1 Dynamic Analysis Of Open Space Value Using A Repeat Sales/Hedonic Approach.

This research employs a hedonic/repeat-sales method to value proximity to open space for residential values. Riverside County maintained an active program of open space preservations and acquisition along the wild land-urban frontier from 1988 through the end of our sample period in 2004 in order to preserve habitat and species. These new open space reserves allow us to test whether preserving nearby open space adds to the value of a residence. We use a repeat sales approach that measures whether the rate of house price appreciation is greater in a time period where the proximity to open space declines for a house. In addition, we adopt a matching/regression approach from the treatment literature to check the robustness of our results. Our research suggests that there are significant benefits to residential house values from converting open space from temporary, adjustable, uses such as agriculture to permanent preserves