The Impact of Shuttered Golf Courses on Property Values

Stephanie R. Yates and Lary B. Cowart

Journal of Sustainable Real Estate, 2019, vol. 11, issue 1, 2-15

Abstract: We measure the impact of a golf course as a residential amenity on surrounding home values in several communities in Shelby County, Alabama. We compare the values of homes in golf course communities (GCCs) and non-golf course communities, as well as the values of homes within these communities before and after the golf course closes. Using a methodology similar to Bond, Seiler, and Seiler (2002), we examine the sales prices of homes within GCCs both before and after a golf course closure to see how the closure affects the sales prices of homes and test for the significance of that difference. We calculate the difference in value for homes in GCCs before and after the golf course is closed and test for the significance of that difference. We estimate the degree to which specific factors explain the variance in home prices in these communities before and after the golf course closed. We find that homes in GCCs sell at a 9% premium compared to homes in non-GCCs. We also find that home prices in GCCs decrease by 17% after the related golf course closes; home prices for properties adjacent to a golf course diminish as well.

Date: 2019
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DOI: 10.22300/1949-8276.11.1.2

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