Gulf Views: Toward a Better Understanding of Viewshed Scope in Hedonic Property Models
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- Hindsley, P., Hamilton, S.E. & Morgan, O.A. J Real Estate Finan Econ (2013) 47: 489. doi:10.1007/s11146-012-9365-0
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This study examines the influence of Gulf of Mexico views on residential home sales prices in Pinellas County, Florida. We utilize Light Detection and Ranging (lidar) data to construct four continuous measures of Gulf of Mexico views—the total view, the maximum view segment, the mean view segment, and proximity to view content. Our results illustrate that residential property owners have a higher marginal willingness-to-pay for larger total views and larger continuous view segments. Results also indicate that the proximity of homes to the view content influences view valuations.