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Residential Real Estate Prices: A Room with a View

Author

Listed:
  • Michael T. Bond

    (Cleveland State University, Cleveland, Ohio)

  • Vicky L. Seiler

    (Hawaii Pacific University, Honolulu, HI 96813)

  • Michael J. Seiler

    (Hawaii Pacific University, Honolulu, HI 96813)

Abstract

This article is the winner of the Real Estate Broker / Agency manuscript prize (sponsored by the Center for the Study of Real Estate Brokerage/ Agency at Cleveland State University) presented at the 2001 American Real Estate Society Annual Meeting. This study examines the effect that a view of Lake Erie has on the value of a home. Unlike previous studies, the current investigation is able to successfully control for view. That is, because of the unique building codes of lakefront homes in this sample, homes analyzed either do or do not have a view. Moreover, transaction-based home prices are used which is an improvement over previous studies that rely on appraisal-based data. The results indicate that square footage and lot size also significantly affect a home’s value. More importantly, having this very desirable view adds $256,544.72 (an 89.9% premium) to the value of the home.

Suggested Citation

  • Michael T. Bond & Vicky L. Seiler & Michael J. Seiler, 2002. "Residential Real Estate Prices: A Room with a View," Journal of Real Estate Research, American Real Estate Society, vol. 23(1/2), pages 129-138.
    • Handle: RePEc:jre:issued:v:23:n:1/2:2002:p:129-138
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    References listed on IDEAS

    as
    1. Mark R. Correll & Jane H. Lillydahl & Larry D. Singell, 1978. "The Effects of Greenbelts on Residential Property Values: Some Findings on the Political Economy of Open Space," Land Economics, University of Wisconsin Press, vol. 54(2), pages 207-217.
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    More about this item

    JEL classification:

    • L85 - Industrial Organization - - Industry Studies: Services - - - Real Estate Services

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