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Impact of Surf Breaks on Home Prices in Santa Cruz, CA

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  • Jason Scorse
  • Frank Reynolds III
  • Amanda Sackett

Abstract

The growing field of ‘surfonomics' attempts to document surfing's economic contribution to local and regional communities, as well as the consumer surplus that surf breaks provide to millions of surfers. To date, no research has examined the extent to which the value of surf breaks is capitalized into home prices. This study uses the hedonic price method with data from three distinct beach-adjacent neighbourhoods in Santa Cruz, CA, USA, to estimate whether proximity to surf breaks leads to higher home values. The authors find that, after controlling for proximity to the beach, ocean views, the specific characteristics of the homes and neighbourhood effects, proximity to surf breaks is a statistically significant contributor to overall home value. A home that is right next to a surf break is valued on average at approximately US$106,000 more than an equivalent home a mile away.

Suggested Citation

  • Jason Scorse & Frank Reynolds III & Amanda Sackett, 2015. "Impact of Surf Breaks on Home Prices in Santa Cruz, CA," Tourism Economics, , vol. 21(2), pages 409-418, April.
    • Handle: RePEc:sae:toueco:v:21:y:2015:i:2:p:409-418
    DOI: 10.5367/te.2013.0367
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    References listed on IDEAS

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    1. Lansford, Notie H., Jr. & Jones, Lonnie L., 1995. "Recreational And Aesthetic Value Of Water Using Hedonic Price Analysis," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 20(2), pages 1-15, December.
    2. Mark Thayer & Heidi Albers & Morteza Rahmatian, 1992. "The Benefits of Reducing Exposure to Waste Disposal Sites: A Hedonic Housing Value Approach," Journal of Real Estate Research, American Real Estate Society, vol. 7(3), pages 265-282.
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    Cited by:

    1. Franklin G. Mixon & Chandini Sankaran, 2019. "Men in Grey Suits: Shark Activity and Congestion of the Surfing Commons," Sustainability, MDPI, vol. 11(11), pages 1-15, June.
    2. Thomas McGregor & Samuel Wills, 2016. "Surfing A Wave Of Economic Growth," OxCarre Working Papers 170, Oxford Centre for the Analysis of Resource Rich Economies, University of Oxford.
    3. McGregor, Thomas & Wills, Samuel, 2016. "Natural Assets: Surfing a Wave of Economic Growth," Working Papers 2016-06, University of Sydney, School of Economics.
    4. Franklin G. Mixon, 2018. "Camaraderie, common pool congestion, and the optimal size of surf gangs," Economics of Governance, Springer, vol. 19(4), pages 381-396, November.

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