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Land value changes near freeways
The economic impact on land values of surrounding properties produced by accessibility to a freeway is a problem having both practical and theoretical value. In this study an attempt is made to determine the economic impact on land value patterns surrounding a three mile strip of the Ventura Freeway, located in the southern part of the San Fernando Valley, based on freeway accessibility advantages and disadvantages. A statistical analysis of the land value patterns of over 680 properties produced limited results. Commercial, multiple residential, and single family residential properties were studied. Freeway impact on land value patterns of surrounding properties was exhibited for a total distance of three blocks on either side of the freeway. Land value patterns based on accessibility disadvantages,such as lights,noise,fumes,and inconveniences of location concentrated in the adjacent area one to one and one-half blocks on either side of the freeway. Land value patterns based on access to the free way developed in the next one to one and one-half blocks beyond the adjacent area. Precise conclusions about the economic impact of the freeway on land value patterns of surrounding properties could not be made due to data limitations and qualitative factors that prevented isolation of the freeway's impact. For this reason the methodology proposed is reviewed and improvements suggested for future freeway impact studies of a similar nature.