Pacific Southwest Research Station

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Research Paper

Title: Searching for the value of a view

Author: Magill, Arthur W.; Schwan, Charles F.

Date: 1989

Source: Res. Paper PSW-RP-193. Berkeley, CA: U.S. Department of Agriculture, Forest Service, Pacific Southwest Forest and Range Experiment Station; 9 p

Station ID: RP-PSW-193

Description: Assessing the trade-offs between market and nonmarket products of wildlands poses a major problem fornatural resource planners and managers. Scenic quality is a resource that is not quantifiable in monetary terms. To determine if market values of real estate offering views could define relative dollar values for physical dimensions and objects in views, they were correlated to real estate prices for 13 recreation subdivisions in California wildlands. View variables were related to lot values in each subdivision, but the specific view variables related to value varied greatly among subdivisions. Field experience and discussions with realtors and land appraisers suggested a strong relation between views and property values. To help identify more widely applicable means for relating views to lot values, natural resource professionals rated views for scenic quality using a five point scale. View ratings showed little agreement, however, with market value rankings established by realtors. Future research could consider having the public and realtors sample rate landscape views, and having realtors assign market values to the views. These views and values might then serve as benchmarks to guide assessment of view values.

Key Words: esthetic values, view values, real estate, scenic quality, nonmarket value, trade-offs, view assessment, dollar values, landscape views

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Citation

Magill, Arthur W.; Schwan, Charles F.  1989.  Searching for the value of a view   Res. Paper PSW-RP-193. Berkeley, CA: U.S. Department of Agriculture, Forest Service, Pacific Southwest Forest and Range Experiment Station; 9 p.