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Winning Article: "Appraisal of Residential Water View Properties".

Chris Mothorpe, PhD, and David Wyman, PhD are the winners of the 2017 Richard U. Ratcliff award for their article, "Appraisal of Residential Water View Properties," published in the Spring 2017 issue of The Appraisal Journal.

The Richard U. Ratcliff Award is presented annually for the best original article published in The Appraisal Journal written by an academic author. Articles are judged on the basis of pertinent appraisal interest, provocative thought, logical analysis, perceptive reasoning, clarity of presentation, and overall contribution to the literature of valuation. To be eligible for this award, an article must have been peer reviewed by members of The Appraisal Journal's Academic Review Panel and the principal author must be primarily engaged in teaching at a college or university.

In "Appraisal of Residential Water View Properties," Mothorpe and Wyman offer a replicable GIS-based analytical tool that may assist appraisers in estimating the marginal price effects of higher-quality views. They employ water view area as a standardized, objective measure of view quality. The study results suggest that water view area correlates with view quality, as indicated by increased price premiums, with a 1% marginal increase in view area for waterfront properties resulting in a sale price premium of 3.85%.

Chris Mothorpe, PhD, is an assistant professor of economics at the College of Charleston. Mothorpe earned a PhD from Georgia State University. Mothorpe's research interests include urban and public economics with a focus on the evaluation of spatial amenities and public goods. Mothorpe has previously published work in Real Estate Economics, The Annals of Regional Science, Journal of Real Estate Research, and Regional Science and Urban Economics.

David Wyman, PhD, is an assistant professor of economics and director of the Center for Entrepreneurship at the College of Charleston. He earned his PhD in property from the University of Aberdeen, Scotland. His research articles have been published in The Appraisal Journal, Journal of Real Estate Research and Journal of Housing Research.

To read the award-winning article, go to http://bit.ly/TAJarticles.

Caption: Chris Mothorpe, PhD

Caption: David Wyman, PhD

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Title Annotation:Richard U. Ratcliff Award: Best Article by an Academic in 2017 * Sponsored by the Appraisal Institute Education and Relief Foundation
Publication:Appraisal Journal
Geographic Code:1USA
Date:Mar 22, 2018
Words:342
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