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The Effect of Conservation Activity on Surrounding Land Prices

The Effect of Conservation Activity on Surrounding Land Prices Abstract: This paper presents an empirical analysis of the structure of land prices both before and after land conservation occurs. Using data describing 12 years of vacant land transactions in Buncombe County, North Carolina, we find that fee simple conservations, as opposed to conservation easements, occur in higher-priced areas, but that lower-valued parcels within these areas are selected for conservation. We find positive price effects from land conservation of 46%. This premium declines with distance from the conserved parcel but does so to a lesser extent with easements, perhaps suggesting the market's perception that conservation easements are more permanent than parcels conserved in fee. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Land Economics University of Wisconsin Press

The Effect of Conservation Activity on Surrounding Land Prices

Land Economics , Volume 87 (3) – Apr 4, 2011

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Publisher
University of Wisconsin Press
Copyright
Copyright © University of Wisconsin Press
ISSN
1543-8325
Publisher site
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Abstract

Abstract: This paper presents an empirical analysis of the structure of land prices both before and after land conservation occurs. Using data describing 12 years of vacant land transactions in Buncombe County, North Carolina, we find that fee simple conservations, as opposed to conservation easements, occur in higher-priced areas, but that lower-valued parcels within these areas are selected for conservation. We find positive price effects from land conservation of 46%. This premium declines with distance from the conserved parcel but does so to a lesser extent with easements, perhaps suggesting the market's perception that conservation easements are more permanent than parcels conserved in fee.

Journal

Land EconomicsUniversity of Wisconsin Press

Published: Apr 4, 2011

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