Price Variation in Waterfront Properties Over the Economic Cycle

Using sales data from the Tampa Bay, Florida housing market for the 2000–2012 period, we examine 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 typ...

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Bibliographic Details
Published in:The Journal of real estate research 2016-01, Vol.38 (1), p.1-26
Main Authors: Dumm, Randy E., Sirmans, G. Stacy, Smersh, Greg T.
Format: Article
Language:English
Subjects:
Business cycles
Canals
Estuaries
Externality
Florida
Houses
Housing
Housing market
Housing prices
Prices
Pricing policies
Property values
Real estate
Real estate sales
Regions
Researchers
Sales
Tampa Bay
United States
Vacations
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Summary:Using sales data from the Tampa Bay, Florida housing market for the 2000–2012 period, we examine 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% 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.
ISSN:0896-5803
2691-1175
DOI:10.1080/10835547.2016.12091435