Measuring the Impact of Government Canyon State Natural Area On Surrounding Property Values with the Hedonic Pricing Method
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Purpose: The purpose of this study is to assess the impact of proximity to public greenspace on the sales prices of surrounding properties. Methods: The data used in this study are from properties located within four miles of the boundaries of Government Canyon State Natural Area that have been sold within the past eight years. This research uses the hedonic pricing method which utilizes multiple regression analysis to isolate the impact of individual commodity characteristics. Results: The results of this study indicate that increased proximity to Government Canyon State Natural Area significantly increases the sales values of nearby homes. Conclusion: The development and preservation of greenspace has the quantifiable benefit of adding value to surrounding properties as consumers are willing to pay a significantly higher amount for this attribute than other attributes commonly perceived to increase property values.