Effects of regional and neighborhood living environment to the prices of aged apartments

Abstract

The purpose of this study is to compare and analyze the influence of living environment factors of Remodeling and Reconstruction complexes and regular complexes of no plans on the housing price, by utilizing the spatial effect. This study will find the features of the city which may enhance the value of aged apartments complexes and to propose the plans for managing the residential area which may enhance the local value in connection with the surrounding area. The study utilized the methods of analysis including OLS model, SLM model and SEM model in order to study and draw the living environment factors which causes the increase in housing price for each different complex type. The result showed that the living environment factors of each different complex had different spatial effects and there were difference among those groups. Regular complexes of no plans and Remodeling complexes showed greater effects from the living environment factors. On the other hand, Reconstruction complexes showed that the value changes more vigorously from the influence of the surrounding housing price rather than the living environment factors themselves. There were substantial infrastructures and amenities at Remodeling complexes. On the other hand, they were inadequate for Reconstruction complexes. There is a potential of deterioration for the region, if they are left in the aged status for a long period of time due to its low profitability. Therefore, it should consider the strong points and the unique features of the corresponding area in connection with the surrounding area. It is required that the maintenance plan and other city management plan should be integrated for each different complex.