Recovery of the value of natural amenities: From oil fields to nature preserve |
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| Affiliation: | 1. Department of Food and Resource Economics, University of Copenhagen, Rolighedsvej 25, 1958 Frederiksberg C, Denmark;2. Department of Geosciences and Natural Resource Management, University of Copenhagen, Denmark;1. Dipartimento di Economia e Impresa- DEIM, Università della Tuscia,Via del Paradiso 47, 01100 Viterbo, Italy;2. Food and Agriculture Organization of the United Nations – FAO, V.le delle Terme di Caracalla, 00100 Rome, Italy;3. Universidad Nacional de Colombia, Cra 27 #64-60 Manizales, Caldas, Colombia;4. Dipartimento per la Innovazione nei Sistemi Biologici Agroalimentari e Forestali – DIBAF, Università della Tuscia, Via S. C. De Lellis snc, 01100 Viterbo, Italy;1. Aalto University School of Engineering, Department of Built Environment, P.O. Box 12200, 00076 Aalto, Finland;2. Finnish Geospatial Research Institute, National Land Survey of Finland, Geodeetinrinne 2, 02430 Masala, Finland;1. Belarusian State Technological University, Department of Economics and Plant Management, Belarus;2. Belarusian State Technological University, Production Organization and Real Estate Economics Department, Sverdlov Street 13a, 220006 Minsk, Belarus;3. University of Warmia and Mazury in Olsztyn, Department of Economic and Regional Policy, Oczapowskiego Street 4, 10-724 Olsztyn, Poland;4. University of Warmia and Mazury in Olsztyn, Department of Real Estate Management and Regional Development, Prawocheńskiego Street 15, 10-724 Olsztyn, Poland |
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| Abstract: | This study expands the existing literature on impact of environmental amenities and disamenities on the value of single family housing by temporally and spatially examining changes in the effect of nature and industry. The study area is bounded by a forest, a portion of which has been designated as a nature preserve and another portion which had various oil wells and was transformed into a nature preserve in 1994. Using market price data from sales transactions collected over a period of twenty-eight years, this study examines the changes in the impact of nature preserve and industrial site in the City of Whittier, CA before and after the conversion. A series of spatial hedonic models is examined in a longitudinal analyses to compare the effects of transformation and examine the recovery process over time across space.The results reveal that it took 10–12 years for the oil well site to recover its positive association to nearby single-family homes as a natural amenity. There was an initial increase of positive association between the site and the sales price of single-family houses upon the conversion. In contrast, positive association between the nature preserve and nearby properties had constantly decreased since the conversion. Ten years after the conversion, the positive impact of the former oil well sites surpassed the positive impact of the neighboring never-developed nature preserve. |
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| Keywords: | Natural preserve Industrial site Hedonic pricing model Environmental valuation Oil wells Brown field |
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