Value Capitalization Effects of Golf Courses, Waterfronts, Parks, Open Spaces, and Green Landscapes — A Cross-Disciplinary Review

Abstract

This article is a cross-disciplinary literature review of eight environmental amenities and their marginal price effect on nearby residential property values. The purpose of the article is to present variation in price contributing effects of amenities on home values and to identify most commonly used value capturing measurement variables, proximity to and view of, amenities. Additionally, variants of these variables are identified and are presented to showcase how they are used in different situations for different amenity types. Further, this article also highlights which variant of the variable is most suited to capture the marginal price effect by the amenity types. This is the first attempt to compile a comprehensive review of the literature from five disciplines across eight amenity types and provides a useful base for scholars and practitioners interested in the topic. Substantial