Abstract
THE EFFECT OF PUBLIC MASS TRANSIT SYSTEMS ON THE SPATIAL DISTRIBUTION OF URBAN PROPERTY VALUES IS LIKELY TO BE HIGHLY PARCEL-SPECIFIC. CHANGES IN REAL ESTATE VALUES MAY OCCUR BOTH BEFORE AND AFTER CONSTRUCTION OF A TRANSIT SYSTEM. THIS ARTICLE DESCRIBES A SERIES OF ECONOMETRIC MODELS OF REAL ESTATE VALUES ESTIMATED FOR PARCELS IN WASHINGTON, DC, OVER THE PERIOD OF THE PLANNING AND INITIAL CONSTRUCTION OF THE METRO SYSTEM. SEPARATE MODELS ARE ESTIMATED FOR SINGLE-FAMILY DWELLINGS, MULTI-FAMILY STRUCTURES AND RETAIL STORES. ACCESS TO METRO AND ITS IMPLEMENTATION SCHEDULE ARE BOTH FOUND TO BE SIGNIFICANT DETERMINANTS OF PARCEL TRANSACTION PRICES.(Author/publisher).