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Valuation of Property Surrounding a Resort Community

Author: Ronald W. Spahr and Mark A. Sunderman

Start Page: 227
End Page: 244
Volume: 17
Issue Number: 2
Year: 1999
Publication: Journal of Real Estate Research

Abstract: This article uses hedonic modeling for valuation of real estate located near Jackson, Wyoming and agricultural property throughout the remainder of Wyoming. The attributes of the hedonic model used to value resort properties are compared with attributes of the model used to value agricultural properties. It is observed that attributes affecting the value of resort property are significantly different from attributes affecting the value of agricultural property. Resort properties, even though classified as agricultural, derive their values from scenic amenities, existence of streams, vegetation and relative location. Alternatively, agricultural lands throughout the remainder of Wyoming derive value from a combination of productive and nonproductive attributes.

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