THE ECONOMIC EFFECT OF COMMUNITY MANAGED OPEN SPACES ON RESIDENTIAL HOUSE SALE PRICES IN THE CITY OF BALTIMORE, MD
Russell, Sherry Lynn
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The value of open space is a fundamental issue in landscape architecture. In post-industrial cities, population decline and low land demand have led to a large amount of vacant land. A small percentage of this land is being transformed by community groups into Community Managed Open Spaces (CMOSs). This research paper investigated the effect of parks and CMOSs on residential house sale prices in Baltimore, MD using a hierarchical regression analysis after controlling for property features and neighborhood social, economic and crime information. This study found CMOSs had a positive economic effect on house sale prices, adding 2.7% to properties sold within a quarter mile. These results provide evidence to support CMOSs as an alternative path for communities and planners to manage vacant urban land and the importance of public investment in these types of spaces.