AUTHORS JESSICA BOATWRIGHT VIRGINIA TECH KURT STEPHENSON PHD
• • AUTHORS: JESSICA BOATWRIGHT (VIRGINIA TECH) KURT STEPHENSON, PHD (VIRGINIA TECH) KEVIN BOYLE, PHD (VIRGINIA TECH) SARA NIENOW (NORTH CAROLINA DEPARTMENT OF ENVIRONMENT AND NATURAL RESOURCES) Camp Resources XIX August 6, 2012 STORMWATER CONTROL INFRASTRUCTURE AND RESIDENTIAL PROPERTY VALUES
URBAN STORMWATER MANAGEMENT IN THE UNITED STATES Conventional Infrastructure • Channelization and treatment Green Infrastructure • Volume reduction Rulemaking • Energy Independence and Security Act of 2007 • EPA national stormwater program http: //www. deldot. gov/stormwater ian. umces. edu/imagelibrary
OBJECTIVE • To investigate property price effects of differing residential infrastructure design features that affect stormwater runoff • Cul-de-sacs • Curb-and-gutters • Wide streets
THE DATA Retrieved 7. 13. 12 maps. google. com • • Hanover County, VA 1, 363 transactions between 1995 and 1996 Average sale price: $273, 365 ($2011) Chesapeake Bay Watershed Chesapeake Bay Landsat image
HEDONIC-PRICE EQUATION LN(SP) = β 0 + β 1(SQFT) + β 2(SQFT 2) + β 3(TOTALBATH) + β 4(AGEWHENSOLD) + β 5(ACRES) + β 6(ACRES 2)+ β 7(BLGD 12 R) + β 8(OS 12) + β 9(OS 12 T) + Β 10(REC) + β 11 -25 z’sd + β 26(CUL) + β 27(CURBGUTTER) + β 28(STW≤ 30) +ε Key Variables: • Cul-de-sacs (CUL) • Curb-and-gutters (CURBGUTTER) • Street widths (STW≤ 30) • STW>30 is the omitted category
ESTIMATION RESULTS (SPATIAL ERROR MODEL) Policy Variable Coefficient (standard error) CUL CURBGUTTER STW≤ 30 Note: * = significant at 10% level % Δ in sale price $ amount (average priced home: $273, 365) 1. 3% $3, 500 7. 6% $20, 700 3. 8% $10, 400 0. 013** (0. 007) 0. 076*** (0. 016) 0. 038*** (0. 014) ** = significant at 5% level *** = significant at 1% level
RESULTS INDICATE FOR AN AVERAGE PRICED HOME OF $273, 365 THAT: Excluding cul-de-sacs and requiring narrower streets in new subdivisions could have a net positive effect on property prices of about $6, 900 ($10, 400 − $3, 500) while also enhancing stormwater control. The price premium of narrow streets could not offset the price diminution of eliminating curb-andgutters (−$10, 300 = $10, 400 − $20, 700).
POLICY IMPLICATIONS Focusing rule discussions only on infrastructure construction costs may not reflect the full net costs of stormwater controls Conventional curb-and-gutters could be designed with intermittent cuts or diversions into bioretention and infiltration trenches Virginia Department of Conservation and Recreation Cul-de-sacs with a “donut” design reduce effective impervious cover and corresponding runoff Rhode Island Stormwater Solutions
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