Open Space at the Rural-Urban Fringe: A Joint Spatial Hedonic Model of Developed and Undeveloped Land Values

26 Pages Posted: 27 Jul 2006

See all articles by Diane Hite

Diane Hite

Auburn University - Department of Agricultural Economics and Rural Sociology

Andres Jauregui

Columbus State University - D. Abbott Turner College of Business

Brent Sohngen

Ohio State University (OSU) - Department of Agricultural, Environmental & Development Economics

Greg Traxler

Auburn University - Department of Agricultural Economics and Rural Sociology

Date Written: November 1, 2006

Abstract

We examine the impacts of different open space amenities on sales prices of developed and undeveloped land in two time periods ten years apart in a rapidly urbanizing county in central Ohio. Buffers within 0.25 and 0.5 miles are created that include percentages of agricultural, residential, park and golf course uses around each land sale and are used as explanatory variables. We contribute to the literature by estimating a unified model that accounts for spatial heterogeneity as well as for cross-correlations in developed and undeveloped land sales. Our findings suggest interactions between the land markets examined are complex and dynamic.

Keywords: Land and house markets, land use, spatial econometrics, policy analysis

JEL Classification: Q15, R14, C39, H0

Suggested Citation

Hite, Diane and Jauregui, Andres and Sohngen, Brent L. and Traxler, Gregory J., Open Space at the Rural-Urban Fringe: A Joint Spatial Hedonic Model of Developed and Undeveloped Land Values (November 1, 2006). Available at SSRN: https://ssrn.com/abstract=916964 or http://dx.doi.org/10.2139/ssrn.916964

Diane Hite

Auburn University - Department of Agricultural Economics and Rural Sociology ( email )

Comer Hall
Auburn, AL 36849
United States
334-844-5655 (Phone)
334-844-5639 (Fax)

Andres Jauregui (Contact Author)

Columbus State University - D. Abbott Turner College of Business ( email )

Columbus, GA 31907-5645
United States

Brent L. Sohngen

Ohio State University (OSU) - Department of Agricultural, Environmental & Development Economics ( email )

2120 Fyffe Rd
Ag Admin
Columbus, OH 43210-1067
United States

Gregory J. Traxler

Auburn University - Department of Agricultural Economics and Rural Sociology ( email )

Comer Hall
Auburn, AL 36849
United States

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