Price Variation in Waterfront Properties Over the Economic Cycle

Randy E. Dumm (), G. Stacy Sirmans () and Greg T. Smersh ()
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Randy E. Dumm: Florida State University
G. Stacy Sirmans: Florida State University
Greg T. Smersh: University of South Florida

Journal of Real Estate Research, 2016, vol. 38, issue 1, 1-26

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.

JEL-codes: L85 (search for similar items in EconPapers)
Date: 2016
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Citations: View citations in EconPapers (6)

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