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Article: Water Views and Residential Property Values.(Statistical Data Included)
- Article from:
- Appraisal Journal
- Article date:
- July 1, 2000
- Author:
CopyrightCOPYRIGHT 2000 The Appraisal Institute. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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abstract
This study is an examination of the impact of a water view exposure on the value of single family homes. The authors developed a database of 6,949 home sales of 4,931 different residences over the 1984 to 1993 time period in Bellingham, Washington. Each home's view exposure was determined by personal inspection and each view was graded by its quality of exposure. Depending on the quality, a water view increased a home's value by 8% to 59% in the Bellingham market in 1993. Lake frontage increased a home's value by 126% compared to a nonview, nonfrontage home. Additionally, it is found that the value of a water view varies inversely with the home's ...