Study: Street trees increase home prices in Portland Oregon Environmental News - – OregonLive.com:
A Portland researcher has verified what many people already assumed to be true: trees add value to a home.
A new study says such trees increase home prices in Portland. In a paper published in Landscape and Urban Planning, Geoffrey Donovan of the U.S. Forest Service's Pacific Northwest Research Station found that, on average, street trees add $8,870 to a home's sales price and reduce its time on the market by 1.7 days.
Donovan and his co-author, David Butry of the National Institute of Standards and Technology in Maryland, reviewed data meticulously collected from 2,608 homes for sale in east Portland in the summer of 2007.
What they found was that if a house had street trees and tree canopy close by, that increased the sales price of a house and it sold faster.
Showing posts with label value. Show all posts
Showing posts with label value. Show all posts
Friday, January 15, 2010
Saturday, December 26, 2009
Valuation of Tree Canopy on Property Values of Six Communities in Cincinnati, OH
Author: Dimke, Kelley C.
Description: The value of the urban forest as a component of the urban environment is significant. Environmental benefits of the urban forest include improved air quality, energy conservation through reduction of heating and cooling costs, climate moderation, flood control, reduction in noise levels and wildlife habitat. The urban forest also provides many social benefits. Studies have shown that trees reduce stress and improve the physical health of urbanites. Financial support for urban forestry in many cities is on the decline. The objective of this research was to evaluate the impact trees have on property values of six communities (Bond Hill, Carthage, Clifton, Hyde Park, Kennedy Heights and North Avondale) of varying socio-economic levels in Cincinnati, Ohio. Tax assessor records were obtained from property sales between the years 2000 and 2005. One hundred sites were randomly selected from each of the six communities. Data were collected from each site during the winter as well as the summer months. Dominant genus, caliper of dominant genus, estimate of tree cover, and overall property maintenance were recorded. Using the hedonic method of cost benefit analysis it was determined that each percentage increase in tree cover added $783.98 to the property value. The average value of tree canopy across the 600 sites is $20,226 or 10.7% of the sale price of the home. The findings from this research will be useful to Urban Forestry Departments in their requests for funding.
Description: The value of the urban forest as a component of the urban environment is significant. Environmental benefits of the urban forest include improved air quality, energy conservation through reduction of heating and cooling costs, climate moderation, flood control, reduction in noise levels and wildlife habitat. The urban forest also provides many social benefits. Studies have shown that trees reduce stress and improve the physical health of urbanites. Financial support for urban forestry in many cities is on the decline. The objective of this research was to evaluate the impact trees have on property values of six communities (Bond Hill, Carthage, Clifton, Hyde Park, Kennedy Heights and North Avondale) of varying socio-economic levels in Cincinnati, Ohio. Tax assessor records were obtained from property sales between the years 2000 and 2005. One hundred sites were randomly selected from each of the six communities. Data were collected from each site during the winter as well as the summer months. Dominant genus, caliper of dominant genus, estimate of tree cover, and overall property maintenance were recorded. Using the hedonic method of cost benefit analysis it was determined that each percentage increase in tree cover added $783.98 to the property value. The average value of tree canopy across the 600 sites is $20,226 or 10.7% of the sale price of the home. The findings from this research will be useful to Urban Forestry Departments in their requests for funding.
Tuesday, November 17, 2009
iTree-ECO calculates nature's ecosystem services; Henderson, NC
Nature's value is priceless BlueRidgeNow.com Times-News Online Hendersonville, NC:
The U.S. Forest Service has a computer model that can produce a precise environmental and economic value for each tree. For example: A 50-foot oak tree in Hendersonville stores 1,476 kilograms of carbon and removes 124 grams of sulfur dioxide from the atmosphere each year. To remove that same amount of pollution would otherwise cost society $5.44 annually. Multiply that by the millions of trees in our region and the benefits of protecting our remaining forestland adds up.
If we can accept that our environment has ecological, economic and mental health benefits, then it's easier to understand that the organizations working to protect the health of our streams, forestland and farmland also have value to our community.
The U.S. Forest Service has a computer model that can produce a precise environmental and economic value for each tree. For example: A 50-foot oak tree in Hendersonville stores 1,476 kilograms of carbon and removes 124 grams of sulfur dioxide from the atmosphere each year. To remove that same amount of pollution would otherwise cost society $5.44 annually. Multiply that by the millions of trees in our region and the benefits of protecting our remaining forestland adds up.
If we can accept that our environment has ecological, economic and mental health benefits, then it's easier to understand that the organizations working to protect the health of our streams, forestland and farmland also have value to our community.
Monday, October 26, 2009
Forest policy values Newcastle trees at $20m; Newcastle, Australia
Forest policy values Newcastle trees at $20m - Local News - News - General - The Herald: THE more than 100,000 trees greening Newcastle's public spaces are valued at almost $20 million, new figures show.
Civic strategists have been analysing leafy areas as part of a Newcastle urban forest policy.
Since the policy was adopted in May 2008, Newcastle City Council has developed an asset management system for the city's trees.
New communities and green corridor principal strategist Ian Rhodes said tree canopy covered 21 per cent of the local government area.
The 103,000 public trees have a replacement value of $19.5 million.
Mr Rhodes said trees in urban areas provided environmental, social and economic benefits.
'They act like the lungs of the city, they filter the air and the water,' he said.
Civic strategists have been analysing leafy areas as part of a Newcastle urban forest policy.
Since the policy was adopted in May 2008, Newcastle City Council has developed an asset management system for the city's trees.
New communities and green corridor principal strategist Ian Rhodes said tree canopy covered 21 per cent of the local government area.
The 103,000 public trees have a replacement value of $19.5 million.
Mr Rhodes said trees in urban areas provided environmental, social and economic benefits.
'They act like the lungs of the city, they filter the air and the water,' he said.
Tuesday, April 28, 2009
City trees worth over $1,000,000; Hickory, NC; 4/28/09
City trees top $1 million in value Hickory Daily Record - Hickory,NC,USA
Trees cover 32 percent of Hickory, according to Teague's data, and are worth more than $1.1 million for the 508,916 pounds of pollution they annually remove from the air. Forty-two percent of Hickory's landscape is composed of open spaces made up of grass and trees.
Teague said it is her goal not just to preserve Hickory's tree canopy but also to increase it to 40 percent.
One way canopy is lost is when trees are removed for new construction, such as roads or buildings.Teague said Hickory has begun requiring developers to refrain from removing mature trees by incorporating them into the building's landscape design. She said the trees provide beauty, utility and value to real estate.
Trees cover 32 percent of Hickory, according to Teague's data, and are worth more than $1.1 million for the 508,916 pounds of pollution they annually remove from the air. Forty-two percent of Hickory's landscape is composed of open spaces made up of grass and trees.
Teague said it is her goal not just to preserve Hickory's tree canopy but also to increase it to 40 percent.
One way canopy is lost is when trees are removed for new construction, such as roads or buildings.Teague said Hickory has begun requiring developers to refrain from removing mature trees by incorporating them into the building's landscape design. She said the trees provide beauty, utility and value to real estate.
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