Essay about The Affects of the Attributes of Parks on Real Estate Values

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Initially the question of the affects of parks and their various attributes on real estate value may seem an absurd question for an Economic Developer to think about. However, the value of real estate is of prime importance to the community and the Economic Developer due to the nature of land as an appreciating commodity. Therefore it is necessary that we study the possibility that real estate and land values could be modified by the a park. By understanding the consequences of these uses of land can be an effective strategy for passive Economic Development. Rather than making direct improvements to each parcel we change land uses near real estate clusters to change the values of many properties at once. In order to better
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Public spaces that lack any form of green space are also not considered in this study, these are places like Fountain Square in Cincinnati that have little residential land use surrounding it. Non-residential real estate demands were ignored in researching this issue because it was assumed that only residential real estate buyers demand proximity to a location attribute like a park space. Non-residential entities should primarily be focused on factors such as infrastructure, spatial needs and accessibility as opposed to more aesthetic or resident serving attributes. Park shape, function, size and service area are also discussed. Park shape has to do with the geometry of the park relative to land uses surrounding it. Park function will always be associated with the types of activities that can take place in the park. These activities can include passive characteristics and active characteristics. Passive characteristics are non-intensive properties such as the presence of benches, good landscaping or other decorative elements such as ponds, gardens and artistic pieces. Active characteristics refer to things that people use such as playgrounds, fields of play for various sports, pools and pavilions or other activity hosting structures. Accessibility will also be discussed in terms of the number of people that will be able to utilize a certain characteristic of the park.

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