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Golf Courses and Residential House Prices: An Empirical Examination

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  • Do, A Quang
  • Grudnitski, Gary

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

Suggested Citation

  • Do, A Quang & Grudnitski, Gary, 1995. "Golf Courses and Residential House Prices: An Empirical Examination," The Journal of Real Estate Finance and Economics, Springer, vol. 10(3), pages 261-270, May.
  • Handle: RePEc:kap:jrefec:v:10:y:1995:i:3:p:261-70
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    Citations

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    Cited by:

    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. Noelwah R. Netusil, 2005. "The Effect of Environmental Zoning and Amenities on Property Values: Portland, Oregon," Land Economics, University of Wisconsin Press, vol. 81(2).
    3. Frank F. Limehouse & Robert E. McCormick & Melissa M. Yeoh, 2012. "The Private Provision of Public Goods: An Analysis of Homes on Golf Courses," Journal of Private Enterprise, The Association of Private Enterprise Education, vol. 27(Spring 20), pages 103-120.
    4. 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.
    5. Vivek Sah & Stephen J. Conroy & Andrew Narwold, 2016. "Estimating School Proximity Effects on Housing Prices: the Importance of Robust Spatial Controls in Hedonic Estimations," The Journal of Real Estate Finance and Economics, Springer, vol. 53(1), pages 50-76, July.
    6. Jane Turpie & Gwyneth Letley & Robynne Chyrstal & Stefan Corbella & Derek Stretch, 2017. "A Spatial Valuation of the Natural and Semi-Natural Open Space Areas in eThekwini Municipality," World Bank Other Operational Studies 26765, The World Bank.
    7. 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).
    8. 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.
    9. 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).
    10. B. Biagi & MG. Brandano & D. Lambiri, 2012. "Does tourism affect house prices? Some evidence from Italy," Working Paper CRENoS 201227, Centre for North South Economic Research, University of Cagliari and Sassari, Sardinia.
    11. Johan Lundberg & Sofia Lundberg, 2004. "Join the Club - On the Attractiveness of Golf Club Membership," ERSA conference papers ersa04p242, European Regional Science Association.
    12. Jeffrey J. Pompe & Jody W. Lipford, 2005. "Putting Private Lands into Public Hands: Explaining Voter Choices to Purchase Public Lands," Journal of Private Enterprise, The Association of Private Enterprise Education, vol. 20(Spring 20), pages 1-26.
    13. Gabriel Ahlfeldt & Alexandra Mastro, 2012. "Valuing Iconic Design: Frank Lloyd Wright Architecture in Oak Park, Illinois," Housing Studies, Taylor & Francis Journals, vol. 27(8), pages 1079-1099, November.
    14. Bianca Biagi & Maria G. Brandano & Dionysia Lambiri, 2015. "Does Tourism Affect House Prices? Evidence from Italy," Growth and Change, Wiley Blackwell, vol. 46(3), pages 501-528, September.
    15. repec:bla:growch:v:48:y:2017:i:1:p:127-152 is not listed on IDEAS
    16. 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.
    17. 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.
    18. Bates, Laurie J. & Santerre, Rexford E., 2001. "The Public Demand for Open Space: The Case of Connecticut Communities," Journal of Urban Economics, Elsevier, vol. 50(1), pages 97-111, July.
    19. 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.
    20. 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.
    21. Dziauddin Mohd Faris & Ismail Kamarul & Othman Zainudin, 2015. "Analysing the local geography of the relationship between residential property prices and its determinants," Bulletin of Geography. Socio-economic Series, De Gruyter Open, vol. 28(28), pages 21-35, June.

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