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Estimating The Effects Of Light Rail Transit Lrt System On Residential Property Values Using Geographically Weighted Regression Gwr
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Book Synopsis Estimating the Effects of Light Rail Transit (LRT) System on Residential Property Values Using Geographically Weighted Regression (GWR) by : Mohd Faris Dziauddin
Download or read book Estimating the Effects of Light Rail Transit (LRT) System on Residential Property Values Using Geographically Weighted Regression (GWR) written by Mohd Faris Dziauddin and published by . This book was released on 2015 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Abstract: This study assesses the effect of light rail transit system (LRT) on residential property values in Greater Kuala Lumpur, Malaysia, where traffic congestion has been a major issue since the mid 1990s. A relatively new technique namely Geographically Weighted Regression (GWR) is employed to estimate the increased value of land in the form of residential property values as a result of improved accessibility owing to the construction of the LRT systems. Using the Kelana Jaya LRT Line, located in Greater Kuala Lumpur, Malaysia as a case study, this paper reveals that the improvement of accessibility to employment and other amenities provided by the LRT system added premiums on residential property values but with spatial variation over geographical area indicates that the existence of the LRT systems may have a positive effect on residential property values in some areas but negative in others. The use of the GWR in this study is identified as a better approach to investigate the effec
Book Synopsis Light Rail Impacts on Property Values by : Elizabeth Cochrane Campbell
Download or read book Light Rail Impacts on Property Values written by Elizabeth Cochrane Campbell and published by . This book was released on 2011 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: Light rail transit (LRT) systems are tools to help reduce traffic congestion and air pollution, promote high-density development and more affordable housing, and curtail urban sprawl in metropolitan cities throughout the United States. The impact of transit system services on property values has been studied from various perspectives using many statistical approaches. There are two general categories of effects that proximity to a light rail system can have on the value of residential properties: accessibility benefits (experienced in close proximity to the LRT stations) might increase property values, while nuisance qualities (experienced in both proximity to the LRT line and stations) could have a negative effect on residential property values. Due to the opposing nature of these coexisting effects, results from many empirical studies have been contradictory or inconclusive. This report reviews the spectrum of results found by the growing body of literature focusing on the capitalization effects of rail stations on property values. The economic effect of one particular LRT system, the 7.5 mile long METRORail line located in Houston, Texas, on the value of properties within close proximity to rail stations has not been thoroughly examined, as it only opened for service in 2004. This study utilizes property data acquired from the Harris County Appraisal District (HCAD), Geographic Information System (GIS) techniques, and Hedonic Price Models to analyze the impact of the LRT system in the city of Houston, Texas, on the value of residential properties that lie within close proximity to the line's rail stations.
Book Synopsis The Impact of Light Rail Transit on Residential Value by : Yumi Chae
Download or read book The Impact of Light Rail Transit on Residential Value written by Yumi Chae and published by . This book was released on 2012 with total page 70 pages. Available in PDF, EPUB and Kindle. Book excerpt: Light Rail Transit (LRT) has been getting more attention in U.S. cities due to its socio-economic benefits, such as reducing pollution and congestion, as well as promoting regional economic development. However, huge capital costs remain an obstacle to the construction of a new light rail system. For this reason, cities in the planning phases of LRT want to use value capture tools to finance transit construction and operation. In theory, any improvement in a transportation structure that increases accessibility and reduces transportation cost can be capitalized into property values in an area. In turn, governments levy taxes on a portion of the additional value of adjacent properties. This study, however, aims to empirically examine whether value capture is possible in the recession when property and land values continue to decrease. The study uses the case of the DART Green Line, which started to run in 2009 just after a financial crisis in the U.S. The 5745 residential parcels are analyzed with using a hedonic price model in order to detect the Green Line's influence on residential values before and after the recession. To enhance the proficiency of the regression, this study includes several structure and neighborhood characteristics. The statistical results found the Green Line's benefits on residential values both in the pre-Green Line period (before the recession) and the post-Green Line period (during the recession). It is noteworthy there are still positive influences of transit accessibility on residential values even in the unstable housing market, although the magnitude of the variable has diminished compared to the pre-Green Line period.
Book Synopsis Estimating the Effect of Transit on Residential Property Values by :
Download or read book Estimating the Effect of Transit on Residential Property Values written by and published by . This book was released on 2015 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Estimating the Effect of Transit on Residential Property Values by : Keith Klovers
Download or read book Estimating the Effect of Transit on Residential Property Values written by Keith Klovers and published by . This book was released on 2007 with total page 100 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Is the Light Rail 'Tide' Lifting Property Values? Evidence from Hampton Roads, Virginia by : Gary A. Wagner
Download or read book Is the Light Rail 'Tide' Lifting Property Values? Evidence from Hampton Roads, Virginia written by Gary A. Wagner and published by . This book was released on 2016 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this paper we examine the effect of light rail transit on the residential real estate market in Hampton Roads, Virginia. The Norfolk Tide light rail began operations in August 2011 and has experienced disappointing levels of ridership over its first four years of operations. We estimate the effect of the Tide using a difference-in-differences model and consider several outcome variables for the residential housing market, including sales price, sales-list price spread and the time-on-market. Our identification strategy exploits a proposed rail line in neighboring Virginia Beach, Virginia, that was rejected by a referendum in 1999. Overall, the results show negative consequences from the constructed light rail line. Properties within 1,500 meters experienced a decline in sales price of nearly 8 percent, while the sale-list price spread declined by approximately 2 percent. Our results highlight the potential negative effects of light rail, when potential accessibility benefits do not outweigh apparent local costs.
