Effects of construction and operation phases on residential property prices of the Caribbean's first modern rail transit system
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| Formato: | Artículo científico |
| Lenguaje: | en |
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Universidade de Santiago de Compostela
2012
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| _version_ | 1876438888023588864 |
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| author | John Loomis |
| author_facet | John Loomis |
| contents | Effects of construction and operation phases on residential property prices of the Caribbean's first modern rail transit system John Loomis Luis Santiago Yoanna Lopez de Jesus Estudios Territoriales Puerto Rico public transit willingness to pay Hedonic Property Method The empirical issue of the rate of capitalization of the benefits of proximity to a public heavy rail transit system is investigated. In San Juan, Puerto Rico, we find that during the construction period that there is no proximity premium to residences close to the rail line. When pooling house sales data for the construction and operation phase, the estimated proximity premium is one-half the price premium estimated once operation commences. We attribute this lack of proximity premium during construction to the uncertainty regarding completion of such large projects by a government with a poor track record of completing large public projects as announced, and the inconvenience associated with living close to the construction activity. Once the rail transit system begins operation, the uncertainty and inconvenience are eliminated, and the price premium for proximity becomes statistically significant, and twice as large as when pooling construction and operation phases. 2012 artículo científico 1697-6223 https://www.redalyc.org/articulo.oa?id=50424859002 en http://www.redalyc.org/revista.oa?id=504 Urban Public Economics Review application/pdf Universidade de Santiago de Compostela Urban Public Economics Review (España) Num.17 |
| format | Artículo científico |
| id | redalyc_50424859002 |
| institution | Redalyc |
| language | en |
| publishDate | 2012 |
| publisher | Universidade de Santiago de Compostela |
| spellingShingle | Effects of construction and operation phases on residential property prices of the Caribbean's first modern rail transit system John Loomis Estudios Territoriales Puerto Rico public transit willingness to pay Hedonic Property Method Effects of construction and operation phases on residential property prices of the Caribbean's first modern rail transit system John Loomis Luis Santiago Yoanna Lopez de Jesus Estudios Territoriales Puerto Rico public transit willingness to pay Hedonic Property Method The empirical issue of the rate of capitalization of the benefits of proximity to a public heavy rail transit system is investigated. In San Juan, Puerto Rico, we find that during the construction period that there is no proximity premium to residences close to the rail line. When pooling house sales data for the construction and operation phase, the estimated proximity premium is one-half the price premium estimated once operation commences. We attribute this lack of proximity premium during construction to the uncertainty regarding completion of such large projects by a government with a poor track record of completing large public projects as announced, and the inconvenience associated with living close to the construction activity. Once the rail transit system begins operation, the uncertainty and inconvenience are eliminated, and the price premium for proximity becomes statistically significant, and twice as large as when pooling construction and operation phases. 2012 artículo científico 1697-6223 https://www.redalyc.org/articulo.oa?id=50424859002 en http://www.redalyc.org/revista.oa?id=504 Urban Public Economics Review application/pdf Universidade de Santiago de Compostela Urban Public Economics Review (España) Num.17 |
| title | Effects of construction and operation phases on residential property prices of the Caribbean's first modern rail transit system |
| topic | Estudios Territoriales Puerto Rico public transit willingness to pay Hedonic Property Method |
| url | https://www.redalyc.org/articulo.oa?id=50424859002 |