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AbstractThe preservation of open space is increasingly critical for the environmental and recreational benefits of the city beyond it the providing of open space place a monetary value on the adjacent residential property By studying the previous research paper on the hedonic value of the open space this paper using the home transaction data of MinneapolisSt Paul metropolitan area generated by Anderson and West is attempted to unravel how the essential factors including the proximity to open space the size of the open space along with the neighborhood characteristics affect the price of residential property Keywords Open space Hedonic Home value1 Introduction In the United State decentralization becomes the current trend of urban populations Secondary problems such as population congestion environmental contamination are often caused because of the continuously increasing of city perimeter and the creation of the new suburbs Therefore the importance of providing high quality living and working environment to attract people back to the urban areas has been increasingly weight by the city developers Often times developers choose preservation of open space as a new planning strategy to prevent suburban sprawl Besides various benefits of utilizing open space have been generated including the opportunities for recreation pleasing views or simply the absence of negative externalities associate with the development In an effort to make important policy and planning decisions about zoning and land-use regulations cities and regional planners need to estimate the monetary value of the open areas since the increasingly competing demands on government budgets and rising land values in development The Minneapolis St Paul metropolitan area is chosen for the study of the amenity contribution on housing value since the cities have a rich history of open-space protection and active contemporary programs for connecting the urban landscape From the Previous study done by the Minneapolis St Paul has been considered as one of the best examples to show the success of providing the open space to the public
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