| ince literature that evaluates the impacts that Bus Rapid Transit (BRT) has on surrounding property values is limited, this research contributes to this research by investigating if proximity to a BRT station has an effect, either positive or negative, on residential housing values. Further, it investigates if the nature and extent of this effect varied during different stages of implementation of the BRT system and different housing market conditions. Fluctuations in sale prices were mitigated based on a six month moving median. Four hedonic price models were then used to evaluate the influence of independent variables on the dependent variable, adjusted sales price. Results indicated that properties that were in an area between 0.4 and 0.8 mile (network distance) away from a BRT station, possessed about a... |
