Golf Club Communities Back on Buyers' Radars
December 14, 2020
Homes in residential golf communities have faced years of sluggish sales and mostly stagnant prices. But they’re seeing a surge in demand during the pandemic, The Wall Street Journal reports.
It’s not just for the golf, however. Buyers are liking the expansive outdoor green space and also the potential for dining and socializing opportunities that could come with it after the COVID-19 outbreak diminishes.
Golf home communities saw overdevelopment in the 1980s and 1990s. As interest in the sport waned over recent decades, many golf courses have been forced to close across the country.
But now, in the midst of the pandemic, golf may be getting a boost. The outdoor sport is an activity in wide open spaces that can be played while remaining socially distant. Americans have played 10 million more rounds of golf in August when compared to a year ago, which marks a 20.6% increase, according to the Golf Datatech and National Golf Foundation, as reported by The Wall Street Journal.
Meanwhile, home sales in golf communities are rising. The Cliffs, which includes seven residential golf communities in the Carolinas, reported a 161% increase in sales volume in the third quarter compared to a year ago. In Scottsdale, Ariz., the Desert Mountain golf club community has seen nearly double the number of homes go under contract since Sept. 1 compared to a year ago. Also, in Jupiter, Fla., the Admirals Cove golf community reported 84 home sales from January to late October, up from 57 a year ago. Jeff Lichtenstein, a local real estate professional, told The Wall Street Journal that buyers are being drawn to the safety precautions clubs are taking as well as the outdoor exercise classes and free delivery of clubhouse meals.
“There’s a lot of amenities in a pandemic that you never see outside of there,” he told the Journal.
Source: Golf Club Communities Back on Buyers' Radars REALTOR® Magazine (December 10, 2020)