GIS SUPPORTED HEDONIC MODEL FOR ASSESSING PROPERTY VALUE IN WEST OAKLAND, CALIFORNIA

A hedonic linear regression model is constructed in this paper to estimate property value. In our model, the property value ( sales price) is a function of several selected variables such as the property characteristics, social neighborhoods, level of neighborhood environmental contaminations, level of neighborhood crimes, and locational accessibility to jobs or services. Definitions and calculation of these variables are approached by using Geographic Information System tools. For improving estimation, gravity model is employed to measure both levels of neighborhood toxic sites and crimes; and a time-based method is used to measure the locational accessibility rather than simple straight-line distance measurement. This study discovers that the relationship between house value and its nearby highway is nonlinear. The methodology could help policy makers assess the external effects of a property. Our model also could be used potentially to identify the current and historic trends of development caused by neighborhood or environments change in the study area.