Pavement Condition and Residential Property Values: A Spatial Hedonic Price Model for Solano County, California

Transportation agencies invest billions of dollars every year in resurfacing roadways, ostensibly to improve the travel experience. When locally funded, one justification for increased expenditure on the pavement surface is that it could increase property values. We evaluated this approach directly, using hedonic regression to estimate the relationship between pavement condition and residential property value in Solano County, California. We hypothesized that improving pavement condition would positively affect property values in two ways: directly as an indicator of neighborhood blight and indirectly through its effect on traffic conditions and noise. We estimated this relationship for the County as a whole and for each city within the County, controlling for spatial autocorrelation. The estimated relationship is small in magnitude and often not statistically significant. Although there are certainly reasons to improve pavement condition, our results suggest that increasing property value may not be one of them.

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THE IMPACT OF CRIME ON RESIDENTIAL PROPERTY VALUE - ON THE EXAMPLE OF SZCZECIN

Real Estate Management and Valuation ◽

10.1515/remav-2017-0022 ◽

2017 ◽

Vol 25 (3) ◽

pp. 51-61 ◽

Cited By ~ 1

Author(s):

Iwona Foryś ◽

Ewa Putek-Szeląg

Keyword(s):

Residential Property ◽

Property Value ◽

Subjective Expectations ◽

Transaction Prices ◽

Is Security ◽

Residential Property Value ◽

Housing Needs ◽

The Impact ◽

The Relationship ◽

Transactional Data

Abstract The decisions of buyers on the housing market are not only the sum of their subjective expectations but also of the perception of real estate through a prism of opinions and suggestions arising from the surroundings. One of the basic criteria driving households determined to meet basic housing needs is security. The aim of the study is to identify the relationship between the transaction prices of housing and the crime rate in the various districts of Szczecin. For this purpose, data from the Regional Police Headquarters in Szczecin (i.e. map of crimes) and transactional data from notarial acts are analyzed in the work. Then, using statistical and econometric models, spatial relationships of the examined crimes are investigated.

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The spatial varying relationship between services of the train network and residential property values in Melbourne, Australia

Urban Studies ◽

10.1177/0042098019896977 ◽

2020 ◽

pp. 004209801989697

Author(s):

Qianyao Li ◽

Junwu Wang ◽

Judith Callanan ◽

Binbin Lu ◽

Zeng Guo

Keyword(s):

Local Level ◽

Property Values ◽

Residential Property ◽

Spatial Effects ◽

Hedonic Price ◽

Residential Properties ◽

Train Services ◽

Service Frequency ◽

Residential Property Values ◽

The Relationship

This study investigates the spatial effects of the service frequency and transport interchange facilities of rail stations on residential property values for the entire metropolitan train network in Melbourne. Residential properties are classified as either detached or attached dwellings. Given that a traditional hedonic price model cannot handle the spatial dependence and spatial non-stationarity of the housing market, several geographically weighted regression (GWR) models are used and multicollinearity is considered; the model with the Euclidean distance metric outperforms others. Results indicate that the service frequency and facilities of the stations influence the residential property values in a spatially variable way. For every 1 km closer to the train stations, an increase in the frequency of the train services per unit results in a change in the residential property values ranging from −4.01% to 2.71%; an improvement in the transport interchange facilities per unit results in a change in the residential property values ranging from −29.93% to 47.04%. Crime and retail activities that indirectly affect the relationship between rail stations and residential property values are also identified. For every 1 km closer to the train stations, the crime density increases significantly from 5.64% to 42.88% and this occurs in one-fifth of the areas in Melbourne. In contrast, the relationship between retail activities and train stations remains spatially stable. This study complements the relatively scarce literature on the link between railway service levels and residential property values while extending the case study to the local level.

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Case study of property value transfer attributed to transit: spatial and temporal hedonic price impact of light rail in Minnesota’s Twin Cities

Journal of Public Transportation ◽

10.5038/2375-0901.23.1.2 ◽

2021 ◽

Vol 23 (1) ◽

Author(s):

Kate Ko

Keyword(s):

Saint Paul ◽

Property Values ◽

Price Impact ◽

Twin Cities ◽

Residential Property ◽

Light Rail ◽

Hedonic Price ◽

Property Value ◽

Value Transfer

Does the proximity of transit increase property values, and can one example apply to another? Using a spatial and temporal hedonic price framework, a study of light rail transit’s impact on residential property values compares the station area property impacts of the Green and Blue lines in Saint Paul and Minneapolis. The study also points to when “value transfer” (used here to describe the comparison and application of property value impacts near transit) is appropriate, and what practitioners should keep in mind to maximize the effectiveness of the exercise. In the case of value transfer for transit, the study finds that intimate local knowledge matters more than special modeling specifications to appropriately capture the impacted properties and transfer the return of investment.

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