A Valuation of Restored Streams Using Repeat Sales and Instrumental Variables

Towe, Charles; Klaiber, H. Allen; Maher, Joe; Georgic, Will C.

doi:10.1007/s10640-021-00575-9

Cited by 4 publications

(3 citation statements)

References 47 publications

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“…Distances between waterway segments and properties were measured using Euclidean distance, as has been done in other studies (e.g., Fernandez et al., 2018; Landry et al., 2022 and Towe et al., 2021). Properties that did not have a waterway segment within 1 km were excluded from the initial data collection, as hedonic studies typically show that the effects of proximate environmental amenities occur within 1 km distance (e.g., Bark et al., 2009; Colby & Wishart, 2002; Geoghegan et al., 1997; Jarrad et al., 2018; Kadish & Netusil, 2012; Polyakov et al., 2017; Sander & Haight, 2012 and Towe et al., 2021). This implies that the impact of our modelled estimates will be for changes in the VRC index, but not for the presence or absence of waterways.…”

Section: Methodsmentioning

confidence: 99%

“…Such modifications include the removal of riparian vegetation and the channelisation of waterways. As a result, these changes have undermined waterway health, and the ecosystem services provided by urban waterways (Paul & Meyer, 2001; Towe et al., 2021). The Australian Cooperative Research Centre for Water Sensitive Cities notes that while waterways were historically modified to mitigate flood risk, they were typically designed without consideration of ecological and aesthetic function (CRCWSC, 2016).…”

Section: Introductionmentioning

confidence: 99%

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Investigating revealed preferences for urban waterway conditions: A hedonic property valuation study

Thomy,

Morrison,

Duncan

et al. 2024

Aus J Agri & Res Econ

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This study examines the impact of urban waterway conditions on property market prices. In general, similar revealed preference studies typically focus on identifying the value associated with changes in attributes such as riparian vegetation or water quality. Using an index that classifies waterways based on the vegetation and channel conditions, we analyse both attributes. Our spatial hedonic property price model findings indicate that buyers are willing to pay premiums ranging from 2.7% to 8.5%, depending on vegetation and channel conditions. However, when the proximity to the waterway is accounted for, we found that properties adjacent to the highest‐ranked vegetation and channel conditions attract a higher premium of 12.8%. Overall, the implicit marginal effects for the distance–condition interaction variables indicate that for lower‐ranked waterway conditions, there is a relative aversion to being adjacent to waterways. The results suggest that there are significant gains to be realised from removing concrete‐lined channels and replacing them with stones for banks, or re‐creating unmodified channels, even if there is only limited scope for increasing vegetation.

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Section: Methodsmentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

Investigating revealed preferences for urban waterway conditions: A hedonic property valuation study

Thomy,

Morrison,

Duncan

et al. 2024

Aus J Agri & Res Econ

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show abstract

“…Towe et al. (2021) use a repeat‐sales approach to control for unobserved property and neighbourhood characteristics and instrument for potential endogeneity in selecting wetlands targeted for restoration. They report an average treatment effect of wetland restoration in sale prices of 12% in Baltimore County, Maryland.…”

Section: Introductionmentioning

confidence: 99%

The amenity value of constructed wetlands

Fernandez,

Sanchez,

Thorsnes

2023

Aus J Agri & Res Econ

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Natural wetlands in urbanised areas provide practical services, including flood control and amenity values such as views, wildlife habitat and recreational opportunities. But cities also construct wetlands to improve flood control and ecosystem services, the value of which might change property prices. This paper reports the analyses of property prices that provide estimates of wetlands' localised amenity values in Auckland, New Zealand's largest city. A major challenge is that the selection of sites for wetlands’ construction is not random; amenity value is potentially confounded by property and neighbourhood characteristics that vary across space and over time. We use a combination of repeat‐sales models, difference‐in‐differences and matching models to control for unobserved heterogeneity in property and neighbourhood characteristics. The results indicate that local benefit from constructed wetlands ranges from about 5% to 9% depending on the location of the property in areas adjacent to the wetlands or in a larger catchment of interest. Our results have a causal interpretation if the selection criteria are applied uniformly across Auckland and are valuable in assessing the benefits of constructed wetlands.

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Capitalisation of multiple ecosystems on property prices in Auckland, New Zealand

Fernández

2023

Journal of Environmental Management

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A Valuation of Restored Streams Using Repeat Sales and Instrumental Variables

Cited by 4 publications

References 47 publications

Investigating revealed preferences for urban waterway conditions: A hedonic property valuation study

Investigating revealed preferences for urban waterway conditions: A hedonic property valuation study

The amenity value of constructed wetlands

Capitalisation of multiple ecosystems on property prices in Auckland, New Zealand

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