Pricing residential amenities: The value of a view

被引:278
作者
Benson, ED [1 ]
Hansen, JL
Schwartz, AL
Smersh, GT
机构
[1] Western Washington Univ, Dept Financing Mkt & Decis Sci, Bellingham, WA 98225 USA
[2] Western Washington Univ, Dept Econ, Bellingham, WA 98225 USA
[3] Univ S Florida, Dept Finance & Real Estate, Tampa, FL 33620 USA
[4] Univ Florida, Dept Real Estate, Gainesville, FL 32611 USA
关键词
views; amenity values; hedonic estimation;
D O I
10.1023/A:1007785315925
中图分类号
F8 [财政、金融];
学科分类号
0202 ;
摘要
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.
引用
收藏
页码:55 / 73
页数:19
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