by Surrey Parks, Recreation and Culture Department
The purpose of this study is to determine if single-family sites that border upon a greenway are influenced economically by their proximity to the greenway.
The purpose of this study is to determine if those single-family sites that border upon a greenway are influenced economically by their proximity to the greenway. The Surrey Parks, Recreation and Culture Department pre-selected subject neighborhoods within the City of Surrey for examination.
The central question of this study is: Does a greenway border affect single-family property value, in the four study neighborhoods and during the era from 1980 to 2001?
Our study, supported by relevant data and based upon an analysis of the factors influencing value, clearly supports the inference that a typical greenway border increases the value of single-family property, in the study neighborhoods during the era from 1980 through 2001. Specifically, the economic impact of greenway depends to some extent upon the design and nature of the greenway (type) and the characteristics of the neighborhood.
We estimate that adding the existing greenway border increases property value by $4,092 or 2.8 percent on an overall basis for all four neighborhoods.
Specifically, the results for Green Timbers indicated that greenways increase property values by $1,051 (0.8 percent), while in the Huntington and Bridlewood neighborhood greenways increased property values by $20,618 (8.4 percent) with results for the Semiahmoo Trail South neighbor hood indicating an increase in single-family property values by $17,515 (10.2 percent). A greenway border increases the value of single-family property in at least three of the four study neighborhoods. One neighborhood was not analyzed due to insufficient sample size.
Published December 2001
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