Browsing by Subject "Property values"

Now showing 1 - 11 of 11
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    Accessibility, urban form, and property value: A study of Pudong, Shanghai
    (Journal of Transport and Land Use, 2018) Guan, ChengHe; Peiser, Richard B.
    The effects of metro system development and urban form on housing prices highly depend on the spatial temporal conditions of urban neighborhoods. However, scholars have not yet comprehensively examined these interactions at a neighborhood-scale. This study assesses metro access, urban form, and property value at both the district- and neighborhood-level. The study area is Pudong, Shanghai, where metro system development has coincided with rapid urban growth. Two hundred and seventy-nine neighborhoods from 13 districts of Shanghai are randomly selected for the district-level investigation and 31 neighborhoods from Pudong are selected for the neighborhood-level investigation. The analysis of variance shows that metro access is more positively correlated to property price in Pudong than other districts. The Pearson correlation, principle component, and ordinary least square regression analyses show that while accessibility attributes have a positive influence on housing prices, neighborhood characteristics also exhibit a pronounced impact on property price change over time. This study extends our knowledge on how metro system development interacts with land-use efficiency and discusses planning policies that correspond to different stages of development.
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    The effect of light rail transit service on nearby property values: Quasi-experimental evidence from Seattle
    (Journal of Transport and Land Use, 2018) Ransom, Michael R.
    This paper examined the effect of the construction of light rail transit stations on surrounding residential property values in Seattle, Washington. It studied sales of homes in the areas around the seven stations that serve primarily residential areas in the Rainier Valley, using a difference-in-differences regression technique to obtain plausibly causal estimates of the effect of new rail service. For these seven stations, the estimated impact of light rail service was positive for only one station and negative for two stations. Estimated impacts for the other stations were small and statistically insignificant. These results suggest that light rail service did not provide value to the neighborhoods in the Rainier Valley of Seattle. I speculate that the transport service provided by light rail was not a significant improvement relative to the bus lines that serviced the area before light rail was built.
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    The effect of the Dubai Metro on the value of residential and commercial properties
    (Journal of Transport and Land Use, 2017) Mohammad, Sara I.; Graham, Daniel J.; Melo, Patricia C.
    This paper analyzes the impact of the newly operated Dubai Metro on the sale transaction value of dwellings and commercial properties. The effect is estimated for properties within different catchment zones of a metro station using difference-in-differences and hedonic pricing methods on both repeated cross-sectional data and pseudo panel data. Our estimates show a positive effect of the metro on sale values of both residential and commercial properties, although the effect is stronger for commercial properties. The models also reveal that the effect of the metro on the value of dwellings and commercial properties is largest within 701 to 900 meters of a metro station and is about 13 percent and 76 percent, respectively.
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    Evaluation of land use-transportation systems with the Analytic Network Process
    (Journal of Transport and Land Use, 2010) Banai, Reza
    Developments in models and methods of urban systems have increasingly drawn attention to the joint effect of land use and transportation on behavioral and policy relevance, with multicriteria evaluation of and attention to the site-level analysis of spatial impacts. In this paper, we use Saaty’s Analytic Network Process (ANP), a systems-oriented method, to contribute to the emerging methodological developments in land use and transportation systems evaluation, planning, and forecasting. The ANP is applied to the problem of light rail route selection with station area land use and property value among multiple criteria. The application shows how the analysis of land use and transportation as elements of an urban system with feedback is facilitated by the ANP with data parsimony in the ex ante estimation of site-specific, spatial-economic impacts.