Book Synopsis Impact of Light Rail Transit on Residential Property Values by : Abbe B. Vernick
Download or read book Impact of Light Rail Transit on Residential Property Values written by Abbe B. Vernick and published by . This book was released on 2003 with total page 96 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Geographically Weighted Regression by : A. Stewart Fotheringham
Download or read book Geographically Weighted Regression written by A. Stewart Fotheringham and published by John Wiley & Sons. This book was released on 2003-02-21 with total page 282 pages. Available in PDF, EPUB and Kindle. Book excerpt: Geographical Weighted Regression (GWR) is a new local modelling technique for analysing spatial analysis. This technique allows local as opposed to global models of relationships to be measured and mapped. This is the first and only book on this technique, offering comprehensive coverage on this new 'hot' topic in spatial analysis. * Provides step-by-step examples of how to use the GWR model using data sets and examples on issues such as house price determinants, educational attainment levels and school performance statistics * Contains a broad discussion of and basic concepts on GWR through to ideas on statistical inference for GWR models * uniquely features accompanying author-written software that allows users to undertake sophisticated and complex forms of GWR within a user-friendly, Windows-based, front-end (see book for details).
Book Synopsis Detection and Estimation of Transportation Impact with Models of Suburban Residential Property Sales Prices by : Fucang Tang
Download or read book Detection and Estimation of Transportation Impact with Models of Suburban Residential Property Sales Prices written by Fucang Tang and published by . This book was released on 1975 with total page 304 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Impacts of Transportation Investment on Real Property Values by : Kihwan Seo
Download or read book Impacts of Transportation Investment on Real Property Values written by Kihwan Seo and published by . This book was released on 2016 with total page 134 pages. Available in PDF, EPUB and Kindle. Book excerpt: Transportation infrastructure in urban areas has significant impacts on socio-economic activities, land use, and real property values. This dissertation proposes a more comprehensive theory of the positive and negative relationships between property values and transportation investments that distinguishes different effects by mode (rail vs. road), by network component (nodes vs. links), and by distance from them. It hypothesizes that transportation investment generates improvement in accessibility that accrue only to the nodes such as highway exits and light rail stations. Simultaneously, it tests the hypothesis that both transport nodes and links emanate short-distance negative nuisance effects due to disamenities such as traffic and noise. It also tests the hypothesis that nodes of both modes generate a net effect combining accessibility and disamenities. For highways, the configuration at grade or above/below ground is also tested. In addition, this dissertation hypothesizes that the condition of road pavement may have an impact on residential property values adjacent to the road segments. As pavement condition improves, value of properties adjacent to a road are hypothesized to increase as well. A multiple-distance-bands approach is used to capture distance decay of amenities and disamenities from nodes and links; and pavement condition index (PCI) is used to test the relationship between road condition and residential property values. The hypotheses are tested using spatial hedonic models that are specific to each of residential and commercial property market. Results confirm that proximity to transport nodes are associated positively with both residential and commercial property values. As a function of distance from highway exits and light rail transit (LRT) stations, the distance-band coefficients form a conventional distance decay curve. However, contrary to our hypotheses, no net effect is evident. The accessibility effect for highway exits extends farther than for LRT stations in residential model as expected. The highway configuration effect on residential home values confirms that below-grade highways have relatively positive impacts on nearby houses compared to those at ground level or above. Lastly, results for the relationship between pavement condition and residential home values show that there is no significant effect between them.Some differences in the effect of infrastructure on property values emerge between residential and commercial markets. In the commercial models, the accessibility effect for highway exits extends less than for LRT stations. Though coefficients for short distances (within 300m) from highways and LRT links were expected to be negative in both residential and commercial models, only commercial models show a significant negative relationship. Different effects by mode, network component, and distance on commercial submarkets (i.e., industrial, office, retail and service properties) are tested as well and the results vary based on types of submarket.Consequently, findings of three individual paper confirm that transportation investments mostly have significant impacts on real-estate properties either in a positive or negative direction in accordance with the transport mode, network component, and distance, though effects for some conditions (e.g., proximity to links of highway and light rail, and pavement quality) do not significantly change home values. Results can be used for city authorities and planners for funding mechanisms of transport infrastructure or validity of investments as well as private developers for maximizing development profits or for locating developments.
