Pricing Residential Amenities: The Value of a View
AbstractThis 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 InfoArticle provided by Springer in its journal Journal of Real Estate Finance & Economics.
Volume (Year): 16 (1998)
Issue (Month): 1 (January)
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Web page: http://www.springerlink.com/link.asp?id=102945
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- > Environmental and Natural Resource Economics > Environmental Economics > Valuation
- > Environmental and Natural Resource Economics > Environmental Economics > Valuation > Hedonic pricing studies
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