A new study out of Colorado State University suggests that suburban homebuyers are willing to pay more for a house in a subdivision that includes protected land.
The research, which compared 205 Colorado “conservation development” subdivisions to conventional subdivisions with a similar overall density, found that homes in the former sold for an average of 20 to 29 percent more than homes in the latter.
The study’s authors hope that these results will spur more developers to set aside land for wildlife conservation. “In addition to the market benefit of including conservation land in developments, developers may save on construction costs,” Bendix Anderson points out. “That is because clustering homes closer together can reduce the amount of infrastructure needed to develop a subdivision.”
The Colorado study confirms what other surveys have already shown. In 2008, for instance, 90 percent of homebuyers questioned by the National Association of Realtors indicated that “environmental features are important” to their decision to purchase real estate.
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City of Albany
UCLA Lewis Center for Regional Policy Studies
Mpact (formerly Rail~Volution)
Chaddick Institute at DePaul University
City of Piedmont, CA
Great Falls Development Authority, Inc.
HUDs Office of Policy Development and Research