Influence of transportation access and market dynamics on property values: Multilevel spatiotemporal models of housing price

Transportation Research Record

Volumn , Issue 2076, 2008, Pages 183-191

  Habib, Muhammad Ahsanul ^a   Miller, Eric J ^a  

^a UNIVERSITY OF TORONTO   (Canada)

Author keywords

[No Author keywords available]

Indexed keywords

COSTS; HOUSING; RANDOM PROCESSES;

BETWEEN CLUSTERS; HOUSING PRICES; MARKET DYNAMICS; MODELLING TECHNIQUES; MULTILEVEL MODELING; MULTILEVELS; NEIGHBOURHOOD; PRICE MODELS; PROPERTY VALUE; SPATIO-TEMPORAL MODELS;

SPECIFICATIONS;

EID: 61349152992     PISSN: 03611981     EISSN: None     Source Type: Journal    
DOI: 10.3141/2076-20     Document Type: Article

References (53)

1. Waddell, P., and Q. F. Ulfarsson. Dynamic Simulation of Real Estate Development and Land Prices Within an Integrated Land Use and Transportation Model System. Presented at 82nd Annual Meeting of the Transportation Research Board, Washington, D.C., 2003.
2. Salvini, P. A. Design and Development of the ILUTE Operational Prototype: A Comprehensive Microsimulation Model of Urban Systems. PhD thesis. Department of Civil Engineering, University of Toronto, Ontario, Canada, 2003.
3. Devisch, O., T. Arentze, A. Borgers, and H. J. P. Timmermans. Bilevel Negotiation Protocol for Multiagent Simulation of Housing Transactions and Market Clearing Processes. In Transportation Research Record: Journal of the Transportation Research Board, No. 1977, Transportation Research Board of the National Academies, Washington, D.C., 2006, pp. 84-92.
4. Habib, M. A., and E. J. Miller. Modeling Residential and Spatial Search Behaviour: Evidence from the Greater Toronto Area. Presented at 6th Triennial Symposium on Transportation Analysis, Phuket Island, Thailand, June 10-15, 2007.
5. Armstrong, R. J., and D. A. Rodriguez. An Evaluation of the Accessibility Benefits of Commuter Rail in Eastern Massachusetts Using Spatial Hedonic Price Functions. Transportation, Vol. 33, No. 1, 2006, pp. 21-43.
6. Cervero, R., and M. Duncan. Transit's Value-Added Effects: Light and Commuter Rail Services and Commercial Land Values. In Transportation Research Record: Journal of the Transportation Research Board, No. 1805, Transportation Research Board of the National Academies, Washington, D.C., 2002, pp. 8-15.
7. Haider, M., and E. J. Miller. Effects of Transportation Infrastructure and Location on Residential Real Estate Values: Application of Spatial Autoregressive Techniques. In Transportation Research Record: Journal of the Transportation Research Board, No. 1722, TRB, National Research Council, Washington, D.C., 2000, pp. 1-8.
8. Al-Mosaind, M. A., K. J. Dueker, and J. G. Strathman. Light-Rail Transit Stations and Property Values: A Hedonic Price Approach. In Transportation Research Record 1400, TRB, National Research Council, Washington, D.C., 1995, pp. 90-94.
9. Anselin, L., and N. Lozano-Gracia. Errors in Variables and Spatial Effects in Hedonic House Price Models of Ambient Air Quality. Working Paper 2007-01. Spatial Policy Analysis Research Consortium, University of Illinois, Urbana-Champaign, 2007. www.sal.uiuc.edu/sparc/research/ working-papers. Accessed July 15, 2007.
10. Hui, E. C. M., C. K. Chau, L. Pun, and M. Y. Law. Measuring the Neighboring and Environmental Effects on Residential Property Value: Using Spatial Weighting Matrix. Building and Environment, Vol. 42, 2007, pp. 2333-2343.
11. Du, H., and C. Mulley. Relationship Between Transport Accessibility and Land Value: Local Model Approach with Geographically Weighted Regression. In Transportation Research Record: Journal of the Transportation Research Board, No. 1977, Transportation Research Board of the National Academies, Washington, D.C., 2006, pp. 197-205.
