The Economic Impact of Parks on Residential Property Values

The Economic Impact of Parks on Residential Property Values
Author: Brittany Ann McMullen
Publisher:
Total Pages:
Release: 2011
Genre:
ISBN:

These findings indicate that parks used primarily for recreation do not have a positive impact on property values; negative externalities such as noise or traffic make it less desirable to live in close proximity to these facilities. Conversely, living next to a natural resource or leisure activity based park does have a positive impact on housing value. Overall, there is potential for citizens and local governments to receive economic benefits as a result of the preservation of open spaces in communities. Home owners benefit from higher property values, and local governments receive an increased amount of property tax revenue as a result.

The Economic Impact of Pocket Parks on Residential Property Values

The Economic Impact of Pocket Parks on Residential Property Values
Author: Mbaka Moine Mwende
Publisher:
Total Pages: 35
Release: 2018
Genre: Parks
ISBN:

When value of a property is assessed, the true determinants of the value of that property is in the attributes attached to that property. What individuals are willing to pay for is the attribute package that will give the maximum utility. Hedonic modelling has been used to appraise the value attached to this attribute. In this study, we use hedonic analysis to determine the value attached to pocket parks when valuing residential property. Our findings show that parks size does have value and it is translated in the value of property. The magnitude of the impact is biggest on parks that are not more than 1.5 acres. For this park sizes, houses near parks that are 0.1 acres bigger value 129 dollars more, above 1.5 acres the magnitude to the impact on house value decreases. Proximity to the park also does increase the value of a house. Also, the further the distance from the house to the nearest park, the lower the value of that house. Therefore, it is important to preserve open spaces even in metropolitan areas for their value on property prices. This increased value equally increases income of home owners and also this benefits the local government because as the home value increase, property tax they receive from these homes go up.

The Proximate Principle

The Proximate Principle
Author: John L. Crompton
Publisher:
Total Pages: 187
Release: 2004
Genre: Bodies of water
ISBN: 9780975892626

Examines both positive and negative effects of parks and open spaces, including parkways, playgrounds, golf courses, greenway trails, large federal or state parks, and water features ranging from lakes to coastlines to wetlands, including the differences found in urban versus suburban contexts.

Parks and Economic Development

Parks and Economic Development
Author: John L. Crompton
Publisher:
Total Pages: 94
Release: 2001
Genre: Architecture
ISBN:

Parks and open space are not just beautiful, they are economically beneficial, too. But parks advocates and planners must be able to demonstrate that open spaces and recreational areas contribute to the community's economic vitality before local officials will lend their support. Securing and keeping political and financial support often requires repositioning a proposed project or facility in the minds of elected officials and other decision makers. This report explains how to measure and report the positive economic impact of parks and open space on the financial health of local businesses and government. Impact studies, graphs, charts, and other aids included in the report show how these contributions more than compensate for local tax dollars spent on acquiring, upgrading, and maintaining parks and other outdoor recreational areas. For example, parks planners can use a variety of economic impact measures, including sales, personal income, and employment, to show the positive economic effect on a community of visitors to parks and related attractions. Repositioning is a difficult, long-term process that requires changing entrenched public and bureaucratic attitudes and practices. Nonetheless, repositioning parks issues--aligning them with local economic development efforts--is both necessary and feasible. Once linked politically and psychologically with economic vitality and development, parks and open space projects are far more likely to find favor and sustained support from both elected officials and the general public. The report describes three different strategies that parks planners and agencies may use, alone or in combination, to reposition parks issues. This report is sponsored in part by the Wallace-Reader's Digest Funds, the Doris Duke Charitable Foundation, and the American Planning Association's City Parks Forum. It is the second in a series of three reports by the City Parks Forum. The first report is Parks, Recreation, and Open Space (PAS 497/498) by Alexander Garvin.