House Price Capitalization of Stormwater Retention Basins: Evidence from Fresno-Clovis Metropolitan Area in California

Andres Jauregui (), Qin Fan and Jacquelin Curry
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Andres Jauregui: California State University, Fresno
Qin Fan: California State University, Fresno
Jacquelin Curry: California State University, Fresno

The Journal of Real Estate Finance and Economics, 2023, vol. 67, issue 4, No 2, 606-626

Abstract: Abstract We extend the literature on the impact of stormwater retention basins on house prices and time on the market. Our results indicate that properties located closer to a basin sell at a discount relative to properties located farther away, but the impact is not linear. We further provide evidence that home buyers pay premium prices to be located closer to a basin in construction, yet as the basin ages, property prices decrease. Although stormwater basins provide benefits for the community, results suggest that proximate households generally bear the cost. In the locations adjacent to the basins, discount prices of proximate homes tend to be larger in low-income areas.

Keywords: Stormwater basins; House price capitalization; Hedonic price model (search for similar items in EconPapers)
Date: 2023
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DOI: 10.1007/s11146-021-09860-2

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