Abstract
Some evidence suggests that coastal properties, particularly those proximate to a beach, have outperformed most real estate market segments over the past decade. Less understood is the relative importance of the property and locational characteristics that drive the selling prices of coastal properties. This information is useful to appraisers, investors, developers, and taxing jurisdictions as well as to consumers. This article examines the differences in sale prices of properties in the Stone Harbor and Avalon, New Jersey, markets from January 2002 through June 2003, and finds a much steeper value gradient for proximity than has been found in prior studies focusing solely on water views. [PUBLICATION ABSTRACT]