RESIDENTIAL PROPERTY-VALUES IN A MULTINODAL URBAN AREA - NEW EVIDENCEON THE IMPLICIT PRICE OF LOCATION

The monocentric model predicts a housing price gradient from the centr al business district, and it follows that the extension of this model to account for modem multinodal metropolitan areas would predict housi ng price gradients from multiple employment centers. Empirical analysi s using hedonic regression techniques for the estimation of price grad ients in a multinodal context is limited. This study extends prior wor k by exploring nonlinear housing price gradients in a multinodal urban area with an unusually robust database of housing sales transactions, and using a geographic information system for spatial analysis. The r esults confirm the importance of non-CBD employment centers, a strong if asymmetric CBD price gradient, and significant nonlinear gradients from such other urban amenities as major retail sites and highways.