Realizing the economic value of a forested landscape in a viewshed: an assessment of the Scottsboro-Bells Bend forest area near Nashville, Tennessee
Poudyal, N. C., D. G. Hodges, J. Fenderson, and W. Tarkington.  2010.  Southern Journal of Applied Forestry, 34(2): 72-28.

Abstract:
We employed a hedonic model of residential housing price to evaluate the view of a forest landscape in an area located in the southeastern portion of Cheatham County and the adjacent Scottsboro-Bells Bend area of Davidson County, near Nashville, Tennessee. GIS was used to compute the area of forest landscape visible from individual houses in the area, which were then evaluated in a hedonic regression. While previous studies evaluating the effect of a forest view on property values revealed mixed results, our analysis revealed that the view of a forest landscape has a small but significant and positive on residential housing prices. As the hedonic theory reveals, our findings imply that residents place a significant value on and pay a premium for the view of a forested landscape. Findings from this study could be useful in evaluating viewshed protection policies as a hedge against development pressures that threaten working forest landscapes, and in designing market protocols for scenic view as an ecosystem service.