Study shows wild space boosts home value
Morton National Wildlife Refuge in Sag Harbor was among 93 federally protected refuges in a study released by the U.S. Fish and Wildlife Service. Locally, an open-space view was cited as an advantage. Credit: Newsday file/Bill Davis
A new study quantifies what home buyers and brokers have long suspected: Living near a protected swath of open space boosts home values.
Near urban areas in the Northeast, proximity to a national wildlife refuge increases home values by 4 percent to 5 percent, according to a study by North Carolina State University released this week by the U.S. Fish and Wildlife Service.
The study examined 93 federally protected refuges, including two on Long Island: Conscience Point National Wildlife Refuge in the Town of Southampton and Elizabeth Alexandra Morton National Wildlife Refuge in Sag Harbor. Its release comes as legislators in some states have proposed transferring some federal lands to states, which could allow development on them.
Land protected by states or local communities is likely to have a similar effect on home values, said Laura Taylor, lead author of the study. As long as the land is "permanently protected in a natural state, our research would indicate that there's going to be benefits to neighboring homes," she said.
The study focused on homes located within a half-mile of a refuge and within eight miles of an urban center with at least 50,000 residents. The study used statistical analysis to account for differences in home values due to factors such as their age, number of bedrooms and neighborhood density, as well as their proximity to a wildlife refuge. The researchers examined 42,000 homes, using data from the 2000 census.
Long Island brokers said the boost accrues mainly to homes with a view of protected lands. "You either have to be on it or across from it," said Paul Brennan of Prudential Douglas Elliman in Bridgehampton.
A home that borders a nature preserve will fetch a 15 to 20 percent premium, said Hubie Frowein of Saunders & Associates in Southampton.
Even if the impact on prices half a mile away is minimal, protected areas do contribute to the Island's beauty and its appeal to home buyers, said John Messina of Shawn Elliott Luxury Homes & Estates in Woodbury: "That's our strength."