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    Exploring property value effects of ferry terminals: Evidence from Brisbane, Australia
    (Journal of Transport and Land Use, 2017) Tsai, Chi-Hong (Patrick); Mulley, Corinne; Burke, Matthew; Yen, Barbara
    Property value effects of linear river ferries that service multiple stops in cities are under-explored. The Brisbane CityCat, CityHopper, and CityFerries combine to form a ferry system with 24 terminals. A geographically weighted regression (GWR) approach is used to determine property value effects of the system. Cross-sectional property data is used in combination with a set of neighborhood variables derived from 2011 census data, spatial feature location, and transport datasets (roads, busway and train station locations) for the city. The preferred global model had a good fit and showed expected signs for all parameters, showing that property prices tended to decline with distance from ferry terminals, when controlling for other variables. For every kilometer close a location is to a ferry terminal, there is an expected price increase of 4 percent on average, across the study area. The GWR local model also had good fit and suggested property value gains around specific terminals. Visual inspection suggests that locations where more ferry-oriented development opportunities have been taken in recent decades are the sites with the greatest positive property value effects. The implications are that land developers are justified in seeking ferry terminals to service their developments.
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    The Hiawatha Line: Impacts on Land Use and Residential Housing Value
    (Center for Transportation Studies, 2010-02) Goetz, Edward G.; Ko, Kate; Hagar, Aaron; Ton, Hoang; Matson, Jeff
    This report presents the results of an examination of the economic and land-use impacts of the Hiawatha Light Rail Line. Specifically, the report contains findings on the impact of the line on residential property values, housing investment, and land-use patterns. Property value impacts were determined through the creation of a hedonic pricing model for single-family and multi-family residential properties within a one-half mile radius of the Hiawatha Line stations. Price trends within station areas were examined both prior to and after completion of the Hiawatha Line in 2004 and in comparison to a control area of southeast Minneapolis. Housing investment trends were investigated through an examination of building permit data, also broken down into pre- and post-construction periods. Land use patterns were examined through analysis of the Metropolitan Council’s seven-county land use data base. The findings indicate that construction of the Hiawatha Line has had a positive effect on property values within station areas. The effect is limited to the west side of the line; on the east side a four-lane highway and a strip of industrial land uses intervenes and eliminates any positive impact of the line. Results also show a high level of residential investment (as measured by dollar value of the investment) within station areas compared to the control area. No changes in land use patterns were detected since completion of the light rail line. This study demonstrates that completion of the Hiawatha Line has generated value and investment activity in the Minneapolis housing market.
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    If you build it, they will change: Evaluating the impact of commuter rail stations on real estate values and neighborhood composition in the Rotterdam–The Hague metropolitan area, the Netherlands
    (Journal of Transport and Land Use, 2021) Forouhar, Amir; van Lierop, Dea
    In many metropolitan regions, transit-oriented developments are built to motivate the use of sustainable travel by promoting urban growth within walking distances of public transport stations. Changes in residential property values are a common way to assess the success of transit-oriented developments. However, studies that focus on property values alone have reported mixed effects. This paper attempts to evaluate the land value impact around commuter rail stations by analyzing the change in property values within the context of the transformation of socio-spatial neighborhood attributes. The study sets out to estimate the effect of Randstad Rail stations using real estate transaction data of residential properties and neighborhood socio-spatial attributes in the Rotterdam–the Hague metropolitan area of the Netherlands covering a period from 1985 to 2018. Adopting a quasi-experimental design, the effect is estimated for properties within different catchment zones around three commuter rail stations using a Difference-in-Differences Model and Multivariate Analysis of Variance. The results demonstrate the overall negative effect of the Randstad Rail on the value of residential properties at a distance equal to or less than 400 meters from the selected rail stations in the range of -18.8% to -11.5%. In contrast, a positive effect is observed for the residential properties located within a radius of 400 to 800 meters from the rail stations, which is estimated to be +15% to +33.2%. The findings also indicate a considerable socio-spatial transformation in the neighborhood composition after the opening of the rail stations in terms of neighborhood population density, land-use density, housing characteristics, and car ownership, which significantly affect the magnitude and direction of the impact.
