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Valuing Beach Quality with Hedonic Property Models

  • Craig E. Landry
  • Paul Hindsley

This paper explores the influence of beach quality on coastal property values. We hypothesize that beach and dune width provide local public goods in the form of recreation potential and storm/erosion protection, but services are limited by distance from the shoreline. Our findings support this hypothesis, as extending the influence of beach quality beyond 300 m from the shore generally results in statistically insignificant parameter estimates. For houses within this proximity bound, beach and dune widths increase property value. We argue that interpretation of marginal willingness to pay for beach quality depends upon individual understanding of coastal processes and expectations of management intervention.

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File URL: http://le.uwpress.org/cgi/reprint/87/1/92
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Article provided by University of Wisconsin Press in its journal Land Economics.

Volume (Year): 87 (2011)
Issue (Month): 1 ()
Pages: 92-108

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Handle: RePEc:uwp:landec:v:87:y:2011:i:1:p:92-108
Contact details of provider: Web page: http://le.uwpress.org/

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  1. Leonard Shabman & Michael K. Bertelson, 1979. "The Use of Development Value Estimates for Coastal Wetland Permit Decisions," Land Economics, University of Wisconsin Press, vol. 54(2), pages 213-222.
  2. Benson, Earl D, et al, 1998. "Pricing Residential Amenities: The Value of a View," The Journal of Real Estate Finance and Economics, Springer, vol. 16(1), pages 55-73, January.
  3. Clapp, John M. & Giaccotto, Carmelo, 1998. "Residential Hedonic Models: A Rational Expectations Approach to Age Effects," Journal of Urban Economics, Elsevier, vol. 44(3), pages 415-437, November.
  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. Kevin M. Simmons & Jamie Brown Kruse & Douglas A. Smith, 2002. "Valuing Mitigation: Real Estate Market Response to Hurricane Loss Reduction Measures," Southern Economic Journal, Southern Economic Association, vol. 68(3), pages 660-671, January.
  6. Lansford, Notie H., Jr. & Jones, Lonnie L., 1995. "Recreational And Aesthetic Value Of Water Using Hedonic Price Analysis," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 20(02), December.
  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. Okmyung Bin & Jamie Brown Kruse & Craig E. Landry, 2008. "Flood Hazards, Insurance Rates, and Amenities: Evidence From the Coastal Housing Market," Journal of Risk & Insurance, The American Risk and Insurance Association, vol. 75(1), pages 63-82.
  9. Rosen, Sherwin, 1974. "Hedonic Prices and Implicit Markets: Product Differentiation in Pure Competition," Journal of Political Economy, University of Chicago Press, vol. 82(1), pages 34-55, Jan.-Feb..
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