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Club Good Influence on Residential Transaction Prices

Author

Listed:
  • J. Andrew Hansz

    () (California State University Fresno)

  • Darren K. Hayunga

    () (University of Texas at Arlington)

Abstract

We examine residential real estate transactions in a market where an additional property right to a club good may have an influence on prices. We find that for single-family property, the market capitalizes approximately 50 percent of the full value of the extra property right. For condominiums, the amount reduces to approximately 25 percent. While these amounts are positive, they clearly are significantly lower than full value.

Suggested Citation

  • J. Andrew Hansz & Darren K. Hayunga, 2012. "Club Good Influence on Residential Transaction Prices," Journal of Real Estate Research, American Real Estate Society, vol. 34(4), pages 549-576.
  • Handle: RePEc:jre:issued:v:34:n:4:2012:p:549-576
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    File URL: http://pages.jh.edu/jrer/papers/pdf/past/vol34n04/04.549_576.pdf
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    Cited by:

    1. 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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