Real estate/ Economics quick question.....any scholars out there?

Question

I'm trying to remember a term I learned in one of my economics classes that you would use to decribe an object outside your home that is ugly or obstructs your view and thus it actually brings the value of your property down(i.e. living next to a skyrise that blocks your view of the beach, or living next to a landfill dump, etc. ). Anyone know?

Answer 1

Externality is probably what you are thinking of.

What the term externality means it some thing that is not included in the market price of the good.  Example would be a producer who pollutes but does not include the social cost of breathing polluted air.