This Appraisal Journal article is stored in the IAAO Library.
Abstract:
Most appraisers are well aware of the price premiums associated with golf amenities in residential development projects. This study extends prior research by examining whether or not golf course condominium residences with a cart path proximate to the residence sell for lower prices. This analysis suggests that mere proximity to a car path may reduce transaction prices by 5.1% in the study sample. The price impact is even larger when the condominium unit is proximate to a cart path near greens and tee boxes. Units with proximate cart paths near greens sell for a discount of 11.6% and those near tees sell for discounts of 8.6%. These findings may be important for appraisers, housing developers, golf course designers, homeowner associations, and consumers.