The Woodland Country Club Recreation Zoning

Designation

Winston Grace

With the Woodlands, there is a risk of the luxury homes having a decline in value.
Research shows that increase in housing density can decrease home prices (Mullins, 2001) as
well as research showing that golf courses tend to increase value in residential communities
(Cadena and Thompson, 2015 and Mittal and Byahut, 2016). The history of the research showing
the increase in values of homes near golf courses ranges from the research showing the increase
in value based on the type of golf course (Steven D. Shultz and Nicholas J. Schmitz,(2009))
to the first paper written on the subject (Do and Grudnisky (1995)). In terms of the types of golf
course, the Shultz and Schmidtz study had results giving the highest valuation to homes near
private golf course:
 The papers referenced here make use of hedonic pricing. This is well described in the
following abstract published by Cornell University:
“Buildings can be compared to a bundle of goods sold in a market, where each of
the building characteristics combined equate to the expected overall transaction
value. By collecting data on many different buildings a regression analysis
can be used to determine the correlation (relationship) of each characteristic to the
transaction price —e.g. physical characteristics and other external influencing elements
that may add or subtract from the building value. Each of these correlations can be
measured to determine a degree of confidence (i.e. significance) and then subsequently
be used to build a hedonic pricing model. Hedonic pricing models can be useful to
determine the intrinsic value of each attribute, as well as to predict transaction prices.
This can be particularly useful when traditional discounted cash flow models fall short
because of the absence of a market, when no comparable buildings exist, and for nonincome
generating buildings.” (Monson, 2009)

In the following pages are sample graphs from the referenced article by Cadena and
Thompson, “An Empirical Assessment of the Value of Green in Residential Real Estate”,
as published in The Appraisal Journal, Winter 2015.

Page 88, Cadena and Thompson, “An Empirical Assessment of the Value of Green in
Residential Real Estate”, The Appraisal Journal, Winter 2015
Page 86, Cadena and Thompson, “An Empirical Assessment of the Value of Green in Residential
Real Estate”, The Appraisal Journal, Winter 2015

The next pages are the historical sales price trends for sold homes in the Woodlands as well as
the adjacent community of the Mainlands. Following these graphs are the graphs from “SABAL
PALMS GOLF COURSE REDEVELOPMENT IMPACT CASE STUDY”, February 2018 by
John Burn Real Estate Consulting. Their study uses pre-sales data. However, data from closed
sales is likely a more accurate assessment.
Sales Price Trend: 13th Floor started the project in 2016
The following two charts are using presales data. This means that a person could offer a price
for a home with certain expectactions. However, actual sales data gives what buyers are willing
to purchase for the homes. This is why
The charts are from the Robert Burns Real Consulting study, “Sabal Palms Golf Course
Redevelopment Impact Case Study”, September 2018.
Chart from Sabal Palm Redevelopment Impact Study by Robert Burns Real Estate Consulting
Images from The Sabal Palms Redevelopment Impact Case Study by Robert Burns Real Estate Consulting
Aerial images of the Sabal Palm Redevelopment Project and the Woodlands Country Club and
their respective flood maps. The blue areas in the Woodlands are golf courses in the flood plain
that would have tracks of homes. Most of the blue flood plain on the right-hand side can be
seen to have the 13th Floor project. The City of Lauderhill is to the left-hand side and below the
Woodlands Country Club image and will likely be at greater risk for flooding if the recreation
designation is removed from the Woodlands. As can be seen by comparing these images with
the images from the flood map, the existing Sabal Palm Development (Mainlands image to the
left of the screen) has homes that are in the flood plain.

,
REFERENCES

1. Mullins, Elizabeth, “Effects of residential zoning density on housing price: A study of

Missoula Montana” ScholarWorks at University of Montana
Graduate Student Theses, Dissertations, &
Professional Papers Graduate School .(2001)

2. Cadena and Thompson, “An Empirical Assessment of the Value of Green in Residential Real
Estate”, The Appraisal Journal, Winter (2015)

3. Mittal and Byahut, “Value Capitalization Effects of Golf Courses, Waterfronts, Parks,
Open Spaces, and Green Landscapes —A Cross-Disciplinary Review JOSRE, Vol. 8, No. 1,
(2016)

4. Steven D. Shultz and Nicholas J. Schmitz, “Augmenting Housing Sales Data to

Improve Hedonic Estimates of Golf Course Frontage”, JRER, Vol. 31, No.1, (2009)

5. Do, A. Quong and Grudniski, Gary, “Golf Courses and Residential House Prices:
An Empirical Examination”, Journal of Real Estate Finance and Economics, 10:261-270 (1995)

6. Monson, Matt, “Valuation Using Hedonic Pricing Models”, Cornell Real Estate Review
Volume 7 Article 10, Cornell University, (2009)