Open space in residential subdivisions: Effects of Low Impact Development and open space on single family housing values.

摘要

A hedonic analysis is made of single family residential real estate sales in the suburbs of a mid sized Midwestern city (Omaha, NE) to determine consumer preferences for Low Impact Development (LID). Since no LID currently exists in Omaha the price impacts of LID are quantified using different characteristics of proximate open space with regards to ownership type, groundcover, and recreational amenities. Additional examination is made of clustered and greenway subdivisions and a comparison of localized open space in these planned communities. Furthermore, an analysis and comparison of proximity measures is presented. Results show that home buyers prefer open space to be owned and maintained by a homeowners association and that while they desire open areas to be mowed and planted in trees; premiums are also paid for prairie and woodland depending on the ownership of the area. Finally, consumers will on average, pay more to be located in subdivisions developed with a large greenway type open space versus clustered development, especially if the common areas contain walking trails.