Using data from real estate advertisements, housing prices and cases studies of land development mechanism, the article discusses the recent development and effects of waterfront housing in Taipei. The authors find that, firstly, waterfront landscape has become a selling point for housing market. Secondly, the average price of the waterfront real estates is lower than the average of whole district, and the difference slightly increased in recent years. It shows that the waterfronts are still marginal areas, while some of the price increased obviously in specific places and varied through the types, height, and distance. Thirdly, the new housing developments mainly locate at where the state established infrastructures and promoted the proper-led development projects. Finally, there is worry and controversy about the green gentrification of new waterfront housing development which implies commodification of public scenery, transfer of property interests between classes, and replacement of lifestyles.