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Golf Courses and Residential House Prices: An Empirical Examination

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  • Do, A Quang
  • Grudnitski, Gary
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    Abstract

    The importance of location is well known in the literature on real estate valuation. Our study extends this body of literature by being first to examine empirically the effect on the selling price of single-family residential properties when they abut a golf course. We determine the incremental effect on the sales price of houses on the golf course by fitting a standard hedonic pricing model to a sample of 717 sales transactions drawn from a suburban area of a large city. We employ a matched-pair research design to hold constant the price effects of other location factors on these golf course properties. Our results indicate that a golf course location adds 7.6 percent to a property's sales price. We believe this finding is of interest to developers in their design of a golf course subdivision and to appraisers who wish to make location-specific value adjustments of golf course properties. Copyright 1995 by Kluwer Academic Publishers

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    Bibliographic Info

    Article provided by Springer in its journal Journal of Real Estate Finance & Economics.

    Volume (Year): 10 (1995)
    Issue (Month): 3 (May)
    Pages: 261-70

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    Handle: RePEc:kap:jrefec:v:10:y:1995:i:3:p:261-70

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    Web page: http://www.springerlink.com/link.asp?id=102945

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    Cited by:
    1. Gabriel M. Ahlfeldt & Alexandra Mastro, 2012. "Valuing iconic design: Frank Lloyd Wright architecture in Oak Park, Illinois," LSE Research Online Documents on Economics 43470, London School of Economics and Political Science, LSE Library.
    2. Gabriel M. Ahfeldt & Alexandra Mastro, 2011. "Valuing Iconic Design: Frank Lloyd Wright Architecture in Oak Park, Illinois," SERC Discussion Papers 0084, Spatial Economics Research Centre, LSE.
    3. Jerry T. Haag & Ronald C. Rutherford & Thomas A. Thomson, 2000. "Real Estate Agent Remarks: Help or Hype?," Journal of Real Estate Research, American Real Estate Society, vol. 20(1), pages 205-215.
    4. Espey, Molly & Owusu-Edusei, Kwame, 2001. "Demographics And The Value Of Park Proximity In Greenville, South Carolina," 2001 Annual meeting, August 5-8, Chicago, IL 20711, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    5. Paul Asabere & Forrest Huffman, 2009. "The Relative Impacts of Trails and Greenbelts on Home Price," The Journal of Real Estate Finance and Economics, Springer, vol. 38(4), pages 408-419, May.
    6. Anderson, Soren T. & West, Sarah E., 2006. "Open space, residential property values, and spatial context," Regional Science and Urban Economics, Elsevier, vol. 36(6), pages 773-789, November.
    7. Shihe Fu, 2005. "What Has Been Capitalized into Property Values: Human Capital, Social Capital, or Cultural Capital?," Working Papers 05-25, Center for Economic Studies, U.S. Census Bureau.
    8. Fakhruddin, Fahmida & Espey, Molly, 2003. "Living On The Edge: Residential Property Values In The Urban/Rural Fringe?," 2003 Annual meeting, July 27-30, Montreal, Canada 22072, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    9. Bark, R.H. & Osgood, D.E. & Colby, B.G. & Katz, G. & Stromberg, J., 2009. "Habitat preservation and restoration: Do homebuyers have preferences for quality habitat?," Ecological Economics, Elsevier, vol. 68(5), pages 1465-1475, March.
    10. Johan Lundberg & Sofia Lundberg, 2004. "Join the Club - On the Attractiveness of Golf Club Membership," ERSA conference papers ersa04p242, European Regional Science Association.

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