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Beach Re-nourishment and Property Value Growth: The Case of Folly Beach, South Carolina

Author

Listed:
  • Blackwell, Calvin

    (College of Charleston)

  • Sheldon, Susannah

    (South Carolina Sea Grant Consortium)

  • Lansbury, David

    (Metropolitan Commercial Valuations)

  • Vaught, Dyanne

    (College of Charleston)

Abstract

Numerous studies using a variety of methods suggest that beach re-nourishment generates benefits to both recreational users and property owners. However, the only study to use a repeat sales index (Cordes, Gatlaff and Yezer, 2001) found no effect of re-nourishment on property values. We use a repeat sales index to investigate the effects of the Army Corps of Engineers' re-nourishment of Folly Beach, South Carolina. We find that this re-nourishment has maintained property values' rates of appreciation when compared with real estate values in a similar real estate market, the Isle of Palms, South Carolina.

Suggested Citation

  • Blackwell, Calvin & Sheldon, Susannah & Lansbury, David & Vaught, Dyanne, 2010. "Beach Re-nourishment and Property Value Growth: The Case of Folly Beach, South Carolina," The Review of Regional Studies, Southern Regional Science Association, vol. 40(3), pages 273-286.
  • Handle: RePEc:rre:publsh:v:40:y:2010:i:3:p:273-286
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    File URL: http://journal.srsa.org/ojs/index.php/RRS/article/view/18/175
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    References listed on IDEAS

    as
    1. Frederick W. Bell, 1986. "Economic Policy Issues Associated With Beach Renourishment," Review of Policy Research, Policy Studies Organization, vol. 6(2), pages 374-381, November.
    2. Kahneman, Daniel & Tversky, Amos, 1979. "Prospect Theory: An Analysis of Decision under Risk," Econometrica, Econometric Society, vol. 47(2), pages 263-291, March.
    3. Bradley Ewing & Jamie Kruse & Yongsheng Wang, 2007. "Local housing price index analysis in wind-disaster-prone areas," Natural Hazards: Journal of the International Society for the Prevention and Mitigation of Natural Hazards, Springer;International Society for the Prevention and Mitigation of Natural Hazards, vol. 40(2), pages 463-483, February.
    4. Jeffrey Pompe, 2008. "The Effect of a Gated Community on Property and Beach Amenity Valuation," Land Economics, University of Wisconsin Press, vol. 84(3), pages 423-433.
    5. Kenneth E. McConnell, 1977. "Congestion and Willingness to Pay: A Study of Beach Use," Land Economics, University of Wisconsin Press, vol. 53(2), pages 185-195.
    6. 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.
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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, Rimini Centre for Economic Analysis, vol. 5(1), pages 86-102, June.

    More about this item

    Keywords

    Beach Renourishment; Repeat Sales; Property Value;

    JEL classification:

    • R31 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - Housing Supply and Markets
    • R32 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - Other Spatial Production and Pricing Analysis
    • Q51 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Valuation of Environmental Effects

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