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Testing the Waters: A Spatial Econometric Pricing Model of Different Waterfront Views

Author

Listed:
  • David Wyman

    (College of Charleston)

  • Norman Hutchison

    (University of Aberdeen Business School)

  • Piyush Tiwari, MRICS

    (University of Melbourne)

Abstract

This study contrasts the pricing of waterfront view amenities in a South Carolina lakefront community between the bubble and the post-bubble phases of the real estate cycle. Testing for spatial autocorrelation reveals the asymmetrical operation of spatial processes between the two periods. We find that empirical results for quality of view, view aspect orientation, and origin of buyer are affected by the recession. Specifically, prices for non-premium view properties suffer disproportionately. These results are confirmed by the construction of a spatial error model that provides an improved fit compared to a standard OLS spatial model.

Suggested Citation

  • David Wyman & Norman Hutchison & Piyush Tiwari, MRICS, 2014. "Testing the Waters: A Spatial Econometric Pricing Model of Different Waterfront Views," Journal of Real Estate Research, American Real Estate Society, vol. 36(3), pages 363-382.
    • Handle: RePEc:jre:issued:v:36:n:3:2014:p:363-382
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    Citations

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    Cited by:

    1. Jay Mittal, 2017. "Valuing Visual Accessibility of Scenic Landscapes in a Single Family Housing Market: A Spatial Hedonic Approach," ERES eres2017_1, European Real Estate Society (ERES).
    2. Hugo Castro Noblejas & Pierfrancesco De Paola & Jesús Vías Martínez, 2023. "Landscape Value in the Spanish Costa del Sol’s Real Estate Market: The Case of Marbella," Land, MDPI, vol. 12(5), pages 1-16, April.
    3. 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.
    4. Jay Mittal & Sweta Byahut, 2019. "Scenic landscapes, visual accessibility and premium values in a single family housing market: A spatial hedonic approach," Environment and Planning B, , vol. 46(1), pages 66-83, January.

    More about this item

    JEL classification:

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

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