Gulf Views: Toward a Better Understanding of Viewshed Scope in Hedonic Property Models
Purchase on Springer.com
$39.95 / €34.95 / £29.95*
Rent the article at a discountRent now
* Final gross prices may vary according to local VAT.
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.
- Anselin, L., & Bera, A. (1998). Spatial dependence in linear regression models with an introduction to spatial econometrics. In A. Ullah & D. Giles (Eds.), Handbook of applied economic statistics. New York: Marcel Dekker.
- Benson, E. D., Hansen, J. L., Schwartz, A. L., & Smersh, G. T. (1998). Pricing residential amenities: the value of a view. Journal of Real Estate Finance and Economics, 16, 55–73. CrossRef
- Bin, O., & Polasky, S. (2004). Effects of flood hazards on property values: evidence before and after hurricane Floyd. Land Economics, 80(4), 490–500. CrossRef
- Bin, O., Crawford, T., Kruse, J. B., & Landry, C. E. (2008). Viewscapes and flood hazard: coastal housing market response to amenities and risk. Land Economics, 84(3), 434–48.
- Bond, M. T., Seiler, V. L., & Seiler, M. J. (2002). Residential real estate prices: a room with a view. Journal of Real Estate Research, 23, 129–137.
- Bourassa, S. C., Hoesli, M., & Sun, J. (2004). What’s in a view? Environment and Planning A, 36, 1427–1450. CrossRef
- Cavailhes, J., Brossard, T., Foltete, J., Hilal, M., Joly, D., Tourneux, F., Tritz, C., & Wavresky, P. (2009). GIS-based hedonic pricing of landscape. Environmental and Resource Economics, 44, 571–590. CrossRef
- Din, A., Hoesli, M., & Bender, A. (2001). Environmental variables and real estate prices. Urban Studies, 38(11), 1989–2000. CrossRef
- Dubin, R. (1988). Estimation of regression coefficients in the presence of spatially autocorrelated error terms. Review of Economics and Statistics, 70, 466–74. CrossRef
- Gopalakrishnan, S., Smith, M. D., Slott, J. M., & Murray, A. B. (2011). The value of disappearing beaches: a hedonic pricing model with endogenous beach width. Journal of Environmental Economics and Management, 61(3), 297–310. CrossRef
- Hamilton, S. E., & Morgan, O. A. (2010). Integrating lidar, GIS, and hedonic price modeling to measure amenity values in urban beach residential property markets. Computers, Environment, and Urban Systems, 34(2), 133–141. CrossRef
- Kim, C., Phipps, T., & Anselin, L. (2003). Measuring the benefits of air quality improvement: a spatial hedonic approach. Journal of Environmental Economics and Management, 45, 24–39. CrossRef
- Krinsky, I., & Robb, A. (1986). Estimating the statistical properties of elasticities. Review of Economics and Statistics, 68, 715–719. CrossRef
- Lake, I. R., Bateman, I. J., Day, B. H., & Lovett, A. A. (2000). Using GIS and largescale digital data to determine property characteristics and viewsheds for use in hedonic pricing studies. International Journal of Geographical Information Science, 14(6), 521–541. CrossRef
- Landry, C. E., & Hindsley, P. (2011). Valuing beach quality with hedonic property models. Land Economics, 87, 92–108.
- Morgan, O. A., & Hamilton, S. E. (2011). Disentangling access and view amenities in access-restricted coastal residential communities. Journal of Agricultural and Applied Economics, 43(2), 1–10.
- Paterson, R., & Boyle, K. (2002). Out of sight, out of mind? Using GIS to incorporate visibility in hedonic property value models. Land Economics, 78, 417–425. CrossRef
- Pinellas County Coastal Management. (2009). Field Trip Guidebook for the American Shore and Beach Preservation Association. 2009 National Coastal Conference, http://www.pinellascounty.org/environment/pageshtml/coastalmngmt/cm1100.html
- Pompe, J. J., & Reinhart, J. R. (1995). Beach quality and the enhancement of recreational property values. Journal of Leisure and Research, 27(2), 143–154.
- Rosen, S. (1974). Hedonic prices and implicit markets: product differentiation in pure competition. Journal of Political Economy, 82(1), 34–55. CrossRef
- Gulf Views: Toward a Better Understanding of Viewshed Scope in Hedonic Property Models
The Journal of Real Estate Finance and Economics
Volume 47, Issue 3 , pp 489-505
- Cover Date
- Print ISSN
- Online ISSN
- Springer US
- Additional Links
- Spatial hedonic property model
- Property viewshed
- Industry Sectors
- Author Affiliations
- 1. Environmental Studies, Eckerd College, St. Petersburg, FL, 33711, USA
- 2. College of William and Mary, Center for Geospatial Analysis, Swem Library, Williamsburg, VA, 23187, USA
- 3. Department of Economics, Appalachian State University, 3094 Raley Hall, Boone, NC, 28608, USA