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Augmenting Housing Sales Data to Improve Hedonic Estimates of Golf Courses

Author

Listed:
  • Steven D. Shultz

    () (University of Nebraska-Omaha Omaha, NE 68182)

  • Nicholas J. Schmitz

    (University of Nebraska-Omaha Omaha, NE 68182)

Abstract

Hedonic price modeling quantified the impact of golf course frontage on single-family housing prices at 20 different golf courses across the Midwestern City of Omaha, Nebraska. Geographic information system analyses tripled a sample of golf frontage sales which allowed courses to be valued by detailed access and ownership types, and for 15 individual courses. Private-non-equity courses had the greatest impact on adjacent housing prices (28%) followed by public courses (15%), municipal courses (9%) and private-equity courses (5%). However, a wide range of price impacts across individual courses was noted which indicates the benefits of conducting course specific analyses.

Suggested Citation

  • Steven D. Shultz & Nicholas J. Schmitz, 2009. "Augmenting Housing Sales Data to Improve Hedonic Estimates of Golf Courses," Journal of Real Estate Research, American Real Estate Society, vol. 31(1), pages 63-80.
  • Handle: RePEc:jre:issued:v:31:n:1:2009:p:63-80
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    References listed on IDEAS

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    1. Margot Lutzenhiser & Noelwah R. Netusil, 2001. "The Effect Of Open Spaces On A Home'S Sale Price," Contemporary Economic Policy, Western Economic Association International, vol. 19(3), pages 291-298, July.
    2. Su Han Chan & Shin-Hering Michelle Chu & George H. Lentz & Ko Wang, 1998. "Intra-Project Externality and Layout Variables in Residential Condominium Appraisals," Journal of Real Estate Research, American Real Estate Society, vol. 15(2), pages 131-146.
    3. Palmquist, Raymond B, 1984. "Estimating the Demand for the Characteristics of Housing," The Review of Economics and Statistics, MIT Press, vol. 66(3), pages 394-404, August.
    4. repec:cup:jagaec:v:33:y:2001:i:03:p:487-492_02 is not listed on IDEAS
    5. Rosen, Sherwin, 1974. "Hedonic Prices and Implicit Markets: Product Differentiation in Pure Competition," Journal of Political Economy, University of Chicago Press, vol. 82(1), pages 34-55, Jan.-Feb..
    6. Halvorsen, Robert & Palmquist, Raymond, 1980. "The Interpretation of Dummy Variables in Semilogarithmic Equations," American Economic Review, American Economic Association, vol. 70(3), pages 474-475, June.
    7. Espey, Molly & Owusu-Edusei, Kwame, 2001. "Neighborhood Parks and Residential Property Values in Greenville, South Carolina," Journal of Agricultural and Applied Economics, Cambridge University Press, vol. 33(03), pages 487-492, December.
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    Cited by:

    1. Jay Mittal, 2017. "Valuing Visual Accessibility of Scenic Landscapes in a Single Family Housing Market: A Spatial Hedonic Approach," ERES eres2017_1, European Real Estate Society (ERES).
    2. Steve P. Fraser & Marcus T. Allen, 2016. "The Effect of Appurtenant Golf Memberships on Residential Real Estate Prices," International Real Estate Review, Asian Real Estate Society, vol. 19(2), pages 249-264.

    More about this item

    JEL classification:

    • L85 - Industrial Organization - - Industry Studies: Services - - - Real Estate Services

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