A hedonic model of public market transactions for open space protection

John Loomis, Vicki Rameker and Andrew Seidl

Journal of Environmental Planning and Management, 2004, vol. 47, issue 1, 83-96

Abstract: A hedonic price function is estimated that illustrates how the price per acre of open space paid by public buyers such as counties or land trusts, is influenced by local demand and supply factors. The empirical regression model is illustrated using 133 public transactions (73% are purchases and 27% are easements) of open space in the Front Range of Colorado. The mean price per acre was $13 635. If a property provides access to water bodies, this feature increases the price per acre by $937, while adjacency of the parcel to existing park or open space adds $11 039 an acre. A 1% increase in county population results in a 0.27% increase in price per acre. Easements cost $6783 less than purchases, a sizeable cost saving. The prediction capability of the hedonic price equation may be an alternative to traditional real estate appraisal techniques when agencies must determine fair market values of prospective open space parcels that vary in attributes from existing ones.

Date: 2004
References: Add references at CitEc
Citations: View citations in EconPapers (6)

Downloads: (external link)
http://www.tandfonline.com/doi/abs/10.1080/0964056042000189817 (text/html)
Access to full text is restricted to subscribers.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:taf:jenpmg:v:47:y:2004:i:1:p:83-96

Ordering information: This journal article can be ordered from
http://www.tandfonline.com/pricing/journal/CJEP20

DOI: 10.1080/0964056042000189817

Access Statistics for this article

Journal of Environmental Planning and Management is currently edited by Dr Neil Powe, Dr Ken Willis and George Bill Page

More articles in Journal of Environmental Planning and Management from Taylor & Francis Journals
Bibliographic data for series maintained by Chris Longhurst ().