lnPi =ˇ0 +ˇ1Si +ˇ2Ni +ˇ3Qi +εi
where Pi is the price of property i, Si is a vector of parcel and struc- tural characteristics of property i (e.g., lot size, number of rooms, age, house style), Ni is a vector of neighborhood characteristics (e.g., neighborhood crime rate, population density, household income), Qi is a vector of environmental characteristics (e.g., proximity to lakes, proximity to open space, views), and εi is an error term. The natural log of home sale value is the dependent variable. Natural logs were also used for distance variables and for lot acreage, finished square feet, and view area variables since the effect of these variables on home sale price was expected to decline with increased levels of these characteristics. Details on the estimation procedure and variables are described below.