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

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.

Value of urban views in a bay city: Hedonic analysis with the spatial multilevel additive regression (SMAR) model

“…Besides, because the hedonic theory does not identify the function form (Kanemoto, 1985), the form must be specified instead from data. Unfortunately, commonly used hedo- Table 1 Hedonic estimates of views assessed using the viewshed analysis in recent literature (since 2007) (Bin et al, 2008;Cavailhès et al, 2009;Hamilton & Morgan, 2010;Hindsley et al 2013;Liu & Jakus, 2015;Sander & Polasky, 2009;Poudyal & Hodges, 2010;Yu et al, 2007). nic models such as linear, semi-log, and double-log models might be too simple.…”

“…Bin, Crawford, Kruse, and Landry (2008), Hamilton and Morgan (2010), and Hindsley, Hamilton, and Morgan (2013) applied it to evaluate ocean view. However, to the best of the author's knowledge, no hedonic study has used it to quantify open or green views (see Table 1).…”

The Pricing Effects of Open Space Amenities

“…They find non-linear pricing effects of coastal proximity in San Diego County. Another study by Hindsley et al (2013) also suggest significant water amenity value. In their study, the implicit value of Gulf of Mexico views is revealed from the hedonic pricing model using the housing transaction data in Pinellas County, Florida (Hindsley et al 2013).…”

“…Another study by Hindsley et al (2013) also suggest significant water amenity value. In their study, the implicit value of Gulf of Mexico views is revealed from the hedonic pricing model using the housing transaction data in Pinellas County, Florida (Hindsley et al 2013). In addition, the hedonic housing price model is used to estimate the pricing effects of proximity to Environmental Protection Agency designated hazards areas in Puget Sound of Washington State (Carruthers and Clark 2010) and values of clean air and climate (Chay and Greenstone 2005;Butsic et al 2011;Rehdanz 2006).…”

“…Pricing information for open space is therefore important as it can guide city planners and policymakers towards decision-makings in land-use and planning policies and urban development. 1 Among the benefits of open space, increasing attention has been drawn to the open space amenity value (Hindsley et al 2013;Ahlfeldt and Maennig 2010;Dehring and Dunse 2006). Implicit values are found to vary significantly across open space types (Klaiber and Phaneuf 2010;Gibbons et al 2014).…”