If you care at all about the value of your property you need to read the article "Failing Golf Courses are Killing Property Values". Click HERE to read it.
FALLING HOME PRICES
You may have read the article “Failing Golf Courses are Killing Property Values”. It’s available through a link in a story on the home page of this website. With the closing of the golf course, and the barrels, and the signs, surely everyone realizes that there has been an impact on the value of our homes. Just how great an impact? The above article mentions that values have fallen from $20 per sq. ft. to as much as 40% of appraised value.
This is the result of one simple fact: We are/were a Golf Course Community. The golf course – rather than being a rectangular piece of property – is threaded among our homes. From the beginning, there is no evidence of boundaries between residential property and the golf course. Golfers have always been allowed to retrieve or play balls from residential lots. Every lot in this community was originally sold as a lot in a Golf Course Community. This had the effect of allowing the Developer to command a higher price for the property. From the first lot sold in the 1960’s to the most recent lot sold by the current Developer, Home Realty.
Assuming the most conservative loss in value of $20 per sq. ft., our homes have lost an estimated combined total value of something around $5,000,000.
It always has and it will in the future, matter what becomes of the golf course property, both from the standpoint of our home values and our enjoyment of the community.