Florida Renovation Loans: Gated Golf Communities - are they a thing of the past!

Gated Golf Communities - are they a thing of the past!

Gated Golf Communities - are they a thing of the past! Are our golf courses in these beautiful gated communities up to PAR!  Who are the next buyers?  Where are they coming from?  Will they want to have their second home in a gated golf community and incur the fees?

I recently visited with "golf" friends who live and play in prestigious gated golf communities in New Jersey and in Massachusetts.  Our friends also own homes in gated golf communities in Florida. 

We were discussing recent home sales and comparing home sales in the north vs the south over cocktails one evening.  Our conversation, as most often times does, diverted to the economy, who the next buyers will be, the stock market, and the transitional state of golf courses across the country.

Recently I read that there were over 1,000 golf courses closing due to lack of players, costs, service and golf course upkeep.  The recession is hurting membership which has a direct impact on the social aspect.  Is the business of golf facing an economic outlook and is the "putt sinking"?   USA Today recently reported that Golf clubs are suffering in recession as membership dwindles.  Living in a gated golf community, we see some every day struggles.  How is that impacting the homes for sale in those communities? 

Through the years we have always counted on the baby boomers and the "soon to retire" buyers looking for their "dream retirement" home in a paradise like gated golf community.  Where are those folks?  Are they still there?  Are they holding back from making that swing and hitting the ball?

In Martin County, we have some of the finest gated golf communities. Willoughby Golf Club and Pipers Landing Yacht & Country Club are two of them.  Piper's Landing is a Florida Gated Golf Community in Palm City, part of Stuart Florida and Martin County and offers fine dining in their clubhouse capable of hosting any type of function.  Pipers Landing community consists of 302 homes with 600+ acres.  In 2007, they redesigned their Gene Bates golf course.

The Willoughby Golf Club Community consists of 375 single family homes on 403 acres.  Willoughby Golf Club offers an Arthur Hills championship golf course and has hosted several regional U.S. Open qualifiers.  Willoughby Golf Club has a superb dining venue with great meals prepared by chef "Jimmy".

Both clubs are beautifully decorated.  Both clubs have pristinely manicured golf courses.  See for yourself.  For more information regarding these two gated golf communities located in Martin County, visit their websites:  www.willoughbygolfclub.com and www.piperslanding.com

 

Comment balloon 25 commentsSusan Gaieski • August 18 2010 04:55PM

Comments

Foreclosures are the only homes selling in our area golf communities.

The prices of homes increased at such a roaring speed when the economy was booming. Now buyers are not wanting to pay the prices that were once out of site.

I hope and pray the cost of homes will again be affordable. Our gated communities are suffering

Alice

Posted by Alice Broadway, Real Estate Broker (Parker & Rankin (Ms) & Azalea Realty (AL)) over 8 years ago

We currently have 1 going through foreclosure it is a sorry situation.  I agree I hope and pray along with you.

Posted by Susan Gaieski, Director for Social Media & Technology (Water Pointe Realty Group) over 8 years ago

Great blog and congratulations

Posted by Maria Wells, Lifestyle Realty Group (Lifestyle Realty Group) over 8 years ago

not only are some of the homes going to foreclosure in these communities, but the clubs themselves filing for bankruptcy

Posted by Jeff&Grace Safrin, SpousesSellingHousesTM (F.C.Tucker 1st Team Real Estate) over 8 years ago

We have a couple of golf clubs in our area that are in serious trouble financially.  The communities surrounding them are very nervous about what is to come should they fold. This is a MESS for those trying to sell with a golf course view that could easily become a construction site.

Posted by Ruthmarie Hicks (Keller Williams NY Realty - 120 Bloomingdale Road #101, White Plains NY 10605) over 8 years ago

Hope the golf communities can turn it around. I'd hate to see them start turning into more homes jammed in there instead of a golf course.

