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Article: Golf course communities: the effect of course type on housing prices. (Features).
- Article from:
- Appraisal Journal
- Article date:
- April 1, 2003
- Author:
CopyrightCOPYRIGHT 2003 The Appraisal Institute. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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abstract
Although evidence exists that houses in a golf course community have added value because of their location, an unanswered question for appraisers is whether golf course types differently impact the price of houses in these communities. This article describes a model that appraisers can use to derive value adjustments for houses located in private, semiprivate, and daily fee golf course communities. Applying this model to sales transactions in the Las Vegas area, the data supports price premiums of 12.5% for houses located in private golf course communities, 6% for houses located in semiprivate golf course communities, and 5.7% for houses located in ...