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

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  • Paul Hindsley
  • Stuart Hamilton
  • O. Morgan

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. Copyright Springer Science+Business Media, LLC 2013

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  • Paul Hindsley & Stuart Hamilton & O. Morgan, 2013. "Gulf Views: Toward a Better Understanding of Viewshed Scope in Hedonic Property Models," The Journal of Real Estate Finance and Economics, Springer, vol. 47(3), pages 489-505, October.
    • Handle: RePEc:kap:jrefec:v:47:y:2013:i:3:p:489-505
    DOI: 10.1007/s11146-012-9365-0
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    12. Okmyung Bin & Thomas W. Crawford & Jamie B. Kruse & Craig E. Landry, 2008. "Viewscapes and Flood Hazard: Coastal Housing Market Response to Amenities and Risk," Land Economics, University of Wisconsin Press, vol. 84(3), pages 434-448.
    13. Craig E. Landry & Paul Hindsley, 2011. "Valuing Beach Quality with Hedonic Property Models," Land Economics, University of Wisconsin Press, vol. 87(1), pages 92-108.
    14. Jean Cavailhès & Thierry Brossard & Jean-Christophe Foltête & Mohamed Hilal & Daniel Joly & François-Pierre Tourneux & Céline Tritz & Pierre Wavresky, 2009. "GIS-Based Hedonic Pricing of Landscape," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 44(4), pages 571-590, December.
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    2. Kerry Smith, V. & Whitmore, Ben, 2020. "Coastal amenities and income stratification," Economics Letters, Elsevier, vol. 192(C).
    3. Kolstoe, Sonja H. & Kaminski, Abigail R. & Maher, Anna T., 2023. "Viewsheds and Recreation Demand: Approaches for Capturing Visual Qualities of the Landscape Post-Fire," Western Economics Forum, Western Agricultural Economics Association, vol. 21(2), September.
    4. Andrew Bechard, 2021. "Gone with the Wind: Declines in Property Values as Harmful Algal Blooms Are Blown Towards the Shore," The Journal of Real Estate Finance and Economics, Springer, vol. 62(2), pages 242-257, February.
    5. Kolstoe, Sonja H. & Kaminski, Abigail R. & Maher, Anna T., 2023. "Viewsheds and Recreation Demand: Approaches for Capturing Visual Qualities of the Landscape Post-Fire," Western Economics Forum, Western Agricultural Economics Association, vol. 21(2), September.
    6. Kara, Abdullah & van Oosterom, Peter & Çağdaş, Volkan & Işıkdağ, Ümit & Lemmen, Christiaan, 2020. "3 Dimensional data research for property valuation in the context of the LADM Valuation Information Model," Land Use Policy, Elsevier, vol. 98(C).

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