Posted by Eric Michael, Metro Detroit Real Estate Professional 734.564.1519 (Remerica Integrity, Realtors®, Northville, MI) over 8 years ago

Congrats on the Feature.  Our Golf Community has such high fees and most of the properties selling are the foreclosures and low priced homes that folks can steel.  Do you happen to have a copy of the USA Today article??? I would love to pass it on to our Board of Directors and General Manager!

Posted by Christine OShea (Christine E O'Shea Real Estate Broker) over 8 years ago

Susan you bring up a very interesting subject. I will have go do some research for our area (AZ) as we have a ton of golf courses and gated communitites.  I do know of several closures but not sure how wide spread it is. 

Featured in BananaTude

Posted by Anna Banana Kruchten CRB, CRS 602-380-4886, Arizona's Top Banana! (Phoenix Property Shoppe) over 8 years ago

Maria - Thanks and here's to our gated communities!

Jeff and Grace - it's becoming a scary concern especially for homeowners with homes in these wonderful gated golf communities.

Ruth Marie, I have a golf course view - it's beautiful now!

Eric, gosh we certainly don't want that to happen

Christine, I googled troubled golf courses and golf communities and the USA Article came up on top - when I did the search.  it was dated August 8th timeframe.  I too, with my broker tried to present these facts and bring to their attention who are the new buyers and what's been the trend.  You are absolutely right on - the fees are pricey.  Some of the comments I hear are they are worried who would join the clubs!  Well, they might have to rethink that!

Posted by Susan Gaieski, Director for Social Media & Technology (Water Pointe Realty Group) over 8 years ago

Hi Anna, Haven't heard from you in a while.  Yes, that would be interesting to see what's happening in your AZ area.  Thanks..

Posted by Susan Gaieski, Director for Social Media & Technology (Water Pointe Realty Group) over 8 years ago

There are still many of us baby boomers who will be looking for places like this in the years to come.  Because we are such a large group, I think these communities will eventually rebound.

Posted by Margaret Goss, Chicago's North Shore & Winnetka Real Estate (Baird & Warner Real Estate) over 8 years ago

I can tell you about my little neck of the woods in AZ.  We live in a gated golf course community here in North Phoenix.  Home sale in the country club section are strong.  It's mainly baby boomers that are buying the homes in the gated community. They love the bucolic setting and the serene atmosphere. So from this narrow perspective, things look good for the gated golf course communities in our area.  Good post and best of luck to you Susan.

Posted by Jerry Murphy, CRS, SRES, Anthem, Phoenix, and Scottsdale AZ Real Estate (Long Realty West Valley) over 8 years ago

There alive and well in NH.

Posted by Patricia Aulson, Realtor - Portsmouth NH Homes-Hampton NH Homes (BERKSHIRE HATHAWAY HOME SERVICES Verani Realty NH Real Estate ) over 8 years ago

We have some great golf courses here too at Lake Oconee in Reynolds Plantation, Great Waters, Reynolds Landing, Cuscowilla, and Harbor Club. I've been expecting the same thing here that the baby boomers will be forced into taking early retirement, or just retiring, and start buying up these deals on gated community homes. But, I'm not seeing it yet. We have a lot of inventory to sell. They are not all foreclosures, by far, but we have some. Maybe, because of the state of the economy, they are afraid to move now. Or, they need to sell their current home in order to make that final move... 

Posted by Alan Kent, Lake Oconee Real Estate (Keller Williams Realty Lake Oconee ) over 8 years ago

Eco Boomers don't play golf which is gonna be a bummer since they are the ones currently buying homes.  Most of us Baby Boomers have either already downsized and settled in or were hit hard by the economic downturn and now may be trapped in a home that is 40% underwater.  I saw a really interesting economist video last week that ties everything to birth rates and migration rates from State to State and he is saying much of the same.  His suggestion was to open up the gates make those golf courses more family friendly and public and then turn the over 55 communities into affordable housing for those that can qualify...eco boomers with kids and a job.  Interesting concept?

Posted by CJ Johnson, Sales Consultant - Build On Your Lot @ DWH (David Weekley Homes ) over 8 years ago

Interesting question.  We live in a very urban area so I don't sell gated communities at all.  Golf courses are also very expensive to maintain.  Is that being affected?

