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To the Water's Edge, and Beyond: Effects of Shore Protection Projects on Beach Development

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  • Cordes, Joseph J
  • Gatzlaff, Dean H
  • Yezer, Anthony M

Abstract

The effects on real estate development of shore-protection efforts that lower erosion rates and storm hazards are both controversial and difficult to detect. A simple theoretical model indicates that shore protection is likely to "tilt" development from areas a few hundred feet inland toward beachfront property. A modified repeat-sale house price index is used to measure price appreciation rates to the water's edge. We are able to formulate an extremely sensitive empirical test for a tilt in rates of house-price appreciation implied by a tilt in development. Surprisingly, we find no significant evidence that shore-protection efforts have produced additional beachfront development in the Florida counties studied. The method used in this article is quite general and could be used in a number of applications where an environmental effect impacts real estate differentially over space. Copyright 2001 by Kluwer Academic Publishers

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  • Cordes, Joseph J & Gatzlaff, Dean H & Yezer, Anthony M, 2001. "To the Water's Edge, and Beyond: Effects of Shore Protection Projects on Beach Development," The Journal of Real Estate Finance and Economics, Springer, vol. 22(2-3), pages 287-302, March-May.
    • Handle: RePEc:kap:jrefec:v:22:y:2001:i:2-3:p:287-302
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    Cited by:

    1. Jerome Massiani, 2013. "How to Value the Benefits of a Recreational Area? A Cost-Benefit Analysis of the Conversion of a Brownfield to a Public Beach in Muggia (Italy)," Review of Economic Analysis, Digital Initiatives at the University of Waterloo Library, vol. 5(1), pages 86-102, June.
    2. repec:rre:publsh:v:40:y:2010:i:3:p:273-286 is not listed on IDEAS

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