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2016•Journal of Housing ResearchRequires access

Dockin' USA—A Spatial Hedonic Valuation of Waterfront Property

David Wyman, Elaine Worzala

Open publisher page 8 citations

Abstract

A spatial hedonic model was constructed to price over 1,000 waterfront properties on a lake in South Carolina. We confirmed a hierarchy of pricing premiums relative to quality of a property's view, but we also found the ability to build and use a dock resulted in a statistically significant price premium of almost 45%, compared to undockable properties. Results suggest that permanent changes in waterfront levels due to an extended drought or change in lake management policies that affects a property owner's ability to build and use a dock could have a significant negative impact on property value.

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What this paper is about

A spatial hedonic model was constructed to price over 1,000 waterfront properties on a lake in South Carolina. We confirmed a hierarchy of pricing premiums relative to quality of a property's view, but we also found the ability to build and use a dock resulted in a statistically significant price premium of almost 45%, compared to undockable properties. Results suggest that permanent changes in waterfront levels due to an extended drought or change in lake management policies that affects a property owner's ability to build and use a dock could have a significant negative impact on property value.

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Available abstract

A spatial hedonic model was constructed to price over 1,000 waterfront properties on a lake in South Carolina. We confirmed a hierarchy of pricing premiums relative to quality of a property's view, but we also found the ability to build and use a dock resulted in a statistically significant price premium of almost 45%, compared to undockable properties. Results suggest that permanent changes in waterfront levels due to an extended drought or change in lake management policies that affects a property owner's ability to build and use a dock could have a significant negative impact on property value.

Key concepts: Hedonic pricing, Valuation (finance), Property value, Residential property, DOCK, Property (philosophy), Hierarchy, House price

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