The Impact of a Golf Course on Residential Property Values

2007 ◽  
Vol 21 (4) ◽  
pp. 555-570 ◽  
Author(s):  
Sarah Nicholls ◽  
John L. Crompton
Keyword(s):  
Real Estate ◽  
Property Values ◽  
Golf Course ◽  
Residential Property ◽  
Golf Courses ◽  
Property Prices ◽  
Country Club ◽  
Real Estate Projects ◽  
Under Construction ◽  
The Impact

A large proportion of golf courses currently under construction are part of larger real-estate projects. The objective of this study was to identify the magnitude of the increase in property prices created by the golf course in one such amenity. A hedonic analysis was undertaken using a sample of 305 sales transactions in a golf course subdivision in College Station, Texas. For comparative purposes, the assessed valuations of these properties were used as an alternative dependent variable. The premiums on lots adjacent to the golf course were $61,074 and $45,759, based on sales prices and assessed valuations, respectively. These premiums represented 25.8% of the average sales price of the homes, and 19.2% of the average assessed value. Prices and assessed values were also found to decline significantly with distance to the country club (by $8–10 per foot from the entrance).

The Impact of Shuttered Golf Courses on Property Values

2019 ◽  
Vol 11 (1) ◽  
pp. 2-15 ◽  
Author(s):  
Stephanie R. Yates ◽  
Lary B. Cowart
Keyword(s):  
Property Values ◽  
Golf Course ◽  
Golf Courses ◽  
Home Prices ◽  
Before And After ◽  
Shelby County ◽  
Specific Factors ◽  
The Difference ◽  
Home Values ◽  
The Impact

We measure the impact of a golf course as a residential amenity on surrounding home values in several communities in Shelby County, Alabama. We compare the values of homes in golf course communities (GCCs) and non-golf course communities, as well as the values of homes within these communities before and after the golf course closes. Using a methodology similar to Bond, Seiler, and Seiler (2002), we examine the sales prices of homes within GCCs both before and after a golf course closure to see how the closure affects the sales prices of homes and test for the significance of that difference. We calculate the difference in value for homes in GCCs before and after the golf course is closed and test for the significance of that difference. We estimate the degree to which specific factors explain the variance in home prices in these communities before and after the golf course closed. We find that homes in GCCs sell at a 9% premium compared to homes in non-GCCs. We also find that home prices in GCCs decrease by 17% after the related golf course closes; home prices for properties adjacent to a golf course diminish as well.

scholarly journals International Real Estate Review

2014 ◽  
Vol 17 (2) ◽  
pp. 137-156
Author(s):  
Michael J. Seiler ◽  
Keyword(s):  
Experimental Design ◽  
Real Estate ◽  
Property Values ◽  
Eminent Domain ◽  
Behavioral Approach ◽  
Residential Property ◽  
Real Estate Valuation ◽  
Just Compensation ◽  
Residential Property Values ◽  
The Impact

This study uses a behavioral approach to measure the impact of a partial eminent domain land taking (which affects easement rights and causes proximity damage) on residential property values. Existing appraisal methods are not suited to handle this type of unique valuation impact determination, yet diminution must be determined by the courts to establish proper "just compensation". To accomplish the quantification of damages, an experimental design is implemented that allows the market to voice its opinion of valuation impact through a mechanism other than direct comparable sales. Moreover, this behavioral methodology can and should be used in a number of additional real estate valuation applications.

The Impact of Landfills on Residential Property Values

1992 ◽  
Vol 7 (3) ◽  
pp. 297-314 ◽  
Author(s):  
Alan Reichert ◽  
Michael Small ◽  
Sunil Mohanty
Keyword(s):  
Property Values ◽  
Residential Property ◽  
Residential Property Values ◽  
The Impact

scholarly journals On Selecting Approaches to Analysis of the Residential Property Market

2019 ◽  
Vol 10 (2) ◽  
Author(s):  
Natalya Kovalevskaya ◽  
Vladislav Tyunkov
Keyword(s):  
Real Estate ◽  
Residential Property ◽  
Property Market ◽  
Dual Nature ◽  
Factors Affecting ◽  
Market Participants ◽  
Consumer Interests ◽  
Private Investors ◽  
The Impact ◽  
Private Individual

The article examines the issues of developing the residential property market taking into account the specifics of real estate as an object of the economic analysis. It reveals the terms of implementing economic interest in investing in residential property, identifies the features inherent in the residential property market as investment and commodity markets. It analyses the dual nature of real estate which explains the development of investment and consumer interests of the residential property market participants. The article analyses the interrelation of «saving - investment - consumption» at the level of implementing private (individual) interests of economic subject. It makes a comparison of various investment assets in terms of their attractiveness for private investors, depending on various factors affecting the decision to invest. It analyses the terms that allow to fully disclose the investment or consumer aspects of the residential property market. It considers the impact of the governmental investment policy directed at supporting and promoting development aspects of the residential property market.

