The Affects Of The Attributes Of Parks On Real Estate Values

1875 words - 8 pages

Introduction

Initially the question of the affects of parks and their various attributes on real estate value may seem an absurd question for an Economic Developer to think about. However, the value of real estate is of prime importance to the community and the Economic Developer due to the nature of land as an appreciating commodity. Therefore it is necessary that we study the possibility that real estate and land values could be modified by the a park. By understanding the consequences of these uses of land can be an effective strategy for passive Economic Development. Rather than making direct improvements to each parcel we change land uses near real estate clusters to change the values of many properties at once. In order to better understand the impact that a park can have on a community it is necessary to understand the nature of parks, the attributes that contribute to their impact as well as how we might utilize this knowledge to create a strategy for Economic Development. First I will define parks as they pertain to this discussion and specific land uses that qualify for study as a park. Second I will review the available literature on the impact of parks and categorize these studies based on the attributes studied and the area of effect that was established the studies. Following the literature review we will critically discuss the effects and their implications for economic development. I will then conclude by discussing areas for further study and possibly policies for utilizing the park impact in as a means to economic development.

The term park can be used to define a variety of spaces in our society. The term park relative to this discussion is defined as a public space containing amenities for public usage pertaining to recreation and recreation activities. Larger green spaces oriented near the periphery is not included due to the lack of housing density and accessibility to those in the center city. Public spaces that lack any form of green space are also not considered in this study, these are places like Fountain Square in Cincinnati that have little residential land use surrounding it. Non-residential real estate demands were ignored in researching this issue because it was assumed that only residential real estate buyers demand proximity to a location attribute like a park space. Non-residential entities should primarily be focused on factors such as infrastructure, spatial needs and accessibility as opposed to more aesthetic or resident serving attributes. Park shape, function, size and service area are also discussed. Park shape has to do with the geometry of the park relative to land uses surrounding it. Park function will always be associated with the types of activities that can take place in the park. These activities can include passive characteristics and active characteristics. Passive characteristics are non-intensive properties such as the presence of benches, good landscaping or other decorative elements...

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