2013 Session: 790

• Transit-Oriented Development and Household Transportation Costs: Household-Level Analysis
  Abstract: Transit-oriented development (TOD) is a comprehensive approach to sustainable community and regional planning that integrates critical environmental, economic, and social issues. This study focuses on a fundamental question for end users, i.e., travelers: whether TOD as a planning concept can serve people’s needs and expectations as well as translate into tangible expenditure savings. The role of TOD as a distinct planning strategy in affecting household transportation costs is specified within a sample selection regression model which controls for residential self-selection bias. Using a sample of 6,526 households in the San Francisco Bay Area in 2000 the regression results indicate that TOD has a dominant influence on household transportation costs. However, it makes only a moderately positive contribution to reducing household expenditures on transportation. The regression results also indicate that the self-selection effect accounts for about 21 percent of the total influence of TOD.
  Authors: Zhou, Xin; Zolnik, Edmund J.
  Authors: Zhou, Xin; Zolnik, Edmund J.
  Year: 2013
  Document Type: Paper
  Subject: Economics; Finance
  Session: 790
  Paper Number: 13-2197
• Effects of Dubai Metro on Residential Property Values
  Abstract: This paper has analysed the effects of the newly operated Dubai Metro on residential property values for three types of datasets: sale transaction, sale listing and rent listing values. Repeated cross-sectional data were obtained for a year before and two years after the metro started operations. As genuine panel data were not available, a pseudo panel data dataset was constructed by grouping observations into cohorts. A cohort is formed by grouping individuals to either the land parcel ID or the building in which the property is in. The impact of the metro on property values was estimated using both difference-in-differences (DID) methods and hedonic price models. While the results suggest no significant impact on sale transaction values for properties within 2km distance to a station, estimations show a clear positive effect of the metro on sale listing values of residential properties. In addition, we find that there is a significant enhancement in values of residential properties listed for rent due to the operation of the metro.
  Authors: Graham, Daniel; Mohammad, Sara Ishaq; Melo, Patricia C.
  Authors: Graham, Daniel; Mohammad, Sara Ishaq; Melo, Patricia C.
  Year: 2013
  Document Type: Paper
  Subject: Economics; Finance
  Session: 790
  Paper Number: 13-3005
• Using the Real Estate Market to Establish Light Rail Station Catchment Areas: Case Study of Attached Residential Property Values in Salt Lake County with Respect to Light Rail Station Distance
  Abstract: Considerable literature reports the price effects of light rail transit accessibility on residential properties built principally for owner-occupants. Few show the relationship between light rail transit and rental apartment building values and those that do evaluated outcomes within narrow distance bands from light rail transit stations. Our paper closes some of this gap in research. We estimate the association between TRAX, the light rail system operated by the Utah Transit Authority serving Salt Lake County, Utah, and the value of rental apartment buildings in one-quarter mile distance-bands from light rail stations out to one and one-half miles. Controlling for structural, neighborhood and location characteristics, we find a positive relationship between TRAX station proximity and rental apartment building values to one and one-quarter miles but not beyond. Implications are offered.
  Authors: Nelson, Arthur C.; Petheram, Susan J.; Miller, Matt; Ewing, Reid
  Authors: Nelson, Arthur C.; Petheram, Susan J.; Miller, Matt; Ewing, Reid
  Year: 2013
  Document Type: Paper
  Subject: Economics; Finance
  Session: 790
  Paper Number: 13-4771
• Time on Market and Impact of Mass Rapid Transit System on Residential Property Values: Case of Kaohsiung, Taiwan
  Abstract: The construction of a public transit system in a large metropolitan area can relieve congestion, enhance mobility, and improve air quality. In a well-functioning housing market, these benefits will be reflected in housing prices. In this paper, we analyze transactions of apartments with elevators from 2007 and 2009 in Kaohsiung (Taiwan’s second largest city) to capture the impact of the opening in 2008 of a brand new mass rapid transit (MRT) system. Our data includes time on market information (TOM) so we combine a two stage least square model with a geographically weighted regression model to tackle the joint determination of price and TOM. Our results show that the opening of the MRT had a statistically significant and positive impact on the value of apartments with elevators. Moreover, accounting for TOM has a negligible impact on our results, which suggests that this information may not be necessary to perform hedonic studies of the housing market.
  Authors: Saphores, Jean-Daniel Maurice; Yeh, Chung Cheng
  Authors: Saphores, Jean-Daniel Maurice; Yeh, Chung Cheng
  Year: 2013
  Document Type: Paper
  Subject: Economics; Finance
  Session: 790
  Paper Number: 13-5256
• Transit-Oriented Development and Household Transportation Costs: Household-Level Analysis
  Authors: Zhou, Xin
  Authors: Zhou, Xin
  Year: 2013
  Document Type: Presentation
  Subject: Economics; Finance
  Session: 790
  Paper Number: 13-2197
• Effects of Dubai Metro on Residential Property Values
  Authors: Mohammad, Sara
  Authors: Mohammad, Sara
  Year: 2013
  Document Type: Presentation
  Subject: Economics; Finance
  Session: 790
  Paper Number: 13-3005
• Using the Real Estate Market to Establish Light Rail Station Catchment Areas: Case Study of Attached Residential Property Values in Salt Lake County with Respect to Light Rail Station Distance
  Authors: Petheram, Susan
  Authors: Petheram, Susan
  Year: 2013
  Document Type: Presentation
  Subject: Economics; Finance
  Session: 790
  Paper Number: 13-4771
• Time on Market and Impact of Mass Rapid Transit System on Residential Property Values: Case of Kaohsiung, Taiwan
  Authors: Saphores, Jean-Daniel
  Authors: Saphores, Jean-Daniel
  Year: 2013
  Document Type: Presentation
  Subject: Economics; Finance
  Session: 790
  Paper Number: 13-5256