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Residential Land Values in Urbanizing Areas

Published online by Cambridge University Press:  26 January 2015

Ioannis K. Kaltsas ,
Darrell J. Bosch  and
Anya McGuirk
Ioannis K. Kaltsas
Affiliation:
European Investment Bank
Darrell J. Bosch
Affiliation:
Department of Agricultural and Applied Economics, Virginia Tech
Anya McGuirk
Affiliation:
SAS Institute, Inc
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Abstract

Zoning decisions related to residential lot size and density affect residential land value. Effects of size on residential parcel value in Roanoke County, VA, are estimated with fixed effects hedonic models. Parcel size; elevation; soil permeability; proximity to urban areas, malls, and roads; and location influence parcel value, but the effects vary by value of construction and development status. Parcel value per square meter declines with increasing parcel size. The estimated relationships could be used to evaluate zoning decisions in terms of land values and tax revenues if model estimation uncertainties and responses by developers to zoning strategies are considered.

Keywords

developmentfixed effectshedonic modelproperty valuesresidential densityspatial econometricsQ24C25C52
Type
Articles
Information
Journal of Agricultural and Applied Economics , Volume 40 , Issue 2 , August 2008 , pp. 635 - 647
Copyright
Copyright © Southern Agricultural Economics Association 2008

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