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Gulf Views: Toward a Better Understanding of Viewshed Scope in Hedonic Property Models

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  • Paul Hindsley
  • Stuart E. Hamilton
  • O. Ashton Morgan

Abstract

This study examines the influence of Gulf of Mexico views on residential home sales prices in Pinellas County, Florida. We utilize Light Detection and Ranging (lidar) data to construct four continuous measures of Gulf of Mexico views – the total view, the maximum view segment, the mean view segment, and proximity to view content. Our results illustrate that residential property owners have a higher marginal willingness-to-pay for larger total views and larger continuous view segments. Results also indicate that the proximity of homes to the view content influences view valuations. Key Words:

Suggested Citation

  • Paul Hindsley & Stuart E. Hamilton & O. Ashton Morgan, 2011. "Gulf Views: Toward a Better Understanding of Viewshed Scope in Hedonic Property Models," Working Papers 11-06, Department of Economics, Appalachian State University.
    • Handle: RePEc:apl:wpaper:11-06
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    1. Morgan, O. Ashton & Hamilton, Stuart E., 2011. "Disentangling Access and View Amenities in Access-Restricted Coastal Residential Communities," Journal of Agricultural and Applied Economics, Cambridge University Press, vol. 43(2), pages 157-166, May.
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    7. Okmyung Bin & Thomas W. Crawford & Jamie B. Kruse & Craig E. Landry, 2008. "Viewscapes and Flood Hazard: Coastal Housing Market Response to Amenities and Risk," Land Economics, University of Wisconsin Press, vol. 84(3), pages 434-448.
    8. Gopalakrishnan, Sathya & Smith, Martin D. & Slott, Jordan M. & Murray, A. Brad, 2011. "The value of disappearing beaches: A hedonic pricing model with endogenous beach width," Journal of Environmental Economics and Management, Elsevier, vol. 61(3), pages 297-310, May.
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    11. 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.
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    13. Okmyung Biny & Stephen Polasky, 2004. "Effects of Flood Hazards on Property Values: Evidence Before and After Hurricane Floyd," Land Economics, University of Wisconsin Press, vol. 80(4).
    14. Morgan, O. Ashton & Hamilton, Stuart E., 2011. "Disentangling Access and View Amenities in Access-Restricted Coastal Residential Communities," Journal of Agricultural and Applied Economics, Southern Agricultural Economics Association, vol. 43(2), pages 1-10, May.
    15. Jean Cavailhès & Thierry Brossard & Jean-Christophe Foltête & Mohamed Hilal & Daniel Joly & François-Pierre Tourneux & Céline Tritz & Pierre Wavresky, 2009. "GIS-based hedonic pricing of landscape," Post-Print hal-02668434, HAL.
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    2. Yuheng Ling, 2022. "Estimating coastal premiums for apartment prices: Towards a new multilevel modelling approach," Environment and Planning B, , vol. 49(1), pages 188-205, January.
    3. Kara, Abdullah & van Oosterom, Peter & Çağdaş, Volkan & Işıkdağ, Ümit & Lemmen, Christiaan, 2020. "3 Dimensional data research for property valuation in the context of the LADM Valuation Information Model," Land Use Policy, Elsevier, vol. 98(C).
    4. Kerry Smith, V. & Whitmore, Ben, 2020. "Coastal amenities and income stratification," Economics Letters, Elsevier, vol. 192(C).
    5. Kolstoe, Sonja H. & Kaminski, Abigail R. & Maher, Anna T., 2023. "Viewsheds and Recreation Demand: Approaches for Capturing Visual Qualities of the Landscape Post-Fire," Western Economics Forum, Western Agricultural Economics Association, vol. 21(2), September.
    6. Kolstoe, Sonja H. & Kaminski, Abigail R. & Maher, Anna T., 2023. "Viewsheds and Recreation Demand: Approaches for Capturing Visual Qualities of the Landscape Post-Fire," Western Economics Forum, Western Agricultural Economics Association, vol. 21(2), September.

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