Augmenting housing sales data to improve hedonic estimates of golf course frontage

Hedonic price modeling quantified the impact of golf course frontage on single-family housing prices at 20 different golf courses across the Midwestern city of Omaha, Nebraska. Geographic information system analyses tripled a sample of golf frontage sales, which allowed courses to be valued by detailed access and ownership types, and for 15 individual courses. Private non-equity courses had the greatest impact on adjacent housing prices (28%), followed by public courses (15%), municipal courses (9%), and private-equity courses (5%). However, a wide range of price impacts across individual courses was noted, which indicates the benefits of conducting course-specific analyses.