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Price Variation in Waterfront Properties Over the Economic Cycle

Author

Listed:
  • Randy E. Dumm

    (Florida State University)

  • G. Stacy Sirmans

    (Florida State University)

  • Greg T. Smersh

    (University of South Florida)

Abstract

Using sales data from the Tampa Bay housing market for the period from 2000 to 2012, this paper examines price performance across the boom, bust, and post-bust phases of the most recent real estate cycle by comparing waterfront properties to non-waterfront properties and by comparing specific waterfront types. Waterfront properties enjoyed a 7.2 percent price premium over non-waterfront properties but this premium was higher in the latter part of the boom stage of the cycle and for the post-bust part of the cycle (2011 and 2012). When evaluating the performance of specific waterfront types, properties on the bay, canal, lake, or river provided price protection through the real estate cycle while the price performance of on-pond properties in some years was more closely aligned with non-waterfront properties.

Suggested Citation

  • Randy E. Dumm & G. Stacy Sirmans & Greg T. Smersh, 2016. "Price Variation in Waterfront Properties Over the Economic Cycle," Journal of Real Estate Research, American Real Estate Society, vol. 38(1), pages 1-26.
    • Handle: RePEc:jre:issued:v:38:n:1:2016:p:1-26
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    File URL: http://pages.jh.edu/jrer/papers/pdf/past/vol38n01/9853-01.1_26.pdf
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    Citations

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    Cited by:

    1. Nur A Khairunnisa & Ahmad Gamal, 2023. "Analyzing the impact of three-dimensional visibility value on shopping center retail unit rental prices," Environment and Planning B, , vol. 50(3), pages 621-641, March.
    2. Nori Tarui & Seth Urbanski & Quang Loc Lam & Makena Coffman & Conrad Newfield, 2023. "Sea level rise risk interactions with coastal property values: a case study of O‘ahu, Hawai‘i," Climatic Change, Springer, vol. 176(9), pages 1-21, September.
    3. Hugo Castro Noblejas & Pierfrancesco De Paola & Jesús Vías Martínez, 2023. "Landscape Value in the Spanish Costa del Sol’s Real Estate Market: The Case of Marbella," Land, MDPI, vol. 12(5), pages 1-16, April.
    4. Ermanno Affuso & John Reid Cummings & Donald Alex Beebe & Steven R. Schultze, 2022. "Endogenous, Regime-Switching Hedonic Estimation of Commercial Waterway Water Quality Impact on Home Values in the Alabama Black Belt," Sustainability, MDPI, vol. 14(18), pages 1-17, September.
    5. Randy E. Dumm & Charles Nyce & G. Stacy Sirmans & Greg T. Smersh, 2022. "Pricing Moral Hazard in Residential Properties: The Impact of Sinkhole Claims on House Prices," The Journal of Real Estate Finance and Economics, Springer, vol. 64(1), pages 30-70, January.

    More about this item

    JEL classification:

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

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