Table 1

Sample Selection Criteria and Modeling Choices

Category	Criterion Type	Subcategory	Baseline Choice	Alternative
Water quality	Measurement	Water quality statistic	Summer mean	Summer minimum, summer maximum
Water quality	Measurement	Water quality timing	Closest within ± 5 years	Year of sale, year prior to sale, closest within previous 5 years
Water quality	Minimum threshold	Coefficient of variation for Secchi depth	0.25	N/A
Property	Measurement	Property attributes	Lot size; building size; building age	None, bedrooms and bathrooms^a
Property	Maximum threshold	Lakefront property buffer	150 m	300 m
Property	Minimum threshold	Sales in buffer	1	0, 25
Property	Maximum threshold	Property distance to lake	1,000 m	2,500 m
Modeling Choices
Functional form		Sale price, water quality	Log, log	Log, linear
Functional form		Covariates^b	Log	N/A
Fixed effects		Spatial unit	Census tract	Block group
Fixed effects		Interactions	Spatial unit × sale year	Spatial unit + sale year

↵a All combinations of property attributes are considered (e.g., individual attributes, two at a time, three at a time, and all attributes). Bedrooms and bathrooms are always included together.
↵b In addition to the selected property attributes, model covariates include distance to lake, lake area, median income of block group, and slope and elevation of the parcel.