The effect of quality of parks on neighboring property values

Alfredo B. Lorenzo, Christopher Rubottom, Rueben Gomez, Felicia Cosby

Abstract


Using hedonic pricing technique, this study measures the effect of proximity to parks and park quality on house values
in Tallahassee, FL. When all other structural and neighborhood attributes were equal, the expectation was that homes in close proximity to quality parks will be more expensive than homes at a distance. In order to account for the quality of the park, cleanliness, landscaping, available spaces, amenities, and safety were incorporated, which assumes that the higher parks rate on these criteria, the greater the value of neighboring homes. The results highlight the potential impacts and provide insight to local governments when considering development of neighborhood parks. The coeffi cient on distance to parks was negative and statistically insignifi cant, meaning that close proximity to parks did not signifi - cantly increase home values. Among the park quality variables, cleanliness, landscaping, and amenities had negative
coeffi cients but not statistically signifi cant, suggesting that houses close to parks rated clean, with better landscaping, and providing amenities and safety had higher prices than houses farther away.

Full Text:

PDF

Refbacks

  • There are currently no refbacks.


Proc. Fla. State Hort. Soc.     ISSN 0886-7283