12. Benjamin, J. D., and G. S. Sirmans. Mass Transportation, Apartment Rent and Property Values. Journal of Real Estate Research, Vol. 12, No. 1, 1996, pp. 1-8.
13. Armstrong, R. J. Evaluation of the Accessibility Effects and Proximity Related Externalities of Commuter Rail Service. Master's thesis. Massachusetts Institute of Technology, Cambridge, 1997.
14. Habib, M. A. Examining Impacts of Transportation on Residential Property Values Using Geographical Information System: A Hedonic Price Model Approach. Master's thesis. Department of Urban and Regional Planning, Bangladesh University of Engineering and Technology, Dhaka, 2004.
15. Voith, R. Changing Capitalization of CBD-Oriented Transportation Systems: Evidence from Philadelphia, 1970-1988. Journal of Urban Economics, Vol. 33, 1993, pp. 361-376.
16. Knaap, G., L. Hopkins, and A. Pant. Does Transportation Planning Matter? Explorations into the Effects of Planned Transportation Infrastructure on Real Estate Sales, Land Values, Building Permits, and Development Sequence. Working Paper. Lincoln Institute of Land Policy, Cambridge, Mass., 1996.
17. Lewis-Workman, S., and D. Brod. Measuring the Neighborhood Benefits of Rail Transit Accessibility. In Transportation Research Record 1576, TRB, National Research Council, Washington, D.C., 1997, pp. 147-153.
18. Can, A., and I. Megbolugbe. Spatial Dependence and House Price Index Construction. Journal of Real Estate Finance and Economics, Vol. 14, 1997, pp. 203-222.
19. Palmquist, R. B. Valuing Localized Externalities. Journal of Urban Economics, Vol. 31, 1992, pp. 59-68.
20. Chattopadhyay, S. Estimating the Demand for Air Quality: New Evidence Based on the Chicago Housing Market. Journal of Real Estate Literature, Vol. 9, No. 1, 1999, pp. 31-40.
21. Mok, H. M. K., P. P. K. Chan, and Y-S. Cho. A Hedonic Price Model for Private Properties in Hong Kong. Journal of Real Estate Finance and Economics, Vol. 10, 1995, pp. 37-48.
22. Miller, E. J. Integrated Urban Models: Theoretical Prospects. Presented at 11th International Conference on Travel Behaviour Research, Kyoto, Aug. 16-20, 2006.
23. Cassel, E., and R. Mendelsohn. The Choice of Functional Forms for Hedonic Price Equations: Comment. Journal of Urban Economics, Vol. 18, 1985, pp. 135-142.
24. Cropper, M. L., L. B. Deck, and K. E. McConnell. On the Choice of Functional Form for Hedonic Price Functions. Review of Economics and Statistics, Vol. 70, 1988, pp. 668-675.
25. Damm, D., S. R. Lerman, E. Learner-Lam, and J. Young. Response of Urban Real Estate Values in Anticipation of the Washington Metro. Journal of Transport Economics and Policy, Vol. 14, No. 3, 1980, pp. 315-336.
26. Bajic, V. The Effects of a New Subway Line on House Prices in Metropolitan Toronto. Urban Studies, Vol. 20, 1983, pp. 147-158.
27. Forrest, D., J. Glen, and R. Ward. The Impact of a Light Rail System on the Structure of House Prices. Journal of Transportation Economics and Policy, Vol. 30, No. 1, 1996, pp. 15-29.
28. Henneberry, J. Transport Investment and House Prices. Journal of Property Valuation and Investment, Vol. 16, No. 2, 1998, pp. 144-158.
29. Maurer, R., M. Pitzer, and S. Sebastian. Hedonic Price Indices for the Paris Housing Market. Allgemeines Statistisches Archiv, Vol. 88, 2004, pp. 303-326.
30. Anselin, L. Spatial Econometrics, Methods and Models. Kluwer, Dordrecht, Netherlands, 1988.
31. Bitter, C., G. F. Mulligan, and S. Dall'erba. Incorporating Spatial Variation in Housing Attribute Prices: A Comparison of Geographically Weighted Regression and the Spatial Expansion Method. Journal of Geographical Systems, Vol. 9, 2007, pp. 7-27.
32. Schnare, A., and R. Struyk. Segmentation in Urban Housing Markets. Journal of Urban Economics, Vol. 4, 1976, pp. 146-166.
