Journal of Real Estate Research
We examine residential real estate transactions in a market where an additional property right to a club good may have an influence on prices. We find that for single-family property, the market capitalizes approximately 50% of the full value of the extra property right. For condominiums, the amount reduces to approximately 25%. While these amounts are positive, they clearly are significantly lower than full value.
Original Publication Citation
Hansz, J. A., & Hayunga, D. K. (2012). Club good influence on residential transaction prices. Journal of Real Estate Research, 34(4), 549-576.
Hansz, J. Andrew and Hayunga, Darren K., "Club Good Influence on Residential Transaction Prices" (2012). Finance Faculty Publications. 22.
Finance and Financial Management Commons, Property Law and Real Estate Commons, Real Estate Commons
Posted with the permission of the publisher.