Impact of Surf Breaks on Home Prices in Santa Cruz, CA

Jason Scorse, Frank Reynolds and Amanda Sackett

Tourism Economics, 2015, vol. 21, issue 2, 409-418

Abstract: The growing field of ‘surfonomics' attempts to document surfing's economic contribution to local and regional communities, as well as the consumer surplus that surf breaks provide to millions of surfers. To date, no research has examined the extent to which the value of surf breaks is capitalized into home prices. This study uses the hedonic price method with data from three distinct beach-adjacent neighbourhoods in Santa Cruz, CA, USA, to estimate whether proximity to surf breaks leads to higher home values. The authors find that, after controlling for proximity to the beach, ocean views, the specific characteristics of the homes and neighbourhood effects, proximity to surf breaks is a statistically significant contributor to overall home value. A home that is right next to a surf break is valued on average at approximately US$106,000 more than an equivalent home a mile away.

Keywords: hedonic price method; home values; non-market valuation; surfonomics; surfing; Santa Cruz (search for similar items in EconPapers)
Date: 2015
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Citations: View citations in EconPapers (5)

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Persistent link: https://EconPapers.repec.org/RePEc:sae:toueco:v:21:y:2015:i:2:p:409-418

DOI: 10.5367/te.2013.0367

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