A Methodology for Constructing Vacant Land Price Indices | Zendy

Clapp John M. | Zendy

AI Assistant Blog Pricing

Home ZAIA Blog

Premium

A Methodology for Constructing Vacant Land Price Indices

Author(s) -

Clapp John M.

Publication year - 1990

Publication title -

real estate economics

Language(s) - English

Resource type - Journals

SCImago Journal Rank - 1.064

H-Index - 61

eISSN - 1540-6229

pISSN - 1080-8620

DOI - 10.1111/1540-6229.00522

Subject(s) - metropolitan area , land value , land price , econometrics , land values , value (mathematics) , compromise , property value , economics , hedonic pricing , land use , statistics , agricultural economics , geography , mathematics , real estate , finance , engineering , civil engineering , social science , archaeology , sociology

Existing estimates of movements in vacant land prices are limited to a few metropolitan areas and infrequent time intervals. This paper develops a new methodology for estimating vacant land price trends for subareas within states and metropolitan areas. It utilizes data from a sales ratio study, a large database available in most states. The methodology uses assessed value to control for “hedonic characteristics” associated with the property and its location. A model is developed to correct assessed value for measurement errors. Statistical results for forty‐one Connecticut towns indicate that the model provides a reasonable compromise between data availability and accuracy of price trend estimates.

This content is not available in your region!

Continue researching here.

Having issues? You can contact us here

Accelerating Research