In San Francisco,
housing values were compared between residences with a view of the Bay and
otherwise comparable residences (e.g., amenities, neighborhood quality) though
without a view.The analysis sought to
measure the imputed value of a Bay view on home sales prices.Two factors were also controlled for in the
analysis: age of home and distance to downtown San Francisco.Thus, randomly selected homes that just sold
were matched on these two factors, yielding the data shown in Table 1 (see separate
file for copy-able table).

Test
at the a = .01 level that homes with a view enjoy significant value premiums,
as reflected by differences in housing values.