AI-GEOSTATS: Query: Economic impact of parks on real estate values
An economist just asked me for help with a study he is doing. He is looking at the impact that parks have on the value of nearby homes.
To date he has found on one study that showed that distance was a factor as was size of the park. Up to a given size parks according to the study he found add value. Once they exceed that size they begin to subtract value because of the amount of traffic they generate.
The data he is looking at includes over 300 existing parks. I've suggested that he select a sample from the 300 given the large number of homes and distances to be measured.
Given that he has only one reference, I was wondering if anyone has done a similar study or would be aware of any studies that have been done in this area. Also, any suggestions regarding methods would be welcome.
Thank you for your assistance.
Visit the web site of the Financial Times at http://www.ft.com
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