June 2020 - Parks & Recreation - 24

FINANCE FOR THE FIELD
How Much Does Living Close to a Golf
Course Add to Property Values?
By John L. Crompton, Ph.D.

I

n a recent article in the Journal of Park and Recreation Administration,
Sarah Nicholls, a professor in the department of business at Swansea
University's School of Management, and I reviewed 21 studies that
measured the impact of golf courses on property values. They were
all published in peer reviewed journals, which provided assurance that the
research techniques producing the results were sound. Our review showed
the impact of golf courses was different from that of parks in two ways.
First, access to golf courses by
non-golfers, who would like to engage in such activities as walking,
jogging, sitting or daydreaming,
typically is aggressively discouraged. Hence, there is relatively little benefit to be gained from living

proximate to a course unless there
is a view of it. As a result, almost
all the premium is confined to
those residences fronting onto a
golf course. This contrasts with the
impact of parks, which in the April
issue of Parks and Recreation was

reported to extend out to 500-600
feet (about three blocks), and for
larger parks the influence tended to
extend to approximately 1,200 feet.
Second, the review of the impact
of parks reported that, in some instances, premiums on residences
two or three blocks distant from
a park were higher than those for
residences adjacent to a park. This
finding reflected nuisances experienced by adjacent residences, such
as congestion, street parking, litter
or vandalism, intrusive ballfield
lights and engaging in morally of-

Premiums from golf courses tend to be
confined to residences that have a direct view
of the landscape.

22

Parks & Recreation

| J U N E 2 02 0 | PA R K S A N D R E C R E AT I O N .O R G



June 2020 - Parks & Recreation

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