Comparison of Results between Sale Price (SP) Model and Appraised Value (AV) Model, 203 Land Parcels, Southwestern Michigan, 2003–2007
| Details | Signif. Model | SP | AV | ||
|---|---|---|---|---|---|
| Coef. | p-Value | Coef. | p-Value | ||
| Environmental Production and Consumption Variables | |||||
| Lake area % of parcel | SP | 0.042** | 0.021 | 0.020 | 0.302 |
| River length in parcel | SP | −0.001** | 0.031 | 0.000 | 0.472 |
| Distance to lake | 0.000 | 0.226 | 0.000 | 0.114 | |
| Distance to river | 0.000 | 0.166 | 0.000 | 0.671 | |
| Wetland area % of parcel | AV | 0.006 | 0.181 | −0.004*** | 0.001 |
| Wetland area % of surrounding | SP | 0.032*** | 0.004 | 0.008 | 0.214 |
| Conservation land % of surrounding | SP/AV | 0.016** | 0.017 | 0.010** | 0.019 |
| Distance to recreational land | 0.000 | 0.587 | 0.000 | 0.406 | |
| Forest area % of parcel | SP | 0.011** | 0.023 | −0.002 | 0.411 |
| Cultivated land % of parcel | SP | 0.015*** | 0.008 | −0.001 | 0.530 |
| Pasture area % of parcel | 0.011 | 0.314 | −0.002 | 0.253 | |
| Grassland area % of parcel | SP/AV | 0.010* | 0.065 | 0.014** | 0.015 |
| Cultivated land % of surrounding | SP | 0.014** | 0.010 | 0.001 | 0.676 |
| Pasture area % of surrounding | SP/AV | 0.014* | 0.055 | 0.008** | 0.049 |
| Well drained dummy | SP/AV | 0.494** | 0.039 | 0.577*** | 0.002 |
| Poorly drained dummy | SP/AV | 0.420* | 0.057 | 0.631*** | 0.001 |
| Prime farmland if drained | −0.045 | 0.700 | 0.007 | 0.866 | |
| Local important farmland | SP | 0.310*** | 0.007 | 0.010 | 0.860 |
| Not prime farmland | SP | 0.528*** | 0.008 | −0.029 | 0.743 |
| Soil loss tolerance factor | −0.089 | 0.300 | 0.046 | 0.283 | |
| Built Production and Consumption Variables | |||||
| Total acres | SP/AV | −0.003** | 0.020 | −0.003*** | 0.000 |
| Land class: livestock | AV | 0.154 | 0.203 | −0.142*** | 0.005 |
| Land class: residential | SP | 0.311** | 0.016 | 0.191 | 0.185 |
| Representative slope | SP | −0.047*** | 0.002 | 0.004 | 0.734 |
| Building area % | SP/AV | 0.079*** | 0.000 | 0.060*** | 0.000 |
| No. of residential buildings | AV | 0.196 | 0.155 | 0.224*** | 0.000 |
| No. of agricultural buildings | 0.019 | 0.657 | 0.008 | 0.568 | |
| Location and Transaction Variables | |||||
| Distance to city | SP/AV | 0.009* | 0.067 | 0.005* | 0.081 |
| Lansing | SP/AV | 0.374*** | 0.003 | 0.231*** | 0.000 |
| Kalamazoo | SP/AV | 0.501*** | 0.006 | 0.256*** | 0.002 |
| Grand rapids | SP/AV | 0.511*** | 0.000 | 0.480*** | 0.000 |
| Holland | AV | 0.070 | 0.675 | 0.446*** | 0.000 |
| Distance to road | 0.000 | 0.352 | 0.000 | 0.830 | |
| Developed land % of surrounding | 0.022 | 0.225 | 0.012 | 0.342 | |
| Land contract | 0.224 | 0.113 | |||
| Constant | SP/AV | 5.662*** | 0.000 | 6.211*** | 0.000 |
| N | 203 | 203 | |||
| Adjusted R2 | 0.30 | 0.74 | |||