Valuation‎ > ‎

Large-sample studies

Increasingly, studies are being performed to isolate the market value of high-performance and green building characteristics.  This page provides access to many related publications.
Showing 24 items
Pub YearTitleSector/technologyDescription/findingsSource document
Sort 
 
Sort 
 
Sort 
 
Sort 
 
Sort 
 
Pub YearTitleSector/technologyDescription/findingsSource document
2015 An Early Look at Energy Efficiency and Contributory Value Residential/energy efficiency Comparing 86 energy-efficient Meritage homes to others in the same subdivisions showed incremental value https://sites.google.com/site/appraisinghpbuildings/resources/documents/An%20Early%20Look%20at%20Energy%20Efficiency.pdf?attredirects=0&d=1 
2015 Selling Into the Sun: Price Premium Analysis of a Multi-State Dataset of Solar Homes Residential / Solar photovoltaics Analysis for homes in 8 states--18,871 non-PV homes (including 6,036 newly built homes) and 3,951 user-owned PV homes (including 1,444 newly built homes)--found an added resale value of $4 per PV watt, or $15,000 for an average 3.6 kW/system. https://sites.google.com/site/appraisinghpbuildings/resources/documents/selling-into-the-sun-jan12.pdf?attredirects=0&d=1  
2015 DTZ Research Confirms Link Between Sustainability and Tenant Satisfaction Non-residential / Tenant satisfaction in green buildings Occupants of green buildings reported significantly higher satisfaction in "green" buildings according to the Kingsley tenant-satisfaction scale https://sites.google.com/site/appraisinghpbuildings/resources/documents/DTZ%20Research%20Confirms%20Link%20Between%20Sustainability%20and%20Tenant%20Satisfaction.pdf?attredirects=0&d=1 
2014 Relationship between Wind Turbines and Residential Property Values in Massachusetts Residential / Wind turbines No adverse correlation found  https://sites.google.com/site/appraisinghpbuildings/resources/documents/lbnl-6371e_0.pdf?attredirects=0&d=1 
2014 Energy Efficiency & Financial Performance: A Review of Studies in the Market Non-residential / Energy efficiency Compiled 51 studies by 44 organizations: found higher rents, lower occupancy rates, higher sale prices https://docs.google.com/viewer?a=v&pid=sites&srcid=ZGVmYXVsdGRvbWFpbnxhcHByYWlzaW5naHBidWlsZGluZ3N8Z3g6NzIyZjQ1Y2FjNmNmODZjOA 
2014 The Effects of Wind Turbines on Property Values in Ontario: Does Public Perception Match Empirical Evidence? Residential / Wind energy Analysis 5414 homes and 1590 farmland sales found no adverse effect of proximity to windfarms on property values. https://sites.google.com/site/appraisinghpbuildings/resources/documents/cjag12030.pdf?attredirects=0&d=1 
2013 Exploring California PV Home Premiums Residential / Solar photovoltaics Each 1-kW increase in solar photovoltaic system size equates to a $5,911 higher sales premium, and each year systems age equates to a $2,411 lower premium https://sites.google.com/site/appraisinghpbuildings/resources/documents/Exploring-california-pv-home-premiums.pdf?attredirects=0&d=1 
2013 Is Energy Efficiency Capitalized into Home Prices? Evidence from Three US Cities Residential / Energy Efficiency The estimated home price premiums from certification imply annual energy cost savings that are sizeable fractions of estimated annual energy costs for homes in our sample, in some cases even above 100 percent. https://sites.google.com/site/appraisinghpbuildings/resources/documents/RFF-DP-13-18-July2013.pdf?attredirects=0&d=1 
2013 The Impact of Photovoltaic Systems on Market Value and Marketability Residential / Solar PV 22 of 30 case studies in the Denver Metro Area indicated PV systems contributed $1,400 to $2,600 per kW to market value. https://sites.google.com/site/appraisinghpbuildings/resources/documents/PV_Case%20Studies.pdf?attredirects=0&d=1 
2012 The Value of Energy Performance and Green Attributes in Buildings: A Review of Existing Literature and Recommendations for Future Research Residential & non-residential Compiled 5 studies. https://docs.google.com/viewer?a=v&pid=sites&srcid=ZGVmYXVsdGRvbWFpbnxhcHByYWlzaW5naHBidWlsZGluZ3N8Z3g6MmYwMDQ4MmUyMWIxNjdkZA 
2012 The Value of Green Labels in the California Housing Market: An Economic Analysis of the Impact of Green Labeling on the Sales Price of a Home Residential / Green labels Analysis of 1.6 million homes sold in California, found that homes labeled by Energy Star, LEED for Homes and GreenPoint Rated sell for 9 percent more (±4%) than comparable, non-labeled homes. https://sites.google.com/site/appraisinghpbuildings/resources/documents/ValueofGreenHomeLabelsStudy_July2012.pdf?attredirects=0&d=1 
2011 An Analysis of the Effects of Residential Photovoltaic Energy Systems on Home Sales Prices in California Residential / Solar photovoltaics Analysis of 122,000 home sales near existing or proposed wind energy developments found no adverse effect on property values. https://drive.google.com/viewerng/viewer?a=v&pid=sites&srcid=ZGVmYXVsdGRvbWFpbnxhcHByYWlzaW5naHBidWlsZGluZ3N8Z3g6MWNkMmJiMzJkNDM3N2ZkNQ 
