IDEAS home Printed from https://ideas.repec.org/a/jre/issued/v31n12009p63-80.html
   My bibliography  Save this article

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
    as

    Download full text from publisher

    File URL: http://pages.jh.edu/jrer/papers/pdf/past/vol31n01/03.63_80.pdf
    File Function: Full text
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    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. Espey, Molly & Owusu-Edusei, Kwame, 2001. "Neighborhood Parks And Residential Property Values In Greenville, South Carolina," Journal of Agricultural and Applied Economics, Southern Agricultural Economics Association, vol. 33(3), pages 1-6, December.
    5. Kennedy, Peter E, 1981. "Estimation with Correctly Interpreted Dummy Variables in Semilogarithmic Equations [The Interpretation of Dummy Variables in Semilogarithmic Equations]," American Economic Review, American Economic Association, vol. 71(4), pages 801-801, September.
    6. 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.
    7. 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..
    8. Robert A. Simons & Jesse D. Saginor, 2006. "A Meta-Analysis of the Effect of Environmental Contamination and Positive Amenities on Residential Real Estate Values," Journal of Real Estate Research, American Real Estate Society, vol. 28(1), pages 71-104.
    9. 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.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Časni Anita Čeh & Filić Josipa, 2022. "Tourism housing price nexus," Croatian Review of Economic, Business and Social Statistics, Sciendo, vol. 8(2), pages 53-65, December.
    2. 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).
    3. David M. Brasington, 2022. "Cutting Funding for Police Protection: The Consequences for the Size of Newly-Constructed Housing," The Journal of Real Estate Finance and Economics, Springer, vol. 65(4), pages 549-571, November.
    4. Jay Mittal & Sweta Byahut, 2019. "Scenic landscapes, visual accessibility and premium values in a single family housing market: A spatial hedonic approach," Environment and Planning B, , vol. 46(1), pages 66-83, January.
    5. Steve P. Fraser & Marcus T. Allen, 2016. "The Effect of Appurtenant Golf Memberships on Residential Real Estate Prices," International Real Estate Review, Global Social Science Institute, vol. 19(2), pages 249-264.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. 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.
    2. Wesley Nimon & John Beghin, 1999. "Are Eco-Labels Valuable? Evidence From the Apparel Industry," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 81(4), pages 801-811.
    3. Evangelista, Rui & Ramalho, Esmeralda A. & Andrade e Silva, João, 2020. "On the use of hedonic regression models to measure the effect of energy efficiency on residential property transaction prices: Evidence for Portugal and selected data issues," Energy Economics, Elsevier, vol. 86(C).
    4. Steve P. Fraser & Marcus T. Allen, 2016. "The Effect of Appurtenant Golf Memberships on Residential Real Estate Prices," International Real Estate Review, Global Social Science Institute, vol. 19(2), pages 249-264.
    5. Michael H. Schill & Ioan Voicu & Jonathan Miller, 2007. "The Condominium versus Cooperative Puzzle: An Empirical Analysis of Housing in New York City," The Journal of Legal Studies, University of Chicago Press, vol. 36(2), pages 275-324, June.
    6. Alessandro Bonanno, 2016. "A Hedonic Valuation of Health and Nonhealth Attributes in the U.S. Yogurt Market," Agribusiness, John Wiley & Sons, Ltd., vol. 32(3), pages 299-313, July.
    7. Bodo E. Steiner, 2004. "Australian wines in the British wine market: A hedonic price analysis," Agribusiness, John Wiley & Sons, Ltd., vol. 20(3), pages 287-307.
    8. Jenny N. Lye & Joseph G. Hirschberg, 2002. "Tests of Inference for Dummy Variables in Regressions with Logarithmic Transformed Dependent Variables," Department of Economics - Working Papers Series 852, The University of Melbourne.
    9. Hodge, Timothy R., 2011. "The Effect of Ethanol Plants on Residential Property Values: Evidence from Michigan," Journal of Regional Analysis and Policy, Mid-Continent Regional Science Association, vol. 41(2), pages 1-20.
    10. Julia Koschinsky & Nancy Lozano-Gracia & Gianfranco Piras, 2012. "The welfare benefit of a home’s location: an empirical comparison of spatial and non-spatial model estimates," Journal of Geographical Systems, Springer, vol. 14(3), pages 319-356, July.
    11. Wieser, Robert, 2009. "Parameterstabilität in hedonischen Bodenpreismodellen [Stability of Parameters in Hedonic Urban Land Price Models]," MPRA Paper 65859, University Library of Munich, Germany.
    12. Seong-Hoon Cho & Christopher D. Clark & William M. Park & Seung Gyu Kim, 2009. "Spatial and Temporal Variation in the Housing Market Values of Lot Size and Open Space," Land Economics, University of Wisconsin Press, vol. 85(1), pages 51-73.
    13. vom Hofe, Rainer & Mihaescu, Oana & Boorn, Mary Lynne, 2017. "Do urban parks really benefit homeowners economically? Evidence from a spatial hedonic study of the Cincinnati park system," HUI Working Papers 122, HUI Research.
    14. Joseph Hiebert & Karen Allen, 2019. "Valuing Environmental Amenities across Space: A Geographically Weighted Regression of Housing Preferences in Greenville County, SC," Land, MDPI, vol. 8(10), pages 1-16, October.
    15. Elisabetta Lazzaro, 2006. "Assessing Quality in Cultural Goods: The Hedonic Value of Originality in Rembrandt's Prints," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 30(1), pages 15-40, March.
    16. Palmquist, Raymond B. & Danielson, Leon E., 1986. "Valuing Farmland Improvements With Land Value Studies," Department of Economics and Business - Archive 259421, North Carolina State University, Department of Economics.
    17. Georgios Kavetsos, 2012. "The Impact of the London Olympics Announcement on Property Prices," Urban Studies, Urban Studies Journal Limited, vol. 49(7), pages 1453-1470, May.
    18. Wee, Sherilyn, 2016. "The effect of residential solar photovoltaic systems on home value: A case study of Hawai‘i," Renewable Energy, Elsevier, vol. 91(C), pages 282-292.
    19. Touseef Hussain & Jaffar Abbas & Zou Wei & Mohammad Nurunnabi, 2019. "The Effect of Sustainable Urban Planning and Slum Disamenity on The Value of Neighboring Residential Property: Application of The Hedonic Pricing Model in Rent Price Appraisal," Sustainability, MDPI, vol. 11(4), pages 1-20, February.
    20. Gabriel M. Ahlfeldt, 2010. "Architektur, Ökonomie – Architekturökonomie," Perspektiven der Wirtschaftspolitik, Verein für Socialpolitik, vol. 11(4), pages 340-355, November.

    More about this item

    JEL classification:

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

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:jre:issued:v:31:n:1:2009:p:63-80. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: JRER Graduate Assistant/Webmaster (email available below). General contact details of provider: http://www.aresnet.org/ .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.