Golf Course Adjustments

[Jonah]

I am doing a paired sales on a property to try and derive the contributory value of a residential home backing a golf course if any. So far my analysis is leading me to believe there is no value difference. Has anyone else found similar results? Could this be that the location is offset by the golfers and the house being beat to hell with golf balls?

 

[Mike Plumlee]

Jonah, my experience is that a golf course lot or view does have contributory value in almost every case. You mentioned a house being pounded by golf balls ... is the subject actually "in the line of fire"? Is it off a tee box area? Is it around a greens area? Specific hole location on a golf course is a helpful determinant. Statistics show that homes that border a golf hole are "in the line of fire" if they are from 150-250 yards from the middle teeing ground.

Nonetheless, homes here in Houston that have an unobstructed golf course view typically have a higher land/property value than those off the course.

 

[Jonah]

This one is on the Fairway. I am waiting to hear back from the agent to hear what hole it is.

 

[Michigan CG]

Did one of those recently. Lots were selling for only $20,000 ($500,000 houses -- which would sell for $1M in Chicago) more on the fairways vs. lots not on the course. I was shocked, thought it would be a lot more.

 

[Mark K]

There is generally a premium paid for homes on the course vs. off-course. In the high end homes, good quality golf courses, this premium can be substantial, hundreds of $1,000's of dollars in some cases. As mentioned before, the exact location on the course can also make a big difference. If the site is 150-250 yds. off the tee on the right side, the area where most weekend hackers slice their shots, the value might be less than a lot with a view overlooking a tee or green or a site overlooking a pond area.

Go with your data but I think it would be unusual for a lot overlooking the golf course to be worth the same as a similar lot in the same sub with no course view.

 

[PropertyEconomics]

This one is on the Fairway. I am waiting to hear back from the agent to hear what hole it is.

What hole it is has no importance in the vast majority of instances. The question is how far from the tee box does it sit? If its within say 100 - 200 yards there is a very strong chance that it suffers from the errant drives of many who may play there. If you look at the side of this home and you see a number of patches, dents, etc. its a clue that you have a golf ