abstract: Transportation infrastructure in urban areas has significant impacts on socio-economic activities, land use, and real property values. This dissertation proposes a more comprehensive theory of the positive and negative relationships between property values and transportation investments that distinguishes different effects by mode (rail vs. road), by network component (nodes vs. links), and by distance from them. It hypothesizes that transportation investment generates improvement in accessibility that accrue only to the nodes such as highway exits and light rail stations. Simultaneously, it tests the hypothesis that both transport nodes and links emanate short-distance negative nuisance effects due to disamenities such as traffic and noise. It also tests the hypothesis that nodes of both modes generate a net effect combining accessibility and disamenities. For highways, the configuration at grade or above/below ground is also tested. In addition, this dissertation hypothesizes that the condition of road pavement may have an impact on residential property values adjacent to the road segments. As pavement condition improves, value of properties adjacent to a road are hypothesized to increase as well. A multiple-distance-bands approach is used to capture distance decay of amenities and disamenities from nodes and links; and pavement condition index (PCI) is used to test the relationship between road condition and residential property values. The hypotheses are tested using spatial hedonic models that are specific to each of residential and commercial property market. Results confirm that proximity to transport nodes are associated positively with both residential and commercial property values. As a function of distance from highway exits and light rail transit (LRT) stations, the distance-band coefficients form a conventional distance decay curve. However, contrary to our hypotheses, no net effect is evident. The accessibility effect for highway exits extends farther than for LRT stations in residential model as expected. The highway configuration effect on residential home values confirms that below-grade highways have relatively positive impacts on nearby houses compared to those at ground level or above. Lastly, results for the relationship between pavement condition and residential home values show that there is no significant effect between them. Some differences in the effect of infrastructure on property values emerge between residential and commercial markets. In the commercial models, the accessibility effect for highway exits extends less than for LRT stations. Though coefficients for short distances (within 300m) from highways and LRT links were expected to be negative in both residential and commercial models, only commercial models show a significant negative relationship. Different effects by mode, network component, and distance on commercial submarkets (i.e., industrial, office, retail and service properties) are tested as well and the results vary based on types of submarket. Consequently, findings of three individual paper confirm that transportation investments mostly have significant impacts on real-estate properties either in a positive or negative direction in accordance with the transport mode, network component, and distance, though effects for some conditions (e.g., proximity to links of highway and light rail, and pavement quality) do not significantly change home values. Results can be used for city authorities and planners for funding mechanisms of transport infrastructure or validity of investments as well as private developers for maximizing development profits or for locating developments. / Dissertation/Thesis / Doctoral Dissertation Geography 2016

在社會資源有限分配下，住宅整建已逐漸成為市容景觀改造方法之一，成為都市更新重要的一環，鑑於以往文獻可知，建物整建會增加該不動產的市場價值。僅有Yau et al.（2006）及Yau et al.（2008）藉由視覺的虛擬變數代表受影響範圍，研究建物整建後對鄰近不動產價格的影響，卻無法證實整建之價格外溢效果確實影響範圍。 本研究採用具空間變數的空間迴歸模型，預期能解決一般迴歸模型中空間自相關與估計偏誤的估計問題，並以台北市都市更新整建維護實施辦法通過的補助案例及營造股份有限公司所提供的整建案例，與房地產交易價格簡訊資料為對象進行實證。實證結果發現，台北市住宅整建後確實會產生價格的外溢效果，影響鄰近不動產，且不以視野可及之處為限，距離整建案例半徑200~500公尺內的交易樣本皆會受到影響，顯見加強策略性的地區整建，將能為都市再生帶來更顯著的影響。 / Housing refurbishment has become more important in congested living environment like Taipei. There are some studies focus on refurbishment will enhance the market value of the property. However, there have been a few empirical studies investigating the value enhanced by the refurbishment of neighborhood buildings. As a result, this study aims to empirically estimate the spillover effect of housing refurbishment in Taipei. We find that spatial hedonic model is more accuracy than traditional one, and that the refurbishment brought a significant increase in price of the buildings which located within 200~500 meter radius from the refurbished buildings. Obviously, to enhance house refurbishment is helpful to urban renewal.

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