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AMENITIES IN AN URBAN EQUILIBRIUM MODEL: RESIDENTIAL DEVELOPMENT IN PORTLAND, OREGON

AMENITIES IN AN URBAN EQUILIBRIUM MODEL: RESIDENTIAL DEVELOPMENT IN PORTLAND, OREGON,JunJie Wu,Richard M. Adams,Andrew J. Plantinga

AMENITIES IN AN URBAN EQUILIBRIUM MODEL: RESIDENTIAL DEVELOPMENT IN PORTLAND, OREGON   (Citations: 26)
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This paper analyzes the effect of open space and other amenities on housing prices and development density within the framework of an urban equilibrium model. The model is estimated as a system of equations that includes households' residential choice decisions and developers' development decisions and emphasizes the importance of amenities in the formation of development patterns and property values. The model is applied to Portland, Oregon, where ambitious open space programs have been implemented. The results suggest that amenities are important: households are willing to pay more for newer houses located in areas of less dense development, with more open space, better views, less traffic congestion, and near amenity locations. For the developer, increases in housing prices result in an attempt to provide more and larger houses. The attempt to provide more houses, however, results in higher density, which will ultimately reduce prices. A simulation analysis evaluates the policy implications of the model results and indicates substantial benefits from alterations in housing patterns
Published in 2003.
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    • ...Hedonic pricing studies have calculated distances from individu al parcels to land uses of interest, including open space (Acharya and Bennett 2001; Bolitzer and Netusil 2000; Irwin 2002; Lutzenhiser and Netusil 2001; Tajima 2003; Wu et al. 2004), wetlands (Doss and Taff 1996), forests (Mansfield et al. 2005), and agriculture (Ready and Abdalla 2005)...

    Steven M. Mansonet al. Parcel Data for Research and Policy

    • ...Both current and incoming residents place a significant value on nearby open space, as evidenced by the fact that the presence of nearby open space—especially open space that has been permanently preserved in some form—increases residential property values (Cheshire and Sheppard 1995, Geoghegan et al. 1997, Tyrvainen and Mettinen 2000, Geoghegan 2002, Thorsnes 2002, Irwin 2002, Geoghegan et al. 2003, Wu et al. 2004, Hardie et al. 2007)...

    Erik Lichtenberget al. Open Space and Urban Sprawl The Case of the Maryland Forest Conservati...

    • ...Attempts have been made to explain the spread of cities and the sprawl of metropolitan areas (Anas et al. [7], Brueckner [1]), to model these phenomena (Cavailhès et al. [8], [9], Marshall [10], Turner [11], Wu and Plantinga [12]), and to put a value on open spaces in or near to cities (Cheshire and Sheppard [13], Irwin [14], Roe et al. [15], Thorsnes [16], Wu et al. [17]) and on landscapes (Geoghegan et al. [18])...

    Jean Cavailhèset al. The landscape from home: seeing and being seen. A GIS-based hedonic pr...

    • ...• Aesthetics: Aesthetic values of landscape change, such as increased wetland area and open space or reduced eutrophication, can be evaluated using hedonic pricing if there are associated properties that benefit from these conditions (Irwin 2002, Wu et al. 2004)...

    STEPHEN FARBERet al. for Ecosystem Management

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