The Carrollton GreenBelt is a linear park encircling the City of Carrollton Georgia. The GreenBelt differs from other linear parks in that it is an entirely new construction and was not built upon existing rail lines, as was the Atlanta Beltline and the nearby Silver Comet Trail. Using GIS, data from the Carroll County Tax Assessor's office and spatial econometric techniques, we estimate local fair-market housing values within the hedonic framework to measure the relationship between home prices and access to the GreenBelt. We find the expected positive effects from the number of bedrooms, bathrooms and square footage, but access to the GreenBelt is associated with lower housing sale prices during the period; however, these lower prices may also be the result of conscious location decisions of the GreenBelt developers in an attempt to lower land acquisition costs in the development phase. Despite our efforts to control for distance to the center of the city, the negative association between the GreenBelt and housing values may be impacted by the endogeneity between GreenBelt location and residential housing prices.
Bono, Heather R.; Gezon, Lisa L.; Smith, William J.; and Walker, Macy D.
"The Impact of the Carrollton GreenBelt on Residential Housing Prices: A Spatial Approach,"
The Coastal Business Journal: Vol. 16:
1, Article 1.
Available at: https://digitalcommons.coastal.edu/cbj/vol16/iss1/1
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