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With a dizzying array of communities to
choose from, today’s golf by David Lott, Editor/Publisher,
GolfCourseHome.net The stars that dance in a golfer’s eyes when you start talking about fairway living are often bright enough to obscure even the most cautionary road signs. But developers, marketers, agents and builders alike advise prospective buyers to do their homework first. According to the National Golf Foundation, today’s golf community market is "more active than ever," having come back strongly from the chill that gripped the golf real estate market in the early 90s. "Roughly 40 percent of new courses are associated with real estate," says Steve Singer a consultant at the NGF, "which is where it was before the early 90s." That means you have more choices than ever in locations as diverse as Wyoming, Washington, Oregon, Connecticut and Rhode Island in addition to the usual spots such as Florida, North Carolina and Arizona. This abundance also means that while it’s great fun to vacation and shop for a home at the same time, you don’t have time to check out all the possibilities personally. Do your homework and arrive at your destination prepared. To help you arm yourself with the facts, we’ve put together the Eleven Commandments of Golf Real Estate Buying. Half the battle of information gathering is knowing the right questions to ask. And like any investment decision, you need to be aware of the pitfalls and hazards. Follow these commandments and you’ll be successful in finding the fairway home that best suits you.
I. Create Your Best Case Scenario "In most areas there are so many golf communities that you are going to be overwhelmed prospecting on your own," she says. "The houses are going to be much the same—patio, cluster, singly-family homes, zero lot line. But what you need is to have is someone to help you find out things like the average age of the residents in the community, what the amenities are, the activities and the future direction of the community itself."
It is here that Thorton voiced what many professionals in the industry have advised: "First create your own best-case scenario. There is so much out there that you have to imagine something that’s specific to your needs. The house is irrelevant—it’s the amenities that are going to make it happen." In creating your best case scenario, geography, says real estate consultant Myers Barnes, is where you start. Do you want mountains, ocean, lake, desert, riverfront? And what about weather? Some golfers want four seasons, so they look at the mid-Atlantic areas, Virginia and North Carolina. Others want sun and plenty of it and look at Florida, Southern California, Las Vegas (a rapidly growing golf destination) Phoenix and Tucson. Some can’t make up their mind. New Englanders that run to the Florida sunshine and then move part way back up north to the Carolinas are called "halfbacks" by industry insiders.
A recent trend is the building of golf communities near business centers whereupon executives make their golf community home their primary home. "It’s like coming home to a vacation every day," says Kathy Catullo, marketing director at Wakefield Plantation, a new community being built in Raleigh, North Carolina, near the bustling Research Triangle Park. "When people buy here they want to know about commuting, shopping and other things that they need," she says. Many of those critical items are all right on the grounds of the 2,200-acre community—another trend in which communities offer everything from medical facilities, schools and shopping in addition to golf and tennis right within the community’s gates. II. Use the "Inside" Sales Team Often local brokers can sell properties inside a golf community, but few people know a community better than an actual, full-time resident realtor or the community’s own sales staff. Furthermore, resident realtors know that they will be seeing their clients long after the sale—as their neighbors—and thus have a strong incentive to provide the best possible deal. And, finally, if the developer has departed and there are no inside sales people, ask the Homeowners Association (HOA) whom they recommend to use. Often, an HOA will select a local broker to handle the resales once all the original lots and homes have sold.
III.
Consider Resale Value These factors are also critically tied into the quality of life at the community itself. Things such as population density, club ownership when the developer exits, total golf membership vs. number of golf holes, private vs. semi-private. All these items help to define the quality and exclusivity of the community. "You pay for exclusivity and at a private club that price is paid for by the members," say Mike Norton, marketing director at Uwharrie Point, located just 60 minutes west of Pinehurst at the edge of the Uwharrie Mountains. "At the more affordable properties it is usually subsidized by the developer. Outside play is also used to help pay for expenses. Dues may only $100 to $200 per month, but you’ll find it harder to get tee times." Thus, if you think the greens fees are a bit high for you, understand that when you find ones that are less expensive, it may be harder to get the tee time you want.
IV. Eliminate the Ultimate Surprise "You have to take a close look at the dues structure," advises Norton. "Ask the developer—are these realistic numbers? Are they going to support the club, when the developer sells out and the members become responsible for the running of the club? "Some things are done with the numbers to drive real estate," observes Norton, "so that when it comes time for the owners to take over, there could be a rude awakening—and a big liability. Dues will have to go up and a lot of people will be unhappy. Any developer should be willing to discuss what the numbers will be like when the developer leaves. If he won’t, head for the door." That leaves Norton to mention that you should also look into the developer’s background. Examine his track record and his reputation as well as the continuing health of other communities after he has sold out and moved on to other projects. The developer’s track record is an important indication of quality, agrees another community executive. "Find a community the developer worked on 10 years earlier," he advises, "and see how it turned out. And look at the strength of the community’s owner association."
