Cart Paths Can Devalue Golf Course Condos: The Appraisal Journal
June 27, 2017 11:15 AM
CHICAGO (June 27, 2017) – Golf course condominiums located near cart paths – especially those close to tee boxes and putting greens – can sell for lower prices than other golf course condos, according to an article published this week in The Appraisal Journal.
The Appraisal Journal is the quarterly technical and academic publication of the Appraisal Institute, the nation’s largest professional association of real estate appraisers. The materials presented in the publication represent the opinions and views of the authors and not necessarily those of the Appraisal Institute.
“Golf Course Design and Real Estate Values: The Impact of Cart Paths on Condominium Prices,” by Steve P. Fraser, Ph.D., and Marcus T. Allen, Ph.D., analyzes golf course condominium prices and determines those closer to golf cart paths sell at a discount of 5.1 percent in the study sample. The study finds that certain cart path locations bring even greater reductions in sale prices, with an 11.6 percent discount for homes near greens and 8.6 percent for homes near tee boxes, the authors write.
Read “Golf Course Design and Real Estate Values: The Impact of Cart Paths on Condominium Prices” in the Spring 2017 issue of The Appraisal Journal.
Also in The Appraisal Journal’s Spring 2017 issue:
“Regression Analysis of Property Productivity Index and Value,” by A. Ason Okoruwa, Ph.D., MAI, outlines methods for using the Microsoft Excel Solver program to assign weights to industrial property features to assist valuation professionals in their use of the price-quality regression technique to value industrial properties.
“Who Is a Real Estate Professional for Tax Purposes? Recent Developments May Help Clarify,” byMark Turner, DBA, and John R. Leavins, Ph.D., describes the qualifications for a real estate investor to qualify as a real estate professional for the purposes of the tax code and summarizes recent court cases and IRS rulings that bring clarity to the issue.
“Appraisal of Residential Water View Properties,” by Chris Mothorpe, Ph.D., and David Wyman, Ph.D., introduces a new geographic information system method for measuring the quality of water views of residential properties. This methodology can be used for estimating the price impact of higher-quality views.
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The Appraisal Institute is a global professional association of real estate appraisers, with nearly 19,000 professionals in almost 60 countries throughout the world. Its mission is to advance professionalism and ethics, global standards, methodologies, and practices through the professional development of property economics worldwide. Organized in 1932, the Appraisal Institute advocates equal opportunity and nondiscrimination in the appraisal profession and conducts its activities in accordance with applicable federal, state and local laws. Individuals of the Appraisal Institute benefit from an array of professional education and advocacy programs, and may hold the prestigious MAI, SRPA, SRA, AI-GRS and AI-RRS designations. Learn more at www.appraisalinstitute.org.