01 May Are Golf Communities Still Relevant?

There were 15,619 golf courses in the United States as of January 2013, after 154.5 courses (in 18-hole equivalents) went off line last year, according to the National Golf Foundation (NGF).

Post recession, developers seem to be acquiring golf courses with conversion plans that include townhomes and multifamily residential construction.

Golf course communities used to mean that developers could charge a 10-25% premium for houses near courses, reports the Urban Land Institute.

Ironically, homebuyers who don’t always play golf still like the open spaces of golf-course living; surveys show that the majority of people who buy homes on or near courses don’t actually play golf. It could be the green space that buyers see as the premium appeal to these communities.

The big boom in the 90s ultimately led to overbuilding, which in turn led to course closings. Now we are seeing more communities popping up with vineyards and orchards. These types of communities also possess the lifestyle value for buyers that golf once did.

It seems that baby boomers are simply less interested than their parents in golf and country club living. They are looking for an inclusive, multigenerational, casual, and sustainable place to live.