Real Estate Market Response to Coastal Flood Hazards

Bin, Okmyung; Kruse, Jamie Brown

doi:10.1061/(asce)1527-6988(2006)7:4(137)

Cited by 129 publications

(98 citation statements)

References 19 publications

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“…Again, some previous studies indicated that view and property values are positively correlated (see [Bond et al, 2002], [Bourassa et al, 2003] and [Tse, 2002]). Further, Bin and Kruse (2006) reasoned that, having controlled for access, view will capture most of the residual amenity value.…”

Section: Introductionmentioning

confidence: 99%

Integrating lidar, GIS and hedonic price modeling to measure amenity values in urban beach residential property markets

Hamilton

Morgan

2010

Computers, Environment and Urban Systems

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Hedonic property price models have been used extensively in the economics literature to measure the value households place on locating properties close to a given resource, such as a beach, river, or lake. This proximity premium consists of two components. First, property owners derive benefit from living close to the resource for access purposes. Second, they also derive benefit from the view of the resource. Critical to the analyses is the identification and measurement of these two components. We augment previous research by providing more accurate and objective measures of access and view for urban beach residential properties. Using GIS, we calculate the distance from each property to the nearest designated public access point. Using lidar data, we calculate the ocean view from each property. These measures are then integrated into a hedonic property price model to disentangle and estimate households' willingness to pay for beach access and view.

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Section: Introductionmentioning

confidence: 99%

Integrating lidar, GIS and hedonic price modeling to measure amenity values in urban beach residential property markets

Hamilton

Morgan

2010

Computers, Environment and Urban Systems

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“…Bin and Polasky [39], in 2004, utilizing data from sales of 8000 homes between 1992 and 2002 in North Carolina, found that a house located within a floodplain has a 5.7% lower market value than equivalent house located outside the floodplain and that the price discount doubled after Hurricane Floyd. Bin and Kruse [40], in 2005, using digital flood maps coupled with extensive residential property sales records from the period between 2000 and 2004 in a coastal county in North Carolina, indicated that on average property values were 5 to 10% lower if located within a flood zone that was not subject to wave action. However, location within a flood zone that was vulnerable to wave action was associated with higher property values due to the substantial premiums that appear to be associated with proximity to coastal water.…”

Section: The Use Of Hedonic Approach For the Assessment Or Urban Qualitymentioning

confidence: 99%

Assessing the Impact of Urban Improvement on Housing Values: A Hedonic Pricing and Multi-Attribute Analysis Model for the Historic Centre of Venice

et al. 2017

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Abstract:The Hedonic Pricing Method is one of the principal assessment methods for evaluating services and resources not normally exchanged on the market. However, the method is often unable to account for the great variety of qualities in an urban context and faces scarce and heterogeneous market data. This paper presents a model for the valuation of benefits generated by environmental and urban improvement investments adopting a mixed hedonic-multi-attribute procedure for modeling a value function of urban real estate values. The peculiarity of the model is that the independent variables are aggregated indicators, which synthetize more detailed characteristics. Using the expertise of real estate agents, all relevant variables influencing real estate values were weighted and synthetized in a set of cardinal indicators. Next, market prices were used to calibrate a hedonic function that transforms the cardinal indicators into real estate values. The valuation model was integrated into a GIS for mapping the housing value, and its variation induced by urban investment. The proposed model pointed out plausible and robust results, in particular, the possibility to use any available information, such as location, position, technical and economic characteristics of buildings, and organize it in a flexible and transparent way, and to keep evident the role of each characteristic through the hierarchical structure of the model. The model was applied to the real estate market of Venice to test the effects of the MOSE project (Electromechanical Experimental Module) for the protection of Venice from high tides. The results of the application showed a relevant increase in real estate values in the center of Venice, especially related to property in ground floor units, of about 1.4 billion €.

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“…Producto de ello es, por ejemplo, la desregulación de la normativa ambiental para facilitar la urbanización, que ha generado la degradación de los ecosistemas costeros. Así lo reconocen para el caso de Cancún y la Riviera Maya en México, Jiménez y Sosa (2010); para Cantabria, Delgado (2008); y para otros contextos biogeofísicos, diversos autores (Bin & Brown, 2006;Bin, Poulter, Dumas & Whitehead, 2011;McNamara, 2013;Romero, Jiménez & Villoria, 2012). También es secuela de la aplicación de las políticas neoliberales a la gestión territorial regional y local, el aumento de la susceptibilidad a riegos naturales (Babinger, 2012).…”

Section: Utopólis Y Distópolis Costeras En Un Contexto De Metropolizaunclassified

¿Utópolis o distópolis?: producción inmobiliaria y metropolización en el litoral central de Chile (1992-2012)

2016

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Real Estate Market Response to Coastal Flood Hazards

Cited by 129 publications

References 19 publications

Integrating lidar, GIS and hedonic price modeling to measure amenity values in urban beach residential property markets

Integrating lidar, GIS and hedonic price modeling to measure amenity values in urban beach residential property markets

Assessing the Impact of Urban Improvement on Housing Values: A Hedonic Pricing and Multi-Attribute Analysis Model for the Historic Centre of Venice

¿Utópolis o distópolis?: producción inmobiliaria y metropolización en el litoral central de Chile (1992-2012)

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