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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