I recently found a document online that is interesting to me because it might have an effect on my "horse showing way of life" directly; along with any eventers (type of horse showing that I do), this plan might effect people living in this area of Highlands Ranch. This document was created for a public meeting, which was to address several issues that are in the planning stages at the equestrian park. These issues include the development of a new fence around the park, and new service center yard lights; along with these issues the document highlights some overall concerns of the plan with Spring Gulch Equestrian Area.
I found the concerns to be the most interesting part of this document. The document claims that there was at least one concern, issued by homeowners in the Highlands Ranch area, about "Residential property was purchased because it faced open space [and] loss of property value due to development of the open space behind home."
These concerns are similar to some of what we have talked about in class these past weeks; the idea of open space causes an externality. That is, the people who buy the houses are usually willing to pay more money to have access/view/closeness to open space. This extra money paid for the property backing the open space is the market responding to this externality. So because people are willing to pay more for land near open space, they believe that their property is more valuable because of the open space. I think that the land is more valuable in the eyes of the particular land owners, but not more valuable to the market in general; I also think that their property value will not go down because the open space is being developed or changed in some way. So, if a resident purchased property because it faced open space and at some point this open space is different or changed in some way then this person should move to somewhere else, maybe somewhere where there is more "satisfactory" open space. The fact that some people believe that their property value will go down, or that they will be unhappy because their property no longer faces the open space they "fell in love with" is a reason to stop the Spring Gulch Equestrian Area plan is just crazy.