by Maura McDermott
Published: May 31, 2012
A new study quantifies what home buyers and brokers have long suspected: Living near a protected swath of open space boosts home values.
Land protected by states or local communities is likely to have a similar effect on home values, said Laura Taylor, lead author of the study. As long as the land is “permanently protected in a natural state, our research would indicate that there’s going to be benefits to neighboring homes,” she said.
The study focused on homes located within a half-mile of a refuge and within eight miles of an urban center with at least 50,000 residents. The study used statistical analysis to account for differences in home values due to factors such as their age, number of bedrooms and neighborhood density, as well as their proximity to a wildlife refuge. The researchers examined 42,000 homes, using data from the 2000 census.
Even if the impact on prices half a mile away is minimal, protected areas do contribute to the Island’s beauty and its appeal to home buyers, said John Messina of Shawn Elliott Luxury Homes & Estates in Woodbury: “That’s our strength.”