Author: Arturo Bujanda
Publisher:
ISBN:
Category : Investments
Languages : en
Pages :

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Author: Kihwan Seo
Publisher:
ISBN:
Category : Electronic dissertations
Languages : en
Pages : 134

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Book Description
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.

Author: Linchuan Yang
Publisher: Springer Nature
ISBN: 9811688338
Category : Social Science
Languages : en
Pages : 188

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Book Description
This book seeks to shed light on the role of environment-friendly transport accessibility in determining property prices in Chinese cities. Many environment-friendly transport modes, including walking, metro, bus rapid transit (BRT), and bus are examined. Spatial econometric models, quantile regression models, and machine learning techniques are used. This book contributes to people's understanding of the relationship between environmental-friendly transport accessibility and property prices. Moreover, it is of value to policymakers, including (1) informing urban planners/designers to plan/design cities with an adequate level of environment-friendly transport accessibility; (2) offering an evidence-based approach to implementing value capture schemes for financing investments in urban infrastructure; and (3) providing the basis for mitigating the negative externality of proximity to the transit corridor, jointly constructing comprehensive hospitals and other compatible amenities, and so forth.

Author: Marius Thériault
Publisher: John Wiley & Sons
ISBN: 1118601653
Category : Social Science
Languages : en
Pages : 350

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Book Description
The field of Urban Dynamics itself is based on the systems engineering concept that all complex systems (and cities and urban areas are no exception) are comprised of independent and often smaller, more understandable sub-components with relationships to one another. This allows for the system as a whole to be modeled, using knowledge of the individual subsystems and their behaviors. In this instance, urban dynamics allows for the modeling and understanding of land use, the attractiveness of space to residents, and how the ageing and obsolescence of buildings affects planning and economic development, as well as population movements, with the urban landscape. The book adopts a trans-disciplinary approach that looks at the way residential mobility, commuting patterns, and travel behavior affect the urban form. It addresses a series of issues dealing with the accessibility of urban amenities, quality of life, and assessment of landscape residential choices, as well as measurement of external factors in the urban environment and their impact on property values.

