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.