IDEAS home Printed from https://ideas.repec.org/a/jre/issued/v35n32013p345-364.html
   My bibliography  Save this article

The Effect of Elevation and Corner Location on Oceanfront Condominium Value

Author

Listed:
  • Bruce L. Gordon

    (University of North Alabama)

  • Daniel Winkler

    (University of North Carolina at Greensboro)

  • J. Doug Barrett

    (University of North Alabama)

  • Leonard Zumpano

    (University of Alabama)

Abstract

Although previous research indicates that condominium unit location within a development has an effect on its value, no research has examined oceanfront condominium units and the unique influences to which they are exposed. This study analyzes data from condominium sales along the Gulf Coast of Alabama using hedonic pricing models that account for the externalities associated with their location. The findings indicate that the positive externalities associated with upper-floor and corner units have a positive and substantial effect on value. Corner units offer even greater positive externalities and sell at a premium to interior units, primarily due to their more panoramic view. Failure to account for both the positive and negative externalities specific to resort type properties could result in serious misspecification when applying hedonic modeling to these property types.

Suggested Citation

  • Bruce L. Gordon & Daniel Winkler & J. Doug Barrett & Leonard Zumpano, 2013. "The Effect of Elevation and Corner Location on Oceanfront Condominium Value," Journal of Real Estate Research, American Real Estate Society, vol. 35(3), pages 345-364.
    • Handle: RePEc:jre:issued:v:35:n:3:2013:p:345-364
    as

    Download full text from publisher

    File URL: http://pages.jh.edu/jrer/papers/pdf/past/vol35n03/04.345_364.pdf
    File Function: Full text
    Download Restriction: no
    ---><---

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Kendra Munn & Suzana Dragićević & Rob Feick, 2022. "Spatial Decision-Making for Dense Built Environments: The Logic Scoring of Preference Method for 3D Suitability Analysis," Land, MDPI, vol. 11(3), pages 1-22, March.
    2. Nur A Khairunnisa & Ahmad Gamal, 2023. "Analyzing the impact of three-dimensional visibility value on shopping center retail unit rental prices," Environment and Planning B, , vol. 50(3), pages 621-641, March.
    3. Quan Gan & Maggie Rong Hu & Wayne Xinwei Wan, 2022. "Contract rescission in the real estate presale market," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 50(4), pages 1054-1106, December.
    4. Andres Jauregui & Qin Fan & Jacquelin Curry, 2023. "House Price Capitalization of Stormwater Retention Basins: Evidence from Fresno-Clovis Metropolitan Area in California," The Journal of Real Estate Finance and Economics, Springer, vol. 67(4), pages 606-626, November.

    More about this item

    JEL classification:

    • L85 - Industrial Organization - - Industry Studies: Services - - - Real Estate Services

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:jre:issued:v:35:n:3:2013:p:345-364. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: JRER Graduate Assistant/Webmaster (email available below). General contact details of provider: http://www.aresnet.org/ .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.