An analysis of attributes of conservation subdivisions in a coastal Georgia housing market
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The study analyzes some of the defining characteristics of conservation subdivisions in an attempt to derive the marginal implicit prices and, therefore, price effects on residential single family houses of those characteristics. The hedonic property valuation method with log-log functional form is used based on data obtained from Chatham County, Georgia residential housing market. Variables featuring percentage of open space and percentage of impervious surface at subdivision level are of particular interest, since they constitute defining elements of conservation subdivision. Other variables of environmental nature including distance to hydrological objects such as marshes and rivers and having access to water bodies and/or nice view are also of major importance to the study. Results indicate that the availability of an open space within the subdivision has significant influence on houses prices within that subdivision.