Most Wanted: The Golf Course Property Real Estate Explosion
In the past twenty years, newly constructed communities have seen a rise in golf course property. In the past, these homes were found only in the luxury home market, appealing to the executive class. However, with an ever aging population, many affordable golf course properties have been developed to appeal to retirees. These developments are especially popular in the U.S. “sun belt”, where the climate is conducive for ideal conditions year around. Additionally, a golf course has also been added to many newly constructed neighborhoods that appeal to middle class homeowners.
One major homebuilder estimates that ten percent of their new construction projects are golf course properties. That number is even as high as twenty percent in Southern states, with the majority being built in Nevada, Arizona, Texas and Florida, prime retiree destinations. A change in tradition has also occurred in the types of homes being built on golf course property. Whereas golf courses were lined exclusively with single family homes, there has been increased demand to construct condominiums, apartments and duplexes to cater to the senior population. Additionally, these alternate golf course properties are very popular in the time share industry.
Golf course communities are not immune to basic economic principles of supply and demand, however. Recent reports suggest that the market may have been overbuilt in response to initial demand and golf course property has become more affordable in recent years. Developments outside of major metropolitan areas have had a difficult time luring buyers away from the city for a full-time residence. Some communities have even turned to late night infomercials to lure customers, offering free airfare, gifts, and even discounted sale prices for potential buyers.
Homes on a golf course property may include large, bay windows with outstanding views of the golf course. They may even include extra large garages to accommodate the owner’s automobiles and a golf cart. Some communities include, or require, golf club membership fees within the dues for the homeowner’s association. Golf course properties are now a lot more affordable and can be a good option for those who are golf enthusiasts or retirees who want to be near a golf course.