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Climate Change and Housing Prices: Hedonic Estimates for Ski Resorts in Western North America

  • Van Butsic
  • Ellen Hanak
  • Robert G. Valletta

We apply a hedonic framework to estimate and simulate the impact of global warming on real estate prices near ski resorts in the western United States and Canada. Using data on housing values for selected U.S. Census tracts and individual home sales in four locations, combined with detailed weather data and characteristics of nearby ski resorts, we find precise and consistent estimates of positive snowfall effects on housing values. Simulations based on these estimates reveal substantial heterogeneity in the likely impact of climate change across regions, including large reductions in home prices near resorts where snow reliability already is low.

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File URL: http://le.uwpress.org/cgi/reprint/87/1/75
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Article provided by University of Wisconsin Press in its journal Land Economics.

Volume (Year): 87 (2011)
Issue (Month): 1 ()
Pages: 75-91

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Handle: RePEc:uwp:landec:v:87:y:2011:i:1:p:75-91
Contact details of provider: Web page: http://le.uwpress.org/

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  1. Van Butsic & Ellen Hanak & Robert G. Valletta, 2008. "Climate change and asset prices: hedonic estimates for North American ski resorts," Working Paper Series 2008-12, Federal Reserve Bank of San Francisco.
  2. David Card & Alexandre Mas & Jesse Rothstein, 2008. "Tipping and the Dynamics of Segregation," The Quarterly Journal of Economics, MIT Press, vol. 123(1), pages 177-218, 02.
  3. Linwood H. Pendleton & Robert Mendelsohn, 1998. "Estimating the Economic Impact of Climate Change on the Freshwater Sportsfisheries of the Northeastern U.S," Land Economics, University of Wisconsin Press, vol. 74(4), pages 483-496.
  4. Edward L. Glaeser & Joseph Gyourko & Raven Saks, 2005. "Why Have Housing Prices Gone Up?," NBER Working Papers 11129, National Bureau of Economic Research, Inc.
  5. William C. Wheaton, 2005. "Ski Resort Real Estate: Does Supply prevent Appreciation?," Journal of Real Estate Research, American Real Estate Society, vol. 27(1), pages 1-16.
  6. James G. Mulligan & Emmanuel Llinares, 2003. "Market Segmentation and the Diffusion of Quality-Enhancing Innovations: The Case of Downhill Skiing," The Review of Economics and Statistics, MIT Press, vol. 85(3), pages 493-501, August.
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