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Manchester Grand Hyatt, Regatta C
American Real Estate and Urban Economics Association
Sunday, Jan. 5, 2020 10:15 AM - 12:15 PM (PDT)
- Chair: Siqi Zheng, Massachusetts Institute of Technology
Picture and Playground: Valuing Coastal Amenities
AbstractAs the world continues to urbanise, understanding housing market preferences can help planners accommodate city growth. Housing is a bundle of both structural attributes and locational amenities, with blue space coastal amenities including both aesthetic (picture) and recreational (playground) services. We examine the effect of these different amenities, applying novel measure of views, suitable for large datasets, to almost 500,000 real estate listings, covering both sale and rental markets in Ireland, 2006-2017. We find that proximity to beaches and similar shorelines is rewarded in both sale and rental markets, as is breadth and depth of sea-views. There is no evidence that urban price premiums differ from rural ones. However, there is clear evidence that sale price premiums are typically larger than their rental equivalents. In addition, sale price premiums are larger in times of falling prices, a finding consistent with property ladder effects in tighter markets.
Do School Shootings Erode Property Values?
AbstractWe find that house prices within a school district decline by 7.8 percent in the three year period after a mass school shooting along with decline in number of transactions. The drop in property prices is stronger among houses with more bedrooms, a measure that serves as a proxy for properties most likely to have school-age children in the household. We also find evidence of decrease in school enrollment and in the number of teachers in the aftermath of the shooting. The analysis suggests that it is the deterioration in school quality that results in lower willingness to pay.
National University of Singapore
Florida State University
U.S. Bureau of Economic Analysis
- R2 - Household Analysis
- Q5 - Environmental Economics