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Pricing Residential Amenities: The Value of a View

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  • Benson, Earl D
  • Hansen, Julia L.
  • Schwartz Jr., Arthur
  • Smersh, Greg T.

Abstract

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. Copyright 1998 by Kluwer Academic Publishers

Suggested Citation

  • Benson, Earl D & Hansen, Julia L. & Schwartz Jr., Arthur & Smersh, Greg T., 1998. "Pricing Residential Amenities: The Value of a View," The Journal of Real Estate Finance and Economics, Springer, vol. 16(1), pages 55-73, January.
    • Handle: RePEc:kap:jrefec:v:16:y:1998:i:1:p:55-73
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