This paper seeks to determine whether the presence of a neighborhood association affects
home prices. Ordinary Least Squares (OLS) regression on a sample of over 400 addresses in regions
throughout Durham indicates that neighborhood associations have a positive and statistically
significant impact on the value of a home. Further analysis through a drill down by region shows
that the significant variables for the price of a home vary throughout different parts of the city.
These results are unique for each section of Durham, but the total impact shows that there is not
only a social benefit for the existence of neighborhood associations but also a fiscal benefit for many
Using a hedonic price model, this paper assesses the impact of the Bull City Connector on single family housing property values in Durham, North Carolina. Residential parcels within 1 km of the 18 bus stations are included in the model as well as independent variables that describe walking distances, property characteristics, neighborhood characteristics and neighborhood amenities. The results suggest that there exists a positive association between proximity to bus stops and property values, though this benefit is not felt evenly throughout all neighborhoods. Bus station areas with low-income families experience the highest proximity effect while some of the high-income neighborhoods experience negative effects. This result might contain upward bias because the accessibility brought by bus stations is strongly correlated with the Main Street amenities effect. Therefore, both pro-downtown development in Durham and investments in transit are likely to have accrued price premiums on housings close to Main Street and the bus stops.
It became recognized on a national level when Durham/Chapel Hill was named Bon Appetit magazine’s 2008 “Foodiest Small Town”. This was only the beginning of Durham’s recognition, which has quickly exploded as new restauranteurs spring forth in hopes of finding their niche within the city. Some of these restaurants have merged perfectly into the spaces that they filled, embodying and accenting the culture and personality of their surroundings. A prime example of this would be Pompieri Pizza located at 102 City Hall Plaza, which is housed in a refurbished fire station. Others have totally transformed their surroundings with their presence, creating an entirely new environment. The best example of this kind would be the transformation of Geer St. with the arrival of the Geer St. Garden, Motorco, Cocoa Cinnamon, and other surrounding restaurants. A closer examination of Pompieri and the Geer St. restaurant cluster and their effects on the surrounding community could give more insight into the importance of restaurants in revitalizing a city and the decisions that firm owners (in this specialized case of restaurant proprietors) face when identifying spaces to enter the market.