TY - JOUR
T1 - Spatial and Temporal Capitalization Effects of Light Rail in Phoenix
T2 - From Conception, Planning, and Construction to Operation
AU - Golub, Aaron
AU - Guhathakurta, Subhrajit
AU - Sollapuram, Bharath
N1 - Funding Information:
The author(s) disclosed receipt of the following financial support for the research, authorship, and/or publication of this article: This work was funded by a grant from the Maricopa Association of Governments [Contract 382].
Funding Information:
This work relied on administrative support from the Design School and the School of Geographical Sciences and Urban Planning at Arizona State University. It also benefited greatly from the insights of our project managers at the Maricopa Association of Governments and from data support from Ion Data and the Center for Real Estate Theory and Practice at the W.P. Carey School of Business at Arizona State University. The authors wish to thank the editor and anonymous reviewers for their careful review and valuable comments.
PY - 2012/12
Y1 - 2012/12
N2 - Studies have shown that proximity to light rail transit (LRT) stations positively affects property values and that these effects can appear before a system opens for operation. Here, we expand on these questions. We explore capitalization effects at several stages during the planning process for four real estate markets: single-family homes, homes in multifamily structures, commercial properties, and vacant land, using the case study of the LRT system in Phoenix, Arizona. We confirm earlier results concerning the value of proximity, and also find that markets exhibit value increases at different stages during the planning and construction process.
AB - Studies have shown that proximity to light rail transit (LRT) stations positively affects property values and that these effects can appear before a system opens for operation. Here, we expand on these questions. We explore capitalization effects at several stages during the planning process for four real estate markets: single-family homes, homes in multifamily structures, commercial properties, and vacant land, using the case study of the LRT system in Phoenix, Arizona. We confirm earlier results concerning the value of proximity, and also find that markets exhibit value increases at different stages during the planning and construction process.
KW - Phoenix
KW - capitalization
KW - light rail
KW - property values
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U2 - 10.1177/0739456X12455523
DO - 10.1177/0739456X12455523
M3 - Article
AN - SCOPUS:84868687050
SN - 0739-456X
VL - 32
SP - 415
EP - 429
JO - Journal of Planning Education and Research
JF - Journal of Planning Education and Research
IS - 4
ER -