Book Synopsis How Does Light Rail Transit Affect Urban Land Use by : Needham B. Hurst
Download or read book How Does Light Rail Transit Affect Urban Land Use written by Needham B. Hurst and published by . This book was released on 2011 with total page 86 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper estimates the effect of the Hiawatha Light Rail Transit (LRT) line on land use change in Minneapolis, MN, between 2000 and 2010. I use a binomial logit model and find that within the 1-mile submarket near LRT, the effect of distance to LRT stations on land use change had a different radius and magnitude depending on existing land use. The effect of LRT on conversions of low-density housing to denser uses only extended out to 90 feet from stations after LRT went into operation. Vacant and industrial land were the most likely to experience land use change, especially in working class, mixed land use neighborhoods with higher population densities. In general, the effect of LRT on land use change was limited in high income neighborhoods. Zoning policy changes around stations had a small but significant positive effect on land use change.
Book Synopsis The Economic Development Impacts of Light Rail Transit: a Case Study of the Baltimore Central Light Rail by : Kyle Andrew Barry
Download or read book The Economic Development Impacts of Light Rail Transit: a Case Study of the Baltimore Central Light Rail written by Kyle Andrew Barry and published by . This book was released on 2012 with total page 74 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study uses a multivariate hedonic regression model to estimate the economic development impacts of the Baltimore Central Light Rail. Given that the state of Maryland and the City of Baltimore are planning to construct a new light rail line in the coming years (known as the Baltimore Red Line), it is be important to confirm the predicted benefits of light rail on a pre-existing system. This analysis uses data from the 2005-2009 5-Year American Community Survey to test the impact of light rail station proximity on census tract level property values. Past studies have shown that proximity to a light rail station may have either positive or negative effects on property values. This is due to either, respectively, what is known as the "accessibility effect", or the increased ease of moving around the city due to increased access to public transportation, or the "nuisance effect", or the annoyance of living so close to the light rail station, due increased noise and the potential for increased crime in a given area. Presumably, these effects will be capitalized into the demand for local property values. The hedonic regression models showed a significant effect of light rail station proximity on property values only when locational variables were taken into account. When a more comprehensive model was incorporated or other variables were added to the locational model, the significant effect of station proximity disappeared. From this analysis, it can be inferred that the city of Baltimore must be quite careful in calculating full costs and benefits of the coming Red Line, and should promote the line as only one piece of a broader economic development program for the city, not as the central component.
Book Synopsis The Impact of Light Rail Station Type on Single Family Residential Property Value in the City of Portland, OR by : Siman Ning
Download or read book The Impact of Light Rail Station Type on Single Family Residential Property Value in the City of Portland, OR written by Siman Ning and published by . This book was released on 2020 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt: Light rail projects increase accessibility and light rail stations should result in a land value uplift (LVU) benefit for housing near stations. Extensive research has tested this hypothesis, generally using distance or distance band as a proxy of accessibility. However, the context of transit stations has not gained enough attention in past research. This research divides light rail stations into four different types based on land use ratio, density, sidewalk length, and accessibility; then, the station types are incorporated into a hedonic model. The modeling results confirm the price premium brought by light rail stations to nearby single-family homes. Findings also suggest that, after controlling for accessibility, TOD impacts on single family housing price varies in relation to station type. In other words, station area land use matters when considering land use value capture from light rail development. Future research should further examine how surrounding land uses interact with TOD in affecting housing price.
Book Synopsis Measuring the Effects of the Light Rail Transit (LRT) System on House Prices in the Klang Valley, Malaysia by : Mohd. Faris Dziauddin
Download or read book Measuring the Effects of the Light Rail Transit (LRT) System on House Prices in the Klang Valley, Malaysia written by Mohd. Faris Dziauddin and published by . This book was released on 2009 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Effects of Light Rail Transit on Urban Density and Property Values by : Christopher Ferrell
Download or read book The Effects of Light Rail Transit on Urban Density and Property Values written by Christopher Ferrell and published by . This book was released on 1995 with total page 170 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Effects of Transportation Infrastructure on Nearby Property Values by : William Huang
Download or read book The Effects of Transportation Infrastructure on Nearby Property Values written by William Huang and published by . This book was released on 1994 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Impact of Light Rail Transit on Residential Rental Market by : Antora Mohsena Haque
Download or read book The Impact of Light Rail Transit on Residential Rental Market written by Antora Mohsena Haque and published by . This book was released on 2016 with total page 146 pages. Available in PDF, EPUB and Kindle. Book excerpt: This research was undertaken to quantify the relationship between residential rent and proximity to light rail transit in Dallas, an auto-oriented city. This correlation is of importance to real estate developers and transportation planners as they seek to make the most efficient use of developable land and to decide on the allocation of funding for future transportation projects. This study shows that proximity to DART rail stations is associated with residential rent up to half mile radius area of the stations. Hedonic regression models in simple Ordinary Least Squares (OLS) and semi log form were used for the analysis. The semi log model showed that light rail stations have the strongest relationship with rent in the 0.1 mile to 0.2 mile distance buffer, where the rent/sq. ft. is 20.92% higher than for units between 0.4 and 0.5 miles distance from stations. After 0.2 miles distance from the stations, the rent starts to drop and continues to go down till 0.5 miles distance from a station. The simple OLS model showed similar results and according to this model within 0.1 to 0.2 mile buffer area the rent is 27.6 cents/sq. ft. higher than the rent/sq. ft. in the 0.4 to 0.5 mile buffer area. This result will help to manage the extent of investment in light rail in Dallas in the future.
