Brought to you by
KIRO Radio's Tom Kelly digs deep into the Puget Sound real estate market
Real Estate

Homebuyers willing to pay for open space

A Colorado State University study looked into home prices in conservation developments, where residential real estate is limited and usually 50 percent to 70 percent of the land is set aside as open space.

The research shows that homebuyers are willing to pay a premium to live near such open, undeveloped tracts. Sarah Reed, co-author of the study, and her colleagues compared 2,222 home sales in five counties from 1998-2011.

The conservation developments designated an average 64 percent of land as open space, while traditional rural subdivisions allocated just 4.9 percent. The study found that homes in conservation developments sold for 29 percent more than properties located in conventional residential projects.

Furthermore, increasing lot size in an undesignated conservation development hiked the market price by 38 cents per square foot, the report found. In nonconservation developments, a larger lot size translated to just nine additional cents per square foot.

The study was funded by CSU's School of Global Environmental Sustainability and the National Association of Realtors.

Top Stories

  • Moving Nightmare
    The Owens have spent two years trying to get their belongings back from a moving company

  • Graffiti in Seattle
    Vandalism at Seattle's Gas Works Park underscores an ongoing battle with police and taggers
ATTENTION COMMENTERS: We've changed our comments, but want to keep you in the conversation.
Please login below with your Facebook, Twitter, Google+ or Disqus account. Existing MyNorthwest account holders will need to create a new Disqus account or use one of the social logins provided below. Thank you.
comments powered by Disqus
Mortgage Calculator
Enter Your Details & Click the Calculate Button
Loan Amount $
Annual Interest Rate %
Term of Loan Years
Number of Payments
Monthly Payment $
Brought to you by

This is not a commitment to lend. Terms subject to change without notice. Applicant must qualify to receive credits. A division of Pinnacle Capital Mortgage Corp. WA CL 81395, Equal Housing Lender, MLO 70765.
Listen to the show
Hear Real Estate Today on KIRO Radio
Join Tom Kelly every Sunday at 9am on KIRO Radio to talk Puget Sound real estate.

Sign up for breaking news e-mail alerts from MyNorthwest.com
In the community
Do you know an exceptional citizen who has impacted and inspired others?
KIRO Radio and WSECU would like to recognize six oustanding citizens this year. Nominate them to be recognized and to receive a $2,000 charitable grant.