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Subdivision Specific Amenities And Residential Property Values

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  • Rahman, Shaikh Mahfuzur
  • Hardie, Ian W.

Abstract

A hedonic property value model, derived from a dynamic game theoretic framework, is estimated using data obtained for 211 subdivisions including 4628 building lots in five Maryland counties. Linear Box-Cox estimation results show that variables measuring subdivision specific amenities significantly affect residential property values, and omission of such variables produces biased coefficient estimates.

Suggested Citation

  • Rahman, Shaikh Mahfuzur & Hardie, Ian W., 2004. "Subdivision Specific Amenities And Residential Property Values," 2004 Annual meeting, August 1-4, Denver, CO 20270, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    • Handle: RePEc:ags:aaea04:20270
    DOI: 10.22004/ag.econ.20270
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    References listed on IDEAS

    as
    1. Elena G. Irwin, 2002. "The Effects of Open Space on Residential Property Values," Land Economics, University of Wisconsin Press, vol. 78(4), pages 465-480.
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    3. Elena G. Irwin & Nancy E. Bockstael, 2001. "The Problem of Identifying Land Use Spillovers: Measuring the Effects of Open Space on Residential Property Values," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 83(3), pages 698-704.
    4. Bucholtz, Shawn & Geoghegan, Jacqueline & Lynch, Lori, 2003. "Capitalization of Open Spaces into Housing Values and the Residential Property Tax Revenue Impacts of Agricultural Easement Programs," Agricultural and Resource Economics Review, Northeastern Agricultural and Resource Economics Association, vol. 32(1), pages 1-13, April.
    5. Hardie, Ian W. & Nickerson, Cynthia J., 2003. "The Effect Of A Forest Conservation Regulation On The Value Of Subdivisions In Maryland," Working Papers 28575, University of Maryland, Department of Agricultural and Resource Economics.
    6. Cropper, Maureen L & Deck, Leland B & McConnell, Kenneth E, 1988. "On the Choice of Functional Form for Hedonic Price Functions," The Review of Economics and Statistics, MIT Press, vol. 70(4), pages 668-675, November.
    7. Fujita, Masahisa, 1982. "Spatial patterns of residential development," Journal of Urban Economics, Elsevier, vol. 12(1), pages 22-52, July.
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