2005-04-06 P & R Packet - Laserfiche WebLink

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benefits from parks and schools were capitalized into property values as far as one-quarter to one- half mile away from the sites. A s~udy by Weicker and Zerbst in 1973 analyzed. property values around five urban parks in Columbus, Ohio. They found that houses fronting on heavily used parks. adjacent to baseball diamonds or playgrounds. sold for $1.150 less on the~average than other homes in the area. Those Cronting on quieter parts sold for an average of $1.130 more. This illustrates an important point that the type of park facility will affect property value, too. The last evidence to support the assumption that parks will increase adjacent property market values is from .Planning and DeSign of Townhomes and Condominiums.. by Robert Engstrom and Marc Putnam. in 1979. published by the Urban Land Institute. This book does not give specific examples of developments that have experienced increases in property values due to.park land within them. It does. however, cover the planning and desjgn of open spaces which include public open space. natural features. pathways, and public park dedication. It makes two points: __one. that by including open space or parks the developer reduces the area to buIld upon and thus reduce costs and can usually increase denSity and thus proflts per acre of development. Seeondly the book does state that developments with open space or parks will usually sell for more if marketed properly. In general. I feel that with a few exceptions the evidence points to a conclusion that parks will increase the value of adjacent and nearby property. This effect is decreased as -distance from the park increases. This issue probably has had more study than I was able to find and it is important that the study continues and that all of those involved in the planning and development process should be aware of the findings. '.