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This study uses the hedonic framework to look at an aspect of planning and its effects on property values. Specifically, the study examines the impacts of cluster residential development on home value using data on Lower Gwynedd Township (Pennsylvania, USA). Other factors remaining constant, the study finds that properties located within cluster developments (CLUS) attract premium prices of roughly 3.9 %, on average, relative to properties in conventional developments. However, part of the 3.9 % price premium is attributable to the permanent open spaces which are parts and parcels of clusters. When the variable for open space (OPEN) is introduced, the cluster (CLUS) premium reduces to 2.02 % suggesting the relative importance the permanent open spaces. The open space variable (OPEN) is associated with a premium of as much as 5.2 %, on average. The density of development variable (DENSITY) is significantly negative at conventional levels. The normative implication of the density finding is that raising permitted densities, per se, in a sub-urban setting where market densities are lower than permitted densities, will have adverse impacts on home value. The results of this study provide empirical support for sustainable, greener, residential cluster development.
The Journal of Real Estate Finance and Economics – Springer Journals
Published: Sep 1, 2012
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