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Sarah Nicholls and John L. Crompton

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).

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Lowri C. Edwards, Richard Tyler, Dylan Blain, Anna Bryant, Neil Canham, Lauren Carter-Davies, Cain Clark, Tim Evans, Ceri Greenall, Julie Hobday, Anwen Jones, Marianne Mannello, Emily Marchant, Maggie Miller, Graham Moore, Kelly Morgan, Sarah Nicholls, Chris Roberts, Michael Sheldrick, Karen Thompson, Nalda Wainwright, Malcolm Ward, Simon Williams and Gareth Stratton