33. Casetti, E. Generating Models by the Expansion Method: Applications to Geographical Research. Geographical Analysis, Vol. 4, 1972, pp. 81-91.
34. Can, A. Specification and Estimation of Hedonic Housing Price Models. Regional Science and Urban Economics, Vol. 22, 1992, pp. 453-474.
35. Orford, S. Modeling Spatial Structures in Local Housing Market Dynamics: A Multilevel Perspective. Urban Studies, Vol. 37, No. 9, 2000, pp. 1643-1671.
36. Anselin, L. Local Indicators of Spatial Association-LISA. Geographical Analysis, Vol. 27, 1995, pp. 93-115.
37. Brunsdon, C., S. Fotheringham, and M. Charlton. Geographically Weighted Regression: A Method for Exploring Spatial Nonstationarity. Geographical Analysis, Vol. 28, 1996, pp. 281-298.
38. Fotheringham, A., C. Brunsdon, and N. Charlton. Geographically Weighted Regression: The Analysis of Spatially Varying Relationships. Wiley, Chichester, United Kingdom, 2002.
39. Long, F., A. Páez, and S. Farber. Spatial Effects in Hedonic Price Estimation: A Case Study in the City of Toronto. Working Paper. Centre for Spatial Analysis, McMaster University, Hamilton, Ontario, Canada, 2007. sciwebserver.science.mcmaster.ca/cspa/papers/CSpA%20WP%20020. pdf. Accessed July 15, 2007.
40. Anselin, L. The Future of Spatial Analysis in the Social Sciences. Geographic Information Sciences, Vol. 5, No. 2, 1999, pp. 67-76.
41. Case, B., J. Clapp, R. Dubin, and M. Rodriguez. Modeling Spatial and Temporal House Price Patterns: A Comparison of Four Models. Journal of Real Estate Finance and Economics, Vol. 29, No. 2, 2004, pp. 167-191.
42. Goldstein, H. Multilevel Models in Educational and Social Research. Oxford University Press, New York, 1987.
43. Raudenbush, S. W., and A. S. Bryk. Hierarchical Linear Models: Applications and Data Analysis Methods, 2nd ed. Sage, Newbury Park, Calif., 2002.
44. Jones, K. Specifying and Estimating Multi-Level Models for Geographical Research. Transactions of Institute of British Geographers, Vol. 16, No. 2, 1991, pp. 148-159.
45. Jones, K., and N. Bullen. Contextual Models of Urban House Prices: A Comparison of Fixed- and Random-Coefficient Models Developed by Expansion. Economic Geography, Vol. 70, No. 3, 1994, pp. 252-272.
46. Brown, K. H., and B. Uyar. A Hierarchical Linear Model Approach for Assessing the Effects of House and Neighbourhood Characteristics on Housing Price. Journal of Real Estate Practice and Education, Vol. 7, No. 1, 2004, pp. 15-24.
47. Gelfand, A. E., S. Banerjee, C. F. Sirmans, Y. Tu, and S. E. Ong. Multilevel Modeling Using Spatial Processes: Application to the Singapore Housing Market. Computational Statistics & Data Analysis, Vol. 51, 2007, pp. 3567-3579.
48. Box, G. E. P., and D. R. Cox. An Analysis of Transformations (with Discussion). Journal of the Royal Statistical Society B, Vol. 26, 1964, pp. 211-252.
49. Greene, W. Econometric Analysis, 5th ed. Prentice Hall, Englewood Cliffs, N.J., 2003.
50. Browne, W. J., and D. A. Draper. A Comparison of Bayesian and Likelihood-Based Methods for Fitting Multilevel Models. Bayesian Analysis, Vol. 1, No. 3, 2006, pp. 473-514.
51. Bates, D. M., and J. C. Pinheiro. Computational Methods for Multilevel Models. Technical Memorandum BL0112140-980226-01TM. Bell Laboratories, Lucent Technologies, Murray Hill, N.J., 1998. stat.bell-labs. com/NLME/CompMulti.pdf. Accessed July 25, 2007.
52. Haider, M. A Spatial Hedonic Price Index for Freehold Properties in the Greater Toronto Area-Application of Spatial Autoregressive Techniques. Master's thesis. University of Toronto, Ontario, Canada, 1999.
53. Linneman, P. Some Empirical Results on the Nature of the Hedonic Price Function for the Urban Housing Market. Journal of Urban Economics, Vol. 8, 1980, pp. 47-68.