Augmenting Housing Sales Data to Improve Hedonic Estimates of Golf Courses

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.