MB

Posted by Michael Bergin, Northern Virginia Real Estate (Coldwell Banker Residential Brokerage - ABR - SRES ) over 8 years ago

Margaret thanks for your comments.  I hope you are right.  I hope they are just around the corner.

Jerry, so the baby boomers are paying to play and live.  That's great.  I'm hoping this market will pick up and our homes will thrive on the golf courses.  How are your prices and HOA fees?  Are they higher than normal?  What's normal right? Thanks for responding.

Patricia - Maybe we can have them have a second home in Florida to keep them cozy when it's cold up there.  Nice to hear from you.  Thanks for your response.

Alan, I certainly hope we don't see the numbers dipping lower - house prices lowered but fees rising.

Directors Realty - that's where I'm coming from.  My Broker has pitched that presentation about birth rate for the past 6 months.  It's interesting information.  Thanks..

Michael - I think the prices to keep the clubs and golf courses is costly.  I worry about the homes in those communities - I'm hoping I don't see a trend with the home prices dropping to keep the gated communities afloat.  But can't wait to see what happens in the next 6-9 months.

Posted by Susan Gaieski, Director for Social Media & Technology (Water Pointe Realty Group) over 8 years ago

I have sold some homes in golf communities (not gated) and have found them to be a tough sell here in Northeast Ohio, not impossible, I've actually had good luck with mine as the sellers priced them to really sell, but if they end up being homogenous housing, not much difference from house to house, it can be tough, especially if the community is still selling new construction.

Posted by Chris Olsen, Broker Owner Cleveland Ohio Real Estate (Olsen Ziegler Realty) over 8 years ago

Michael, I certainly hope they won't be a thing of the past.  Love your dog, what is it?

Chris, there is no new construction.  Last lot (which had been owned by a homeowner) has a brand new estate home on it.  Thanks for commenting.

Posted by Susan Gaieski, Director for Social Media & Technology (Water Pointe Realty Group) over 8 years ago

The Phoenix area is a golf mecca so I don't think golf course communities will be gone from here for a long time

Posted by Bill Travis, Broker/Owner (Captain Bill Realty, LLC) over 8 years ago

Bill - yes I know let's hope golf course communities rise to the top again in other states.  Thanks...

Posted by Susan Gaieski, Director for Social Media & Technology (Water Pointe Realty Group) over 8 years ago

In beautiful Myrtle Beach, SC we have over 100 golf courses in the nearby area. If the past several years, we've had closures on at least 10 I can think of off the top of my head. We all know the status of the real estate market and Myrtle Beach is no exception. However, overall sales numbers are higher than last year, although the prices are lower. There are great deals available on golf condos from foreclosures and others who bought at the top of the market, thinking that rents would help them pay for the property.

The courses that closed, were planning on using the land to build additional condos, but then the market changed and the land is sitting there with trees and bushes sprouting up where the fairways and greens use to be.

I live on a golf course and love it. But, there are things you need to know when selecting a condo or home on a golf course, or it could be a miserable experience.

Posted by Gary Burleson, Myrtle Beach Homes, Condos, Foreclosures, Investment Propery (Beach Water Realty - www.beachwaterrealty.com) over 8 years ago

Gary

Thanks for your response.  In my gated community there are only neighborhood homes and estate homes.  Times have changed in the last 6 years, it will be interesting to see what happens in the next 6 years.

Posted by Susan Gaieski, Director for Social Media & Technology (Water Pointe Realty Group) over 8 years ago

Susan,

Golf course communities are a real challenge today because of the costs of running the clubs. :)

Steve

Posted by Steve Hoffacker, Certified Aging In Place Specialist-Instructor (Steve Hoffacker LLC) over 8 years ago

Steve - yes they are.  Some of the gated golf communities have even "outsourced" to coporations.  Thanks for responding

Posted by Susan Gaieski, Director for Social Media & Technology (Water Pointe Realty Group) over 8 years ago

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