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Residential Property Values, the CBD, and Multiple Nodes: Further Analysis

Author

Listed:
  • H W Richardson
  • P Gordon
  • M-J Jun
  • E Heikkila
  • R Peiser
  • D Dale-Johnson

    (School of Business Administration, University of Southern California, Los Angeles, CA 90089, USA)

Abstract

In this paper, a hedonic regression model of house prices in Los Angeles County is tested with use of 1970 and 1980 data on dwelling characteristics, neighborhood variables, and measures of accessibility to the central business district and subcenter nodes. Many of the coefficient estimates on the dwelling traits and neighborhood variables are robust, and where coefficients change there are obvious explanations. The most dramatic finding is that the distance to the CBD, with a weak but statistically significant influence in 1970, had no influence by 1980, and its declining role was paralleled by a rise in the spatial pull of several of the subcenters in the region. The tests reveal how the polycentricity of the Los Angeles region evolved during the 1970s.

Suggested Citation

  • H W Richardson & P Gordon & M-J Jun & E Heikkila & R Peiser & D Dale-Johnson, 1990. "Residential Property Values, the CBD, and Multiple Nodes: Further Analysis," Environment and Planning A, , vol. 22(6), pages 829-833, June.
    • Handle: RePEc:sae:envira:v:22:y:1990:i:6:p:829-833
    DOI: 10.1068/a220829
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    References listed on IDEAS

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    1. Atkinson, Scott E & Crocker, Thomas D, 1987. "A Bayesian Approach to Assessing the Robustness of Hedonic Property," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 2(1), pages 27-45, January.
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    2. John I. Carruthers, 2012. "Land use regulation and regional form: a spatial mismatch?," Chapters, in: Roberta Capello & Tomaz Ponce Dentinho (ed.), Networks, Space and Competitiveness, chapter 8, pages 181-204, Edward Elgar Publishing.
    3. McMillen, Daniel P. & William Lester, T., 2003. "Evolving subcenters: employment and population densities in Chicago, 1970-2020," Journal of Housing Economics, Elsevier, vol. 12(1), pages 60-81, March.
    4. McMillen, Daniel P. & Smith, Stefani C., 2003. "The number of subcenters in large urban areas," Journal of Urban Economics, Elsevier, vol. 53(3), pages 321-338, May.
    5. McMillen, Daniel P., 2001. "Nonparametric Employment Subcenter Identification," Journal of Urban Economics, Elsevier, vol. 50(3), pages 448-473, November.
    6. Bae, Chang-Hee Christine & Jun, Myung-Jin & Park, Hyeon, 2003. "The impact of Seoul's subway Line 5 on residential property values," Transport Policy, Elsevier, vol. 10(2), pages 85-94, April.
    7. Turgay Kerem Koramaz, 2013. "A Dualistic Manner In Spatial Analysis: Location And Sector Based Investigations For Housing Price Determinants," ERSA conference papers ersa13p1062, European Regional Science Association.

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