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Living the Life: GOLF HOMES |
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A Good Time to Buy a Golf Home?
by Karen Misuraca
A National Association of Realtors study indicates that 78.2 million baby boomers will drive the second home market over the next decade or so. In fact, the NAR found that 57% of all vacation homes are currently boomer-owned and second home ownership is rising. Appealing to boomers who are finding it necessary to extend their working years, at least part-time, is the current availability of deeded, fractional ownership properties—most second homes are used on average of only two to four weeks a year. Fractional owners get all of the benefits of a luxury vacation home without the maintenance. Hotel-like amenities often include airport pick-up, pre-arrival provisioning, housekeeping, in-residence dining, concierge services, and private fitness, recreational and beach club facilities.
Now that the market has cooled and investment speculators are licking their wounds, buyers are finding a wide selection, and prices that are flat or slightly lower, at least in some regions. And, interest rates are low. From the New York Times: "Though the market for vacation homes is not immune from economic reality, it does not shadow the total real estate market."
In a NYT article entitled "Choosing the Right Course," Billie Cohen offers tips for buying a home in a golf community. She advises prospective buyers to determine the financial stability of the residential community and the developer; the region's projected growth, and on- and off-site amenities like recreation and infrastructure. And, she advises that you talk to some of the residents. Among the resources that Cohen cites are Golfrealestateonline.com and Golfcoursehome.net.
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