What is the Amenity Value of Golf Course Living?

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CONFERENCE: Linfield College Student Symposium: A Celebration of Scholarship and Creative Achievement

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Hargrave, Kyle W.
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This paper estimates the amenity value of golf course living in both McMinnville and Newberg, Oregon. The data set consists of homes on and off the golf course in both cities and was collected on Zillow’s website from the past two years of home sales. I defined a home as being on the golf course if it was on the course-side of nearby streets, was located in the “green area” on the aerial map which roughly outlines the golf course perimeter, and also if the home description mentioned golf course frontage. I test the hypothesis that private golf courses have a higher percentage markup on the value of a home than public courses. The results of the regression analysis support the percentage markup hypothesis. The markup on the price of a home on Chehalem Golf Course is 11.5%, while the percentage markup of Michelbook Country Club is 13.6%.