Pricing Residential Amenities: The Value of a View |
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Authors: | Benson Earl D Hansen Julia L Schwartz Arthur L Smersh Greg T |
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Institution: | (1) Department of Finance, Marketing, and Decision Sciences, Western Washington University, USA;(2) Department of Economics, Western Washington University, USA;(3) Department of Finance and Real Estate, University of South Florida, USA;(4) Department of Real Estate, University of Florida, USA |
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Abstract: | This study provides estimates of the value of the view amenity in single-family residential real estate markets. A focus on Bellingham, Washington, a city with a variety of views, including ocean, lake, and mountain, allows for differentiation of the view amenity by both type and quality. Results from a hedonic model estimated for several recent years suggest that depending on the particular view, willingness to pay for this amenity is quite high. The highest-quality ocean views are found to increase the market price of an otherwise comparable home by almost 60%; the lowest-quality ocean views are found to add about 8%. For ocean views of all quality levels, the value of a view is found to vary inversely with distance from the water. |
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Keywords: | views amenity values hedonic estimation |
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