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    The impact of a new light rail system on single-family property values in Charlotte, North Carolina
    (Journal of Transport and Land Use, 2012) Yan, Sisi; Delmelle, Eric; Duncan, Michael
    This paper examines the impact of a new light rail system on single-family housing values in Charlotte, North Carolina, from 1997 to 2008. We use a Hedonic Price Analysis (HPA) to estimate how proximity to light rail, housing characteristics, and spatial components (at a block group level) affect single-family housing values. The same method is applied to each of the four time periods (t1, t2, t3, t4) that coincide with the pre-planning, planning, construction, and operation phase of the light rail system. We observe a trend that suggests a greater desirability to live closer to a light rail station as the transit system becomes operational.
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    The impact of walkable environment on single-family residential property values
    (Journal of Transport and Land Use, 2017) Guo, Yuntao; Peeta, Srinivas; Somenahalli, Sekhar
    Due to the impact of urban sprawl, the need for responsible property investing, and the emerging evidence supporting the linkage between walkable environment (in terms of built environment and walk accessibility) and residential property value, there is a critical need to develop systematic methodologies to quantify the impact of walkable environment on residential property value. This study provides a new generalized dissimilarity index for quantifying land-use mix, a key component of built environment, and a new method for measuring a property’s walk accessibility and then links them to residential property values. Ordinary least squares (OLS) regression models are used to validate these methods by examining the empirical property data in Eastern Adelaide, Australia. The results of the OLS models show that the proposed dissimilarity index and property walk-accessibility method outperform other commonly used land-use mix quantification and walk-accessibility methods in estimating single-family residential property values in terms of the goodness-of-fit and explanatory power. This study provides insights for investors to understand the impact of walkable environment on single-family residential property values to enable them to make more informed decisions on property investment, and for planners to design neighborhoods featuring better walkable environments.
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    The impacts of light rail on residential property values in a non-zoning city: A new test on the Houston METRORail transit line
    (Journal of Transport and Land Use, 2019) Pan, Qisheng
    The impacts of rail transit system on residential property values have been examined for many metropolitan areas in the U.S. But there are few studies on the effects of light rail in a non-zoning city. As the rail transit in the largest non-zoning city, Houston’s light rail transit line, or the so-called METRORail, has not received much attention from the planning research society since it opened to the public in 2004. A previous study by the author utilized 2007 household data to analyze the impacts of Houston’s METRORail line and found the net effects of the rail transit line change significantly at different distances from the rail stations. One limitation of that study was that the physical environment and neighborhood characteristics of the station areas may not have had notable changes over a relatively short time span, i.e., three years after the opening of the light rail. This study employs 2010 InfoUSA household data to re-examine the effects of Houston’s METRORail line. Similar to the previous studies, the author adopts a traditional ordinary linear regression (OLS) to investigate the contribution of a set of variables representing the physical, neighborhood, and accessibility characteristics of properties, and also employs a multi-level regression model (MLR) to examine the hierarchical structures of spatial data explicitly. In addition, this study tests the spatial autocorrelation in the modeling process and analyzes its effects on the results. The modeling results suggest that the METRORail line has had significant net positive effects on residential property values. The MLS model captures the difference of these effects with more spatial details. The spatial regression model improves model fit, but spatial autocorrelation is not completely eliminated.
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    Metro station inauguration, housing prices, and transportation accessibility: Tehran case study
    (Journal of Transport and Land Use, 2021) Yazdanifard, Yekta; Joshaghani, Hosein; Talebian, Masoud
    The opening of a new metro station, as a mode of the transportation corridor, potentially could have different effects on housing prices. We have investigated its effect on the value of residential properties around those stations, using data from large expansions of the metro network in Tehran, Iran. In the period of our study (April 2010 to December 2018), forty-five metro stations were inaugurated in Tehran. We use a difference-in-difference regression method to identify the causal effect of interest, where adjacent properties are used as the treatment group and similar but distant properties as the control group. The results indicate that, on average, the adjacent properties are affected by a 3.7 percent increase in price relative to distant properties. We also extend our study by categorizing new metro stations according to the extent of ex-ante access to other modes of public transportation such as bus rapid transit (BRT). We find 2 to 11 percent positive effect of new metro stations in regions with lower public transport, while in regions with ex-ante extensive public transportation system, we find less than 2 percent positive effect.