Value Capitalization Effect of Protected Properties: A Comparison of Conservation Easement with Mixed-Bag Open Spaces

Jay Mittal

Journal of Sustainable Real Estate, 2014, vol. 6, issue 1, 23-45

Abstract: In this paper, I examine the impact of open space restrictions on neighboring house prices using hedonic modeling framework and GIS. The comparison is between two groups of parcels in Worcester, Massachusetts: one has a mixture of open space restrictions that limit or prohibit development and the other has a conservation easement. Conservation easement (CE) involves voluntarily restricted conservation worthy private lands from future developments in perpetuity. The sample used is single-family detached houses that were sold in 2005 to 2008. Since future development restrictions lower the property values and tax base for local communities, the findings confirm that spatially targeted CE parcels with proximity of, and visibility to CE parcels drive up the surrounding property values, thereby providing additional tax base and income to the communities.

Date: 2014
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DOI: 10.1080/10835547.2014.12091864

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