Testing the Waters: A Spatial Econometric Pricing Model of Different Waterfront Views

David Wyman (), Norman Hutchison () and Piyush Tiwari
Additional contact information
David Wyman: College of Charleston
Norman Hutchison: University of Aberdeen Business School

Journal of Real Estate Research, 2014, vol. 36, issue 3, 363-382

Abstract: This study contrasts the pricing of waterfront view amenities in a South Carolina lakefront community between the bubble and the post-bubble phases of the real estate cycle. Testing for spatial autocorrelation reveals the asymmetrical operation of spatial processes between the two periods. We find that empirical results for quality of view, view aspect orientation, and origin of buyer are affected by the recession. Specifically, prices for non-premium view properties suffer disproportionately. These results are confirmed by the construction of a spatial error model that provides an improved fit compared to a standard OLS spatial model.

JEL-codes: L85 (search for similar items in EconPapers)
Date: 2014
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Citations: View citations in EconPapers (4)

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