Sinkholes and Residential Property Prices: Presence, Proximity, and Density
| Autor: | Greg T. Smersh, G. Stacy Sirmans, Randy E. Dumm |
|---|---|
| Rok vydání: | 2018 |
| Předmět: |
geography
050208 finance geography.geographical_feature_category 010504 meteorology & atmospheric sciences Sinkhole 05 social sciences Economics Econometrics and Finance (miscellaneous) Spatial error Residential property Regression analysis 01 natural sciences Residential real estate Property value 0502 economics and business Econometrics Environmental science Sale price Externality 0105 earth and related environmental sciences |
| Zdroj: | Journal of Real Estate Research. 40:41-68 |
| ISSN: | 2691-1175 0896-5803 |
| DOI: | 10.1080/10835547.2018.12091491 |
| Popis: | Spatial amenities, along with structural characteristics, affect residential property values. Although the bundle of structural characteristics is typically the primary value determinant, studies have shown that externalities and risk factors can adversely affect property values. We use residential property sales data from 2010 to 2014 and sinkhole data from “sinkhole alley” in Florida to examine the effect of sinkhole presence, proximity, and density on the sale price of residential real estate. Using a spatial error regression model, the results show that sinkhole proximity and sinkhole exposure (density) create a negative externality and both have a significant negative effect on house prices. While the results show a negative effect of having a sinkhole on the property, those results are not statistically significant. |
| Databáze: | OpenAIRE |
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