utilizes property data acquired from the Harris County Appraisal District (HCAD), Geographic Information System (GIS) techniques, and Hedonic Price Models to analyze the impact of the LRT system in the city of Houston, Texas, on the value of residential properties that lie within close proximity to the line’s rail stations.Item The impact of chemical hazardous sites on residential values(Texas Tech University, 2006-09) Wisinger, Perry G.; Goebel, Paul; Borrelli, John; Bremer, Ronald H.; Elbow, Gary; Ende, Eleanor v.The Emergency Planning and Community Right to Know Act (EPCRA) has been in existence for twenty years yet no comprehensive study has been performed studying the impact it has on housing values surrounding disclosed sites. While many of the issues have been studied individually, no previous study has investigated them in their entirety. Additionally, no previous study has specifically investigated the impact on nearby housing values of Risk Management Program sites or the impact that Tier Two sites have on nearby housing values. September 11, 2001 (9/11), shook the American consciences about their security, but did it increase their fear of neighborhood environmental hazards? If publicly available information is being used to value property, then residential values near potential terrorist targets should have declined in the aftermath of 9/11. No previous study investigated if a hedonic model could be used to measure the impact that potential terrorist targets have on nearby housing values. This study uses a hedonic model to test four hypotheses in Lubbock, Texas. The first hypothesis questions if housing prices near EPA listed chemical hazards are lower, ceteris paribus. This study finds that housing values are lower near Permitted Water Discharge sites, Risk Management Program sites, and Hazardous Waste Handler sites. The second hypothesis questions if housing prices are lower near EPA-designated Tier Two sites, ceteris paribus. This study does not find that housing values are lower near Tier Two sites. The third hypothesis questions if the negative impact of either EPA listed sites or Tier Two sites grew after 9/11. This study finds the negative impact of being between 2/3 of a mile and one mile of a Hazardous Waste Handler does grow after 9/11. The last hypothesis questions if the new listing of chemical hazardous sites or the listing of governmental enforcement action lowers nearby housing values. This study finds no immediate impact on housing values resulting from the listing of new sites or enforcement action.