This Appraisal Journal article is stored in the IAAO Library.
Abstract:
This study investigates the relationship between property values and ownership of golf facilities by homeowners associations (HOAs). The research considers whether HOA ownership of golf facilities affects lot values in those golf course communities when compared to similar properties in communities where golf amenities are alternatively owned. This research informs appraisers, developers, homeowners, investors, municipal authorities, and policymakers of the potential impacts of HOA ownership of golf facilities at golf course communities. The study find that while HOA ownership of golf facilities might be seen as the best alternative for maintaining values inn such communities, HOAs should consider additional approaches for ensuring the financial security of their golf course communities, such as repositioning the assets, investing in training, and increasing access to low-cost financing.