The Journal of Real Estate Finance and Economics

, Volume 47, Issue 3, pp 489–505 | Cite as

Gulf Views: Toward a Better Understanding of Viewshed Scope in Hedonic Property Models

  • Paul Hindsley
  • Stuart E. Hamilton
  • O. Ashton Morgan
Article

Abstract

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.

Keywords

Spatial hedonic property model Property viewshed Willingness-to-pay 

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Copyright information

© Springer Science+Business Media, LLC 2012

Authors and Affiliations

  • Paul Hindsley
    • 1
  • Stuart E. Hamilton
    • 2
  • O. Ashton Morgan
    • 3
  1. 1.Environmental StudiesEckerd CollegeSt. PetersburgUSA
  2. 2.College of William and MaryCenter for Geospatial AnalysisWilliamsburgUSA
  3. 3.Department of EconomicsAppalachian State UniversityBooneUSA

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