V. Check Out the Homeowners Association The Ford’s Colony HOA has been running the community for a long time, says community executives, and, has managed its cash flow so well that it has stocked up a nice reserve for storm clean-up, road re-paving and other typically large expenditures. There will be no unpleasant financial surprises for Ford’s Colony owners. VI. How Private Is It Really? VII. Is the Marquee Designer Worth It? But the flip side is that these names should not only ensure you of a superior golf course, but they should also signal top-quality work throughout the development. The golf design superstars who want to maintain a long-lived career will not put their names on anything that’s not dedicated to quality. In fact, says Norton, you should think of the designer’s name as a sought-after amenity that increases the desirability of the community. "It affects the pace of sale," he says. "At Uwharrie our overriding amenity is the lake. Without the proper amenity, you’re not going to get the business." Norton is lucky to have two big assets—the lake and the golf course, which has been rated No. 2 in the state by North Carolina magazine for the last four years. For more insight on the additional value a big-name designer brings to a community and its real estate, see the GolfCourseHome series on the subject, by clicking here. VIII. Amenities: What & When? Getting in on the ground floor also allows you to take advantage of the maximum amount of appreciation (or depreciation). Some communities bundle a golf membership in with a property purchase, others require you to buy in. A membership at the very private Haig Point on Daufuskie Island, SC, for instance, can cost $50,000 or more, but it can be folded into your mortgage. In most communities, geography is destiny—the locale will be the major factor in determining outside activities and amenities. For example, if you look at Aspen Glen in Carbondale, Colorado, not only will you find a superb Jack Nicklaus Signature course, but you’ll also have access to the property’s Gold Medal fly fishing areas. Desert exploration is a favorite at Estrella Mountain Ranch, in North Phoenix, Arizona. IX & X. Visit the Surrounding Area and Visit More Than Once And while you’re there, get the names of members and talk to them. Would they buy there again knowing what they know now? Are they happy there? What’s the social life like? Is the access to golf and golf programs equal for both sexes? Subscribe to the local newspaper to get a feel for local issues If you want to use the local facilities such as schools and hospitals, visit them personally. A recent horror story recounted by one sales agent in North Carolina tells how a couple had signed a purchase agreement and then quietly visited the local schools on an unscheduled visit. The schools fell far short of their expectations and they pulled out of the sale. Another issue is the equality of the golf programs at golf communities simply because more women are playing and the quality of their play is rising. In the Las Vegas area, for example, former area broker Joan Hornbeck says that women have their own clubs and groups. "There are 18-hole and 9-hole groups and they’re given their own day and time just like the men," she says. "This is a real change. There’s equal use of the facilities and the locker rooms are the same." Change could be the final watchword for the way golf communities are bought today. From the Internet to real estate trade shows, the market for golf course communities—as well as they way people buy them—has evolved considerably from just 10 years ago. Follow the 10 commandments outlined here and your search for your fairway dream home will be a successful one. David Lott is the Editor/Publisher of GolfCourseHome.net, an Internet resource for golf community buyers, and a frequent contributor to Golf Magazine, Senior Golfer, Links and other golf publications. Click here to send this page to a friend! The Top 10 Golf Real Estate States State # of Golf Communities 1. Florida
603 Source:
National Golf Foundation
Top 5 Golf Real Estate States State Golf Community Courses as a Percent of a State's Total Courses 1. Florida
48%
Create Your Best Case Scenario The first step in finding your perfect golf course home is to determine what you want at the outset and then look for it. Use the questionnaire below to help get you thinking about what’s important in your golf course community. Print out the questionnaire, circle your answers and use them as a template when you start looking at specific communities. 1. The main reason you want to live in a golf course community is:
2. What kind of community do you want to belong: A. Private, equity club 3. How much can you afford? A. Up to $250,000 4. Where do you want to live, in general terms?
5. Where do you want to live within the golf community? Overlooking:
6. You’ve chosen one of the areas above, but you also want to want to live within 30-45 minutes of one of the areas below. For example, you want to live in/near a metro area, but want to be able to drive to the beach within 30 minutes.
7. In which region of the U.S. would you like to live?
8. Do you want to be near:
9. A "name" golf course designer is important Yes No 10. Other amenities that are important check all that apply
11. The kind of home you want is
12. How many bedrooms
13. How many bathrooms
14. Circle other important home features:
15. How much can you afford to devote to golf each year?
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