Author: Amit Serusi
Publisher:
ISBN:
Category :
Languages : en
Pages : 0

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Book Description
Throughout history, real estate prices and transportation accessibility have had a strong relationship (Debrezion et al., 2011; Rodriguez & Targa, 2004). One of the most common sayings in the real estate industry is "location, location, location", especially when it comes to choosing and valuing a property (Atack & Margo, 1998). One critical element in determining whether a property's location is ideal, is its accessibility to a variety of desired locations, such as center city regions (Czamanski, 1966). Accessibility is determined by convenience, specifically the time and cost of the commute to and from desired destinations whether by foot, self-owned cars, or traditional public transportation methods such as rapid rail, trains, and buses (Pivo & Fisher, 2011; John, 1996; Raymond & Love 2000; Bowes & Ihlanfeldt, 2001). Furthermore, proximity to public transportation increases accessibility, and as a result, properties near public transportation stations enjoy higher real estate prices (Grass, 1992; Agostini & Palmucci, 2008; Sharma & Newman, 2018; Cervero, 2006; Czamanski, 1966).While the use of traditional transportation methods is still widespread, over the last several years, there has been a shift and more people are relying on new transportation solutions (Sadowsky & Nelson, 2017; Dong, 2020), with one of the most popular being ride-hailing services (Clewlow & Mishra, 2017), such as companies like Uber and Lyft. These ride hailing services impact the usage of different public transportation methods (Clewlow & Mishra, 2017; Badar, 2020; Rayle et al., 2014; Dong, 2020; Sadowsky & Nelson, 2017) by providing a new, convenient, and affordable method of transport (Nguyen-Phuoc et al., 2020) without the need for proximity to public transportation stations. In an effort to expand on the current body of literature and based on previous studies that have shown the impact of a property's proximity to a rapid rail station on the property's price (Agostini & Palmucci, 2008; Grass, 1992), this study will explore the impact of ride-hailing services on real estate prices for properties located in different distance categories from a rapid rail station. Rapid rail also known as subway, metro railway, elevated railway, and rapid transit (American Public Transit Association, 1994; New York State Department of Transportation, n.d) includes all underground and elevated stations (Metropolitan Transportation Authority, n.d). The following hypothesis (H1) was formulated based on the existing literature and the relationships discussed above: Ride-hailing services will have a significant effect on real estate prices per square foot. To further explore the effect of ride-hailing services on real estate prices based on property location, this study examines the effect of ride hailing usage on prices of properties located in an immediate distance to rapid rail stations versus those that are located further away. Past studies have demonstrated that a desired accessible distance from public transportation is about 0.3 miles (Al-Mosaind et al., 1993; Olszewski and Wibowo, 2005; Hess et al., 2007; Daniels and Mulley, 2013). As mentioned above, ride-hailing services, as a new convenient, and affordable method of transport (Nguyen-Phuoc et al., 2020) provide an alternative to public transportation. Thus, the impact of ride-hailing services on public transportation usage (Clewlow & Mishra, 2017; Badar, 2020; Rayle et al., 2014; Dong, 2020; Sadowsky & Nelson, 2017), may in turn decrease the attractiveness of properties located in the immediate location of rapid rail stations and increase the attractiveness of properties located further away. One goal of this study was to explore this further by examining the relationship between ride-hailing services and real estate prices for properties located less than 0.3 miles versus those located greater than or equal to 0.3 miles from rapid rail stations and the following hypotheses were formulated: H1.a) Ride-hailing services will have a significant negative effect on real estate prices per square foot for properties located in a distance less than 0.3 miles from a rapid rail station; H1.b) Ride-hailing services will have a significant positive effect on real estate prices per square foot for properties located in a distance greater than or equal to 0.3 miles from a rapid rail station. Past studies have found a positive relationship between a property's proximity to a rapid rail station and a property's price (Agostini & Palmucci, 2008; Grass, 1992; Czamanski, 1966). While the first hypotheses in this study explore the relationship between ride-hailing services and real estate prices, the second hypothesis will examine the impact of a property's proximity to a rapid rail station on the relationship between ride-hailing services and real estate prices. Therefore, the second hypothesis (H2) suggests that a property's proximity to a rapid rail station will moderate the relationship between ride-hailing services and real estate prices per square foot. To explore the hypotheses above, this study uses an extensive data set of historic sales price records in New York City for each of the five boroughs (Manhattan, The Bronx, Brooklyn, Queens, Staten Island). The data set includes various variables per sales transaction including address, sales price, total square foot (SF), total units, borough, neighborhood, zip code, building classification, and sales transaction date. In order to determine the proximity of each of the properties to the nearest rapid rail station, the distance from a property's address to all 472 rapid rail stations in New York City was analyzed and the shortest distance to a rapid rail station was then used as an additional variable. In order to measure the level of usage of ride-hailing services in New York City during the sales transaction years, this study uses public data from New York City Open Data (2020), that shows the number of dispatched trips per month per ride hailing company between 2015 and 2019. To analyze the relationship between ride-hailing usage and property's sale price per SF, general linear model (GLM) analysis was conducted with total units as the control variable, and year of sale, building classification, borough, neighborhood, rapid rail station, and zip code as fixed effects for hypotheses H1, H1.a, H1.b, and H2. The main data set in this study which pertained to the five boroughs of New York City was used for the analyses of all hypotheses. To further support the findings in this study, two additional analyses were conducted. First, additional analyses of all hypotheses (H1, H1.a, H1.b, and H2) were examined using data from Queens alone, the largest borough in New York City. Second, in addition to the distance category of 0.3 miles, the distance category of 0.35 miles, was used to examine hypotheses H1.a, H1.b, and H2. As expected, a significant positive relationship between ride-hailing usage and property's sale price per SF was observed. The results in this study found that the usage of ride-hailing services positively contributed to an increase in real estate prices. Furthermore, in general, the study shows that an increase in property's distance from the nearest rapid rail station positively moderates the relationship between ride-hailing usage and real estate prices. These findings imply that ride-hailing services, as a new method of transportation accessibility, increase the attractiveness and ultimately the price of properties located further from rapid rail stations. In other words, ride-hailing services enable accessibility and negate the need to be located in the immediate area of a rapid rail station. The current transportation revolution may impact the real estate industry even more than the change observed in the 1950s, after the mass adoption of automobiles (CBRE, 2019). When considering all the recent transportation changes, it is likely that real estate location preference and urban real-estate design will be impacted. In other words, the relatively new "player" in the transportation industry, ride-hailing, will impact the traditional relationship between transportation accessibility and real estate prices, as suggested by the study. The results from this pioneering study provide valuable information to city and state authorities, financial institutions, real estate investors and developers, and home buyers.

