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Analysis of the Effects of Large Lot Zoning

Author

Listed:
  • Hans R. Isakson

    (Department of Economics, University of Northern Iowa, Cedar Falls, Iowa 50614-0129)

Abstract

This study extends a test for the presence of binding zoning, originally developed to be applied across many adjacent jurisdictions, so that it can be applied within a single jurisdiction. This study also demonstrates how to carry out this test in the presence of spatially correlated OLS residuals by using a mixed effects model whose coefficients are estimated using the maximum likelihood technique. The study examines twenty years of land sales data from a Midwestern county containing two adjacent cities surrounded by rural areas. A thirty-five-acre acre, minimum lot size in the rural area is found to be binding; while a 9,000 square foot minimum lot size in the cities is found to be not binding.

Suggested Citation

  • Hans R. Isakson, 2004. "Analysis of the Effects of Large Lot Zoning," Journal of Real Estate Research, American Real Estate Society, vol. 26(4), pages 397-416.
    • Handle: RePEc:jre:issued:v:26:n:4:2004:p:397-416
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    Citations

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    Cited by:

    1. Kelley Cours Anderson & Julia Freybote & Kerry T. Manis, 2024. "The Impact of Virtual Marketing Strategies on the Price-TOM Relation," The Journal of Real Estate Finance and Economics, Springer, vol. 68(2), pages 218-234, February.
    2. Sean P. Salter & Ernest W. King, 2009. "Price Adjustment and Liquidity in a Residential Real Estate Market with an Accelerated Information Cascade," Journal of Real Estate Research, American Real Estate Society, vol. 31(4), pages 421-454.
    3. Paul Gottlieb, 2013. "Agricultural preservation, large-lot zoning, and real estate development in New Jersey, USA," ERSA conference papers ersa13p513, European Regional Science Association.
    4. Furth, Salim, 2021. "Foundations and Microfoundations: Building Houses on Regulated Land," Working Papers 10752, George Mason University, Mercatus Center.
    5. Gottlieb, Paul D. & O’Donnell, Anthony & Rudel, Thomas & O’Neill, Karen & McDermott, Melanie, 2012. "Determinants of local housing growth in a multi-jurisdictional region, along with a test for nonmarket zoning," Journal of Housing Economics, Elsevier, vol. 21(4), pages 296-309.
    6. B. James Deaton & Richard J. Vyn, 2015. "The Effect of Ontario's Greenbelt on the Price of Vacant Farmland," Canadian Journal of Agricultural Economics/Revue canadienne d'agroeconomie, Canadian Agricultural Economics Society/Societe canadienne d'agroeconomie, vol. 63(2), pages 185-208, June.
    7. Richard J. Vyn, 2015. "The Effect of Agricultural Zoning on Rural Residential Property Values: An Application to Ontario's Greenbelt," Canadian Journal of Agricultural Economics/Revue canadienne d'agroeconomie, Canadian Agricultural Economics Society/Societe canadienne d'agroeconomie, vol. 63(3), pages 281-307, September.
    8. I. R. Aliu, 2016. "Marginal land use and value characterizations in Lagos: untangling the drivers and implications for sustainability," Environment, Development and Sustainability: A Multidisciplinary Approach to the Theory and Practice of Sustainable Development, Springer, vol. 18(6), pages 1615-1634, December.
    9. B. James Deaton & Chad Lawley, 2022. "A survey of literature examining farmland prices: A Canadian focus," Canadian Journal of Agricultural Economics/Revue canadienne d'agroeconomie, Canadian Agricultural Economics Society/Societe canadienne d'agroeconomie, vol. 70(2), pages 95-121, June.

    More about this item

    JEL classification:

    • L85 - Industrial Organization - - Industry Studies: Services - - - Real Estate Services

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