scholarly journals The Effect of HOPSCA on Residential Property Values: Exploratory Findings from Wuhan, China

2019 ◽  
Vol 11 (2) ◽  
pp. 471 ◽  
Author(s):  
Zhijiao Qin ◽  
Yan Yu ◽  
Dianfeng Liu
Keyword(s):  
Real Estate ◽  
Property Values ◽  
Development Project ◽  
Urban Life ◽  
Residential Property ◽  
Mixed Use ◽  
Residential Properties ◽  
Quality Of Urban Life ◽  
Residential Property Values

Mixed-use development is theoretically considered to enhance the residential value of an area. However, limited empirical research has focused on European and North American cities. HOPSCA is a real estate project that integrates hotels, offices, parks, shopping malls, conference centers, and apartments. As an important mixed-use development project in Chinese cities, HOPSCA is designed to improve the quality of urban life and to enhance the residential value of an area. Few studies have explicitly examined the effect of HOPSCA on residential property values, let alone linked this question to particular types of HOPSCA. To bridge this research gap, we selected Wuhan City in China as a case study to explore the effects of HOPSCA on residential property values. Specifically, we used the potential model to quantify the effects of HOPSCA and used the geographically weighted regression (GWR) method to estimate the relationship between HOPSCA variables and residential property values. The results are as follows: (1) the effects of HOPSCA on residential property values are statistically significant with positive and negative effects. The balanced-development HOPSCA generated the greatest effects, with the highest premium of 10.76% placed on residential properties. Moderate price premiums of 3.57% and 1.83% were generated under the influence of the commerce-oriented HOPSCA and housing-oriented HOPSCA, respectively. By contrast, the business-oriented HOPSCA exerted a negative effect on residential property (−2.43%). (2) Significant spatial heterogeneity exists on the effect of HOPSCA on residential property values. The results showed that the influence of different types of HOPSCA, viz. the higher the compatibility between the HOPSCA type and the socioeconomic context of Wuhan, the higher the premium captured by residential properties within the city areas. HOPSCA benefits the improvement of the quality of urban life, which promotes urban development. For policy makers and real estate developers, our findings suggest that matching the development types and the spatial layouts of HOPSCA with the regional socioeconomic contexts is critical for enhancing the value performance of such projects.

scholarly journals Does Close Count? School Proximity, School Quality, and Residential Property Values

2007 ◽  
Vol 39 (1) ◽  
pp. 211-221 ◽  
Author(s):  
Kwame Owusu-Edusei ◽  
Molly Espey ◽  
Huiyan Lin
Keyword(s):  
High School ◽  
South Carolina ◽  
School Quality ◽  
Average Distance ◽  
Property Values ◽  
School Level ◽  
Residential Property ◽  
Residential Property Values ◽  
The Impact

This study jointly estimates the impact of school quality and school proximity on residential property values in Greenville, South Carolina. While quality is found to be capitalized into residential property values, the degree of capitalization depends on school level and proximity to each school for which the house is zoned for attendance. In general, there is positive value associated with closer proximity to schools of all levels, and negative value associated with a significantly longer than average distance to schools. In terms of quality rankings, excellence at the elementary and high school levels has the strongest impact on property values.

Impacts of golf course construction and operation on headwater streams: bioassessment using benthic algae

2003 ◽  
Vol 81 (8) ◽  
pp. 848-858 ◽  
Author(s):  
Jennifer G Winter ◽  
Peter J Dillon ◽  
Carolyn Paterson ◽  
Ron A Reid ◽  
Keith M Somers
Keyword(s):  
Nutrient Enrichment ◽  
Headwater Streams ◽  
Benthic Algae ◽  
Golf Course ◽  
Golf Courses ◽  
Algal Communities ◽  
Precambrian Shield ◽  
Filamentous Green Algae ◽  
Algal Groups ◽  
Under Construction

The influence of golf course operation and construction on benthic algal communities in headwater streams on the Precambrian Shield was investigated using a reference condition approach. Streams were sampled for water chemistry and epilithic benthic algae on operational golf courses, on courses under construction, and from nearby minimally impacted reference locations. Epilithic diatom community structure was different in reference streams than in operational golf course streams, the latter indicating nutrient enrichment, higher pH, and disturbance. Full counts of diatoms and soft algae revealed that there was a lower proportion of diatoms relative to other algal groups, cyanobacteria in particular, in operational golf course streams compared with samples from reference locations. Dominance by a single taxon was also significantly higher in operational golf course streams. Although differences relative to the reference streams were less marked for the streams on courses under construction, full counts of diatoms and soft algae provided evidence of disturbance and nutrient enrichment. In particular, high proportions of filamentous green algae were recorded. Overall, our results indicate that golf course land management on the Shield is associated with significant differences in the abundance of certain benthic algal taxa in headwater streams.Key words: diatoms, periphyton, biomonitoring, golf courses, canonical correspondence analysis (CCA), Precambrian Shield.

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