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Valuing New Urbanism: The Case of Kentlands

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  • Charles C. Tu
  • Mark J. Eppli

Abstract

This study assesses the impact of new urbanism on single‐family home prices. Specifically, we use Duany and Plater‐Zyberk's traditional neighborhood development (TND) of Kentlands and surrounding conventional subdivisions to estimate the premium, if any, that single‐family homeowners are willing to pay to reside in a community with new urbanist features. Using data on 2,061 single‐family home transactions and several hedonic price models, the empirical evidence reveals that consumers are willing to pay a premium to locate in Kentlands.

Suggested Citation

  • Charles C. Tu & Mark J. Eppli, 1999. "Valuing New Urbanism: The Case of Kentlands," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 27(3), pages 425-451, September.
    • Handle: RePEc:bla:reesec:v:27:y:1999:i:3:p:425-451
    DOI: 10.1111/1540-6229.00779
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    Cited by:

    1. John Matthews & Geoffrey Turnbull, 2007. "Neighborhood Street Layout and Property Value: The Interaction of Accessibility and Land Use Mix," The Journal of Real Estate Finance and Economics, Springer, vol. 35(2), pages 111-141, August.
    2. Ann Carpenter, 2013. "Social ties, space, and resilience: Literature review of community resilience to disasters and constituent social and built environment factors," FRB Atlanta Community and Economic Development Discussion Paper 2013-02, Federal Reserve Bank of Atlanta.
    3. Benjamin Bureau & Matthieu Glachant, 2010. "Évaluation de l'impact des politiques. Quartiers verts et Quartiers tranquilles sur les prix de l'immobilier à Paris," Economie & Prévision, La Documentation Française, vol. 0(1), pages 27-44.
    4. Carol Atkinson-Palombo, 2010. "Comparing the Capitalisation Benefits of Light-rail Transit and Overlay Zoning for Single-family Houses and Condos by Neighbourhood Type in Metropolitan Phoenix, Arizona," Urban Studies, Urban Studies Journal Limited, vol. 47(11), pages 2409-2426, October.
    5. Christopher Bitter, 2014. "Subdivision Vintage and Housing Prices: Do Home Buyers Value Traditional Development?," Urban Studies, Urban Studies Journal Limited, vol. 51(5), pages 1038-1056, April.
    6. Seungwoo Chin & Matthew E. Kahn & Hyungsik Roger Moon, 2020. "Estimating the Gains from New Rail Transit Investment: A Machine Learning Tree Approach," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 48(3), pages 886-914, September.
    7. Randall S. Guttery, 2002. "The Effects of Subdivision Design on Housing Values: The Case of Alleyways," Journal of Real Estate Research, American Real Estate Society, vol. 23(3), pages 265-274.
    8. Song, Yan & Knaap, Gerrit-Jan, 2003. "New urbanism and housing values: a disaggregate assessment," Journal of Urban Economics, Elsevier, vol. 54(2), pages 218-238, September.
    9. Austin Boyle & Charles Barrilleaux & Daniel Scheller, 2014. "Does Walkability Influence Housing Prices?," Social Science Quarterly, Southwestern Social Science Association, vol. 95(3), pages 852-867, September.
    10. Jeongseob Kim & Kristin Larsen, 2017. "Can new urbanism infill development contribute to social sustainability? The case of Orlando, Florida," Urban Studies, Urban Studies Journal Limited, vol. 54(16), pages 3843-3862, December.
    11. Adam Nowak & Patrick Smith, 2015. "Textual Analysis in Real Estate," Working Papers 15-34, Department of Economics, West Virginia University.
    12. Steven Plaut & Egita Uzulena, 2006. "Architectural Design and the Value of Housing in Riga, Latvia," International Real Estate Review, Global Social Science Institute, vol. 9(1), pages 112-131.
    13. Yencha, Christopher, 2019. "Valuing walkability: New evidence from computer vision methods," Transportation Research Part A: Policy and Practice, Elsevier, vol. 130(C), pages 689-709.
    14. Franz Fuerst & Patrick McAllister & Claudia B Murray, 2011. "Designer Buildings: Estimating the Economic Value of ‘Signature’ Architecture," Environment and Planning A, , vol. 43(1), pages 166-184, January.
    15. Jeremy Gabe & Spenser Robinson & Andrew Sanderford, 2022. "Willingness to Pay for Attributes of Location Efficiency," The Journal of Real Estate Finance and Economics, Springer, vol. 65(3), pages 384-418, October.

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