2011 Valuing Green Home Designs: A Study of ENERGY STAR Homes Residential Sale prices were analyzed using hedonic regression analysis. Results indicate that ENERGY STAR homes originally sold for $8.66 more per square foot than non-ENERGY STAR homes. https://sites.google.com/site/appraisinghpbuildings/resources/documents/Valuing_Green_Home_Designs_ENERGY-STAR-Homes-JOSRE_v3-61.pdf?attredirects=0&d=1 
2009 How Risky are Sustainable Real Estate Project? An Evaluation of LEED and ENERGY STAR Development Options Non-residential The results show that, on average, both ENERGY STAR and LEED projects enjoy rent and occupancy premiums that not only pay for the additional green development costs but also provide attractive IRR on green investments. https://sites.google.com/site/appraisinghpbuildings/resources/documents/Jackson-2009.pdf?attredirects=0&d=1 
2009 Investment Returns from Responsible Property Investments: Energy Efficient, Transit-oriented and Urban Regeneration Office Properties in the U.S. from 1998– 2008 Non-residential This paper breaks down the way that various responsible property investing factors impact income, property values, capitalization rates, price appreciation and total returns. Sample size 1,200 non-residential buildings. http://www.uic.edu/cba/mare/CureEvents/InvestmentReturns.pdf 
2009 Effect of LEED Ratings and Levels on Office Property Assessed and Market Values Non-residential LEED-Existing Building (EB) designation at the Gold level has a strong positive effect on AV, while LEED-EB at the Silver level has a similar effect on both AV and MV. This effect is absent among all LEED-EBs, when controlling only for MSAs. LEED-New Construction at the Gold level has a strong positive effect on MV, while LEED-Core & Shell at the Gold and Silver levels almost doubles that effect on AV, when controlling for MSAs. https://sites.google.com/site/appraisinghpbuildings/resources/documents/Dermisi-2009.pdf?attredirects=0&d=1 
2009 Certified Home Performance: Assessing the Market Impacts of Third Party Certification on Residential Properties Residential / Efficiency 160 homes: Portland: avg of +3%‐+5% sales price premium for certified homes and sold an avg of 18 days faster. Seattle: avg of +9.6% sales price premium but sold slightly more slowly https://docs.google.com/viewer?a=v&pid=sites&srcid=ZGVmYXVsdGRvbWFpbnxhcHByYWlzaW5naHBidWlsZGluZ3N8Z3g6NjVhMjRiNGM0MDg5NTVmNw 
2002 Housing Market Capitalization of Energy Efficiency Revisited Residential / Energy efficiency This paper critically reviews published research on capitalization of energy efficiency, with a focus on studies that have applied the hedonic regression methodology. https://sites.google.com/site/appraisinghpbuildings/resources/documents/SS%20JL-DD-PE-SKP%20Capitalizing%20Housing%20Efficiency%202002.pdf?attredirects=0&d=1 
1998 Evidence of Rational Market Valuation for Home Energy Efficiency Residential / Energy efficiency Regression analysis of American Housing Survey data of broad market outcomes found that home buyers assign a value of $10 to $24 for every $1 reduction in annual energy bills https://sites.google.com/site/appraisinghpbuildings/resources/documents/AppraisalJournalPVValue10.98.pdf?attredirects=0&d=1 
1989 Estimating the Implicit Price of Energy Efficiency Improvements in the Residential Housing Market: A Hedonic Approach Residential / Energy Efficiency At the average efficiency level of homes in the sample, an efficiency improvement which results in a $1 decrease in the level of expenditures necessary to maintain the house at 65’F (in the average heating season) will increase the expected selling price of the house by $11.63. https://sites.google.com/site/appraisinghpbuildings/resources/documents/Dinan-and-Miranowski.pdf?attredirects=0&d=1 
1989 Economic Efficiency v Energy Efficiency: Do Model Conservation Standards Make Good Sense? Residential / Energy efficiency Based on estimates of the energy savings and market value of single family houses (ie electrically heated, high thermal efficiency) an average discount rate for homebuyers is estimated of approximately 8%. https://sites.google.com/site/appraisinghpbuildings/resources/documents/Horowitz-and-Haeri.pdf?attredirects=0&d=1 
1986 Housing Market Capitalization of Thermal Integrity Residential / Energy Efficiency Energy efficiency is capitalized into house sale price, with a unit decrease in the Thermal Integrity Factor (TIF) resulting in an increase in house sale price of $2510. https://sites.google.com/site/appraisinghpbuildings/resources/documents/Laquatra.pdf?attredirects=0&d=1 
1986 Impact of Consumers' Personal Characteristics on Hedonic Prices of Energy-conserving Durables Residential / Energy efficiency There tended to be much variation in significance of coefficients of energy-conserving variables by demographic characteristics indicating that features valued by some consumers were irrelevant to others. https://sites.google.com/site/appraisinghpbuildings/resources/documents/Longstreth.pdf?attredirects=0&d=1 
1981 The Effects of Fuel Prices on House Prices Residential / energy prices Analysis of sample of 269 homes sold in a single neighborhood in Seattle, Washington between 1970 and 1975 found that the marginal impact on market value of having natural gas heat rather than oil heat was $4,597 during the first half of 1975. Halvorsen and Pollakowski (1981) 
Showing 24 items