The Influence of the Real Estate Market on Water Right Values in New Mexico’s Middle Rio Grande Basin

40 Pages Posted: 5 Sep 2011  

Matthew T. Payne

WestWater Research

Mark Griffin Smith

Colorado College - Department of Economics and Business

Date Written: September 5, 2011

Abstract

Water markets in the western United States have expanded over the last 40 years driven by two forces – population growth in the West and Southwest and limited development of new storage projects. Until 2008 house prices, home construction and population growth appeared to be locked in an ever-increasing upward trend. With little historical experience to the contrary, water market prices similarly appeared to be driven by real estate development. The collapse of the housing market in the last three years provides an opportunity to examine the connection between the real estate and water markets.

Keywords: water rights, real estate, New Mexico, Rio Grande

JEL Classification: Q25, R33

Suggested Citation

Payne, Matthew T. and Smith, Mark Griffin, The Influence of the Real Estate Market on Water Right Values in New Mexico’s Middle Rio Grande Basin (September 5, 2011). Available at SSRN: https://ssrn.com/abstract=1922445 or http://dx.doi.org/10.2139/ssrn.1922445

Matthew T. Payne

WestWater Research ( email )

1104 Main Street
Suite 610
Vancouver, WA 98660
United States

Mark Griffin Smith (Contact Author)

Colorado College - Department of Economics and Business ( email )

14 E Cache La Poudre Street
Colorado Springs, CO 80903
United States

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