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Pricing Residential Amenities: The Value of a View

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Author Info
Benson, Earl D, et al

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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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File URL: http://journals.kluweronline.com/issn/0895-5638/contents
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Publisher 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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  1. Samarasinghe, Oshadhi & Sharp, Basil, 2008. "Flood prone risk and amenity values: a spatial hedonic analysis," 2008 Conference (52nd), February 5-8, 2008, Canberra, Australia 6013, Australian Agricultural and Resource Economics Society. [Downloadable!]
  2. Jungik Kim & Peter Goldsmith, 2009. "A Spatial Hedonic Approach to Assess the Impact of Swine Production on Residential Property Values," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 42(4), pages 509-534, April. [Downloadable!] (restricted)
  3. David M. Harrison & Greg T. Smersh & Arthur L. Schwartz, Jr, 2001. "Environmental Determinants of Housing Prices: The Impact of Flood Zone Status," Journal of Real Estate Research, American Real Estate Society, vol. 21(1/2), pages 3-20. [Downloadable!]
  4. Alexandre Tangerini & Nils Soguel, 2005. "Evaluation monétaire de la qualité du paysage. Monetary valuation of the landscape quality," Urban/Regional 0507002, EconWPA. [Downloadable!]
  5. Filali, Radhouane, 2008. "Variabilité spatiale des prix hédoniques des caractéristiques du logement: une nouvelle méthode de calcul des indices de prix spatiaux
    [Spatial variability of housing attribute marginal prices:    ," MPRA Paper 14227, University Library of Munich, Germany. [Downloadable!]
  6. Jason Barr, 2007. "Skyscrapers and the Skyline: Manhattan, 1895-2004," Working Papers Rutgers University, Newark 2007-002, Department of Economics, Rutgers University, Newark. [Downloadable!]
  7. Earl D. Benson & Arthur L. Schwartz, Jr., 2000. "An Examination of Vertical Equity Over Two Reassessment Cycles," Journal of Real Estate Research, American Real Estate Society, vol. 19(3), pages 255-273. [Downloadable!]
  8. Pearson, L. J. & Tisdell, C. & Lisle, A. T., 2002. "The Impact of Noosa National Park on Surrounding Property Values: An Application of the Hedonic Price Method," Economic Analysis and Policy (EAP), Queensland University of Technology (QUT), School of Economics and Finance, vol. 32(2), pages 155-171, June Spec. [Downloadable!]
  9. Bun Lee & Eui-Chul Chung & Yong Kim, 2004. "Dwelling Age, Redevelopment, and Housing Prices: The Case of Apartment Complexes in Seoul," The Journal of Real Estate Finance and Economics, Springer, vol. 30(1), pages 55-80, October. [Downloadable!] (restricted)
  10. Boris A. Portnov & Yakov Odish & Larissa Fleishman, 2005. "Factors Affecting Housing Modifications and Housing Pricing: A Case Study of Four Residential Neighborhoods in Haifa, Israel," Journal of Real Estate Research, American Real Estate Society, vol. 27(4), pages 371-408. [Downloadable!]
  11. Earl D. Benson & Arthur L. Schwartz, Jr., 1997. "Vertical Equity in the Taxation of Single Family Homes," Journal of Real Estate Research, American Real Estate Society, vol. 14(3), pages 215-232. [Downloadable!]
  12. Thunström, Linda, 2007. "The Marginal Willingness-to-Pay for Health Related Food Characteristics," UmeÃ¥ Economic Studies 724, Umeå University, Department of Economics. [Downloadable!]
  13. Krister Sandberg, 2003. "On Space-Time Changes of Hedonic Prices for Single Family Homes," ERSA conference papers ersa03p275, European Regional Science Association. [Downloadable!]
  14. Paul Mogush & Kevin Krizek & David Levinson, 2005. "Value of Trail Access on Home Purchases," Working Papers 000011, University of Minnesota: Nexus Research Group. [Downloadable!]
  15. Jeffrey P. Cohen & Cletus C. Coughlin, 2008. "Airport-related noise, proximity, and housing prices in Atlanta," Working Papers 2005-060, Federal Reserve Bank of St. Louis. [Downloadable!]
  16. Edward L. Glaeser & Joseph Gyourko & Raven Saks, 2003. "Why is Manhattan So Expensive? Regulation and the Rise in House Prices," NBER Working Papers 10124, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  17. Peter Colwell & Carolyn Dehring, 2005. "The Pricing of Lake Lots," The Journal of Real Estate Finance and Economics, Springer, vol. 30(3), pages 267-283, April. [Downloadable!] (restricted)
  18. Katz, G. & Colby, B.G. & Osgood, D.E. & Bark-Hodgins, R.H. & Stromberg, J., 2005. "Do Homebuyers Care about the 'Quality' of Natural Habitats?," 2005 Annual meeting, July 24-27, Providence, RI 19283, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association). [Downloadable!]
  19. Sengupta, Sanchita & Osgood, Daniel, 2002. "Valuation Of Ranchette Amenities: A Hedonic Approach," 2002 Annual Meeting, July 28-31, 2002, Long Beach, California 36547, Western Agricultural Economics Association. [Downloadable!]
  20. Holmes, Thomas P. & Murphy, Elizabeth A. & Bell, Kathleen P., 2006. "Exotic Forest Insects and Residential Property Values," Agricultural and Resource Economics Review, Northeastern Agricultural and Resource Economics Association, vol. 35(1), April. [Downloadable!]
  21. Paul Asabere & Forrest Huffman, 2009. "The Relative Impacts of Trails and Greenbelts on Home Price," The Journal of Real Estate Finance and Economics, Springer, vol. 38(4), pages 408-419, May. [Downloadable!] (restricted)
  22. Burcin Yazgi & Vedia Dokmeci, 2006. "Analysis of Different Urban Forms in Istanbul," ERSA conference papers ersa06p72, European Regional Science Association. [Downloadable!]
  23. O. Ashton Morgan & Stuart E. Hamilton, 2009. "Disentangling Access and View Amenities in Access-restricted Coastal Residential Communities," Working Papers 09-10, Department of Economics, Appalachian State University. [Downloadable!]
  24. Alexandre Tangerini & Nils Soguel, 2005. "Evaluation monétaire de la qualité de paysage / Evaluation of the landscape quality," Urban/Regional 0507007, EconWPA. [Downloadable!]
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