|
|
Article: The Impact of World Class Great Lakes Water Views On Residential Property Values.(increases home value)(Statistical Data Included)
- Article from:
- Appraisal Journal
- Article date:
- July 1, 2001
- Author:
CopyrightCOPYRIGHT 2001 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)
|
Abstract
This study examines the impact of water views on property values. Half of the samples of homes in this study have a clear water view while the other half, which consist of adjacent properties, do not. The lake under investigation is one of the Great Lakes, Lake Erie, which is fresh water and freezes over in the winter. It provides an ocean-like view because of its size and because it generates waves large enough to surf. The study results show that having a lake view increases home value by $115,000, or by approximately 56%.
This study examines the impact of water views on the value of residential properties. Specifically, the impact of Lake ...