Bayside residential areas, which enjoy scenic ocean view, are very often attractive, and many parsons prefer living in bayside areas. However, many of bayside areas are also flood prone areas. For example, a popular residential area of Yokohama city, Japan, is predicted to suffer a serious flood damage after great earthquakes. The objective of this study is to analyze the trade-off between benefits and risks from the ocean, and provide some insights toward hazard adaptive/resilient urban design. We first perform a hedonic analysis of condominium prices, and quantify values of ocean-related attributes, including ocean view and proximity to the ocean, and the (negative) value of the flood hazard risk. Here, a multilevel spatial hedonic model is used. Then, desirable bayside urban form under the trade-off is discussed based on these analyses results.