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Pricing Residential Amenities: The Value of a View

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  • Benson, Earl D, et al

Abstract

This study provides estimates of the value of the view amenity in single-family residential real estate markets. A focus on Bellingham, Washington, a city with a variety of views, including ocean, lake, and mountain, allows for differentiation of the view amenity by both type and quality. Results from a hedonic model estimated for several recent years suggest that depending on the particular view, willingness to pay for this amenity is quite high. The highest-quality ocean views are found to increase the market price of an otherwise comparable home by almost 60%; the lowest-quality ocean views are found to add about 8%. For ocean views of all quality levels, the value of a view is found to vary inversely with distance from the water. Copyright 1998 by Kluwer Academic Publishers

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Bibliographic Info

Article provided by Springer in its journal Journal of Real Estate Finance & Economics.

Volume (Year): 16 (1998)
Issue (Month): 1 (January)
Pages: 55-73

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Handle: RePEc:kap:jrefec:v:16:y:1998:i:1:p:55-73

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Web page: http://www.springerlink.com/link.asp?id=102945

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As found on the RePEc Biblio, the curated bibliography for Economics:
  1. > Environmental and Natural Resource Economics > Environmental Economics > Valuation
  2. > Environmental and Natural Resource Economics > Environmental Economics > Valuation > Hedonic pricing studies
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