The Park as a Determinant of Property Values

Forest proximity impact on undeveloped land values: A spatial hedonic study

“…In another study, Weiss et al (1966) found no significant effect on the value of the recreational areas on real estate. One of the first studies on the impact of the park on the value of the adjacent land is Hendon (1971). Notable empirical results demonstrating the positive effects of green spaces and proximity to parks on property values are summarized in Table 1.…”

Characteristics, Causes, and Effects of Sprawl: A Literature Review

“…A large body of empirical work shows that buyers are willing to pay more for land if it is close to public open space, whether waterbodies, parks, orpublicly owned greenbelts (Hendon, 1971;Darling, 1973;Weicher and Zerbst, 1973;Hammer et al, 1974;Correll et al, 1978;Pollard, 1982;McLeod, 1984;Didato, 1990;Larsen, 1992). Yet, as a public or quasi-public good, open space tends to be undersupplied by the private sector (Gardner, 1977).…”

Do Preferences for Amenities Differ Among Home Buyers? A Hedonic Price Approach

“…Existing literature on the relationship between amenity attributes and residential property prices has produced mixed results. Close proximity to schools, railway stations, parks, lakes, and open spaces may have both positive and negative effects on residential property sale prices depending on the qualities of housing and amenities, as well as the income level of homeowners (Hendon ; Li & Brown ; Jud & Watts ; Adair et al . ; Mathur ; Poudyal et al .…”

“…Hendon () defines “aesthetically pleasing parks” as those that have an attractive design, are well maintained, and highly landscaped.…”