Hedonic valuation of conservation subdivisions in Athens-Clarke county, Georgia
Goodenbery, Joseph Benjamin
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Hedonic valuation is used to examine the price effects associated with conservation subdivision characteristics. The analysis is based on data, including housing and neighborhood attributes, from conservation and conventional subdivision homes in Athens-Clarke County, Georgia. Results indicate that conservation subdivisions featuring open space protected by the Oconee River Land Trust carry a price premium over conventional subdivision homes. In addition, complying with the county’s conservation subdivision ordinance is also found to have a positive and statistically significant effect on a home’s sale price. The results suggest that certain community designs, even within conservation subdivisions, are preferred by homebuyers.