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The Pricing of Lake Lots

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  • Peter Colwell
  • Carolyn Dehring

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    Abstract

    This article reveals aspects of lakefront property pricing especially with respect to lot frontage and depth. A clearer understanding of how these lot dimensions affect price should be of interest to those engaged in lake development, land use control, valuation, and marketing. A data set with eighty observations of vacant Lake Michigan residential properties sales is used. The unique geography of northwest Michigan provides an opportunity to tackle empirical issues associated with zoning when zoning is correlated with lot attributes, such as lot topography. Copyright Springer Science + Business Media, Inc. 2005

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    File URL: http://hdl.handle.net/10.1007/s11146-005-6407-x
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    Bibliographic Info

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

    Volume (Year): 30 (2005)
    Issue (Month): 3 (April)
    Pages: 267-283

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    Handle: RePEc:kap:jrefec:v:30:y:2005:i:3:p:267-283

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

    Related research

    Keywords: lakefront property values; frontage and depth; recreational land and values; hedonic pricing;

    References

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    1. Lansford, Notie H., Jr. & Jones, Lonnie L., 1995. "Marginal Price Of Lake Recreation And Aesthetics: An Hedonic Approach," Journal of Agricultural and Applied Economics, Southern Agricultural Economics Association, vol. 27(01), July.
    2. P. Joan Poor & Kevin J. Boyle & Laura O. Taylor & Roy Bouchard, 2001. "Objective versus Subjective Measures of Water Clarity in Hedonic Property Value Models," Land Economics, University of Wisconsin Press, vol. 77(4), pages 482-493.
    3. Russell Davidson & James G. MacKinnon, 1980. "Several Tests for Model Specification in the Presence of Alternative Hypotheses," Working Papers 378, Queen's University, Department of Economics.
    4. Benson, Earl D, et al, 1998. "Pricing Residential Amenities: The Value of a View," The Journal of Real Estate Finance and Economics, Springer, vol. 16(1), pages 55-73, January.
    5. Colwell, Peter F. & Scheu, Tim, 1989. "Optimal lot size and configuration," Journal of Urban Economics, Elsevier, vol. 26(1), pages 90-109, July.
    6. Michael T. Bond & Vicky L. Seiler & Michael J. Seiler, 2002. "Residential Real Estate Prices: A Room with a View," Journal of Real Estate Research, American Real Estate Society, vol. 23(1/2), pages 129-138.
    7. Fiorenza Spalatro & Bill Provencher, 2001. "An Analysis of Minimum Frontage Zoning to Preserve Lakefront Amenities," Land Economics, University of Wisconsin Press, vol. 77(4), pages 469-481.
    8. Huang, Ju-Chin & Boyle, Kevin J. & Halstead, John M. & Gibbs, Julie P., 2002. "An Hedonic Analysis of the Effects of Lake Water Clarity on New Hampshire Lakefront Properties," Agricultural and Resource Economics Review, Northeastern Agricultural and Resource Economics Association, vol. 31(1), April.
    9. Cannaday, Roger E & Colwell, Peter F, 1990. "Optimization of Subdivision Development," The Journal of Real Estate Finance and Economics, Springer, vol. 3(2), pages 195-206, June.
    10. Peter F. Colwell & Tim F. Scheu, 1994. "A History of Site Valuation Rules: Functions and Empirical Evidence," Journal of Real Estate Research, American Real Estate Society, vol. 9(3), pages 353-368.
    11. Holly J. Michael & Kevin J. Boyle & Roy Bouchard, 2000. "Does the Measurement of Environmental Quality Affect Implicit Prices Estimated from Hedonic Models?," Land Economics, University of Wisconsin Press, vol. 76(2), pages 283-298.
    12. Cassel, Eric & Mendelsohn, Robert, 1985. "The choice of functional forms for hedonic price equations: Comment," Journal of Urban Economics, Elsevier, vol. 18(2), pages 135-142, September.
    13. Boyle, Kevin J & Taylor, Laura O, 2001. "Does the Measurement of Property and Structural Characteristics Affect Estimated Implicit Prices for Environmental Amenities in a Hedonic Model?," The Journal of Real Estate Finance and Economics, Springer, vol. 22(2-3), pages 303-18, March-May.
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    Cited by:
    1. Waltert, Fabian & Schl├Ąpfer, Felix, 2010. "Landscape amenities and local development: A review of migration, regional economic and hedonic pricing studies," Ecological Economics, Elsevier, vol. 70(2), pages 141-152, December.

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