A Florida Hole in One
Fairway-side homes have taken their share of the pain during the US property market downturn – but with 2012 values edging up, is now the time to search out a golf holiday home in the Sunshine State? Peter Swain investigates
T
here are several major advantages of owning a golfi ng home in Florida, including the quality of
the 1,440 courses, the year-round sunshine, and, in some areas, the potential rental yields. Then there’s the bonus that the
rest of the family can also enjoy the Orlando theme parks, the giant
shopping malls and stunning beaches. The downside is that, although
there are plenty of cheapish fl ights to Orlando and Miami, Florida isn’t as accessible as Portugal or Spain. But, following on from last month’s
feature on golf homes in Europe, we ask whether golf communities have suffered as badly as the rest of the local market, and whether there are bargains to be had. According to the authoritative
Case-Shiller home price index, prices across Florida fell by an average of 52 per cent between 2006 and 2011. The good news is that 2012 has
seen modest rises of 5 per cent or so, suggesting the slump may be over. But what about golf properties
in particular? “It’s all about the timing,” says Colin Murphy of Torcana, central
Florida specialists. “Golf projects just fi nishing in 2006 may have seen a 60 per cent fall in prices, but older, more established set-ups have fared better.” Murphy estimates there’s a 20 per
cent price premium for living along the fairway, but interestingly he believes the quality of the course isn’t necessarily the key factor. “The location, fee structure and
viability of the company managing the community are just as important.” Another major consideration is
whether a particular golf community is zoned for short-term rental – some are, many aren’t. Membership fees are also important.
Some charge up to $100,000 (£62,400) to join the club, then $10,000 (£6,240) a year to play. Others are strictly pay and play, so cost nothing up front,
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GOLF RESORTS
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