Abstract
Considerable prior research confirms the existence of real estate price premiums associated with golf course amenities in residential development projects. This study examines a unique residential development project in which membership in a golf club is appurtenant to the real estate: ownership of certain (but not all) dwellings in the project includes deeded membership in the project¡¦s golf club. In this development project, golf memberships can only be obtained or disposed of by acquiring or selling the associated dwelling, respectively. The results of this analysis indicates that price premiums associated with appurtenant golf memberships, after controlling for golf course view and other relevant property characteristics, are significantly positive. Furthermore, the results indicate that the magnitude of the price premium for appurtenant golf memberships varies across dwelling types (detached vs. attached) in this project. These findings may be important for housing developers, consumers, lenders, appraisers, and property and income tax authorities.
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Disclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.