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Most Wanted: The Golf Course Property Real Estate Explosion
By Nathan Lynch
In the past twenty years, newly constructed communities have seen a rise in 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 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 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 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 course property. Whereas 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 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 course property has become more affordable in recent years. Developments outside of major metropolitan areas have had a difficult time
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