Author: Carey Curtis
Publisher: Edward Elgar Publishing
ISBN: 1789900476
Category : Political Science
Languages : en
Pages : 512

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Book Description
Exploring the need for a sustainable transport paradigm, which has been sought after by local and national authorities internationally over the last 30 years, this illuminating and timely Handbook offers insights into how this can be secured more broadly and what it may involve, as well as the challenges that the sustainable transport approach faces. The Handbook offers readers a holistic understanding of the paradigm by drawing on a wide range of research and relevant case studies that showcase where the principles of sustainable transport have been implemented.

Author: Denise DiPasquale
Publisher: Mellon Lectures in the Fine Ar
ISBN:
Category : Business & Economics
Languages : en
Pages : 400

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Book Description
This up-to-date, highly-accessible book presents a unique combination of both economic theory and real estate applications, providing readers with the tools and techniques needed to understand the operation of urban real estate markets. It examines residential and non-residential real estate markets--from the perspectives of both macro- and micro-economics--as well as the role of government in real estate markets.

Author: Chris Brooks
Publisher: Cambridge University Press
ISBN: 1139487167
Category : Business & Economics
Languages : en
Pages : 474

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Book Description
As real estate forms a significant part of the asset portfolios of most investors and lenders, it is crucial that analysts and institutions employ sound techniques for modelling and forecasting the performance of real estate assets. Assuming no prior knowledge of econometrics, this book introduces and explains a broad range of quantitative techniques that are relevant for the analysis of real estate data. It includes numerous detailed examples, giving readers the confidence they need to estimate and interpret their own models. Throughout, the book emphasises how various statistical techniques may be used for forecasting and shows how forecasts can be evaluated. Written by a highly experienced teacher of econometrics and a senior real estate professional, both of whom are widely known for their research, Real Estate Modelling and Forecasting is the first book to provide a practical introduction to the econometric analysis of real estate for students and practitioners.

Author: Karst T. Geurs
Publisher: Edward Elgar Publishing
ISBN: 1781000115
Category : Transportation
Languages : en
Pages : 321

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Book Description
Accessibility is a concept central to integrated transport and land use planning. The goal of improving accessibility Ð for all modes, for all people Ð has made its way into mainstream transport policy and planning in communities worldwide. This unique book introduces new accessibility approaches to transport planning across Europe and the United States. The expert contributors present advanced interdisciplinary approaches in accessibility research and modelling with best practices in accessibility planning and evaluation, to better support integrated transport and land-use policy-making. This book will prove an absorbing read for scholars, researchers and students working on accessibility issues across different academic fields including transport geography, spatial economics and social science. Transport and urban planners will also find the book to be an invaluable reference tool.

Author: Rubén Cordera
Publisher: CRC Press
ISBN: 1351361538
Category : Architecture
Languages : en
Pages : 220

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Book Description
Transport and the spatial location of population and activities have been important themes of study in engineering, social sciences and urban and regional planning for many decades. However, an integrated approach to the modelling of transport and land use has been rarely made, and common practice has been to model both phenomena independently. This book presents an introduction to the modelling of land use and transport interaction (LUTI), with a theoretical basis and a presentation of the broad state of the art. It also sets out the steps for building an operational LUTI model to provide a concrete application. The authors bring extensive experience in this cross-disciplinary field, primarily for an academic audience and for professionals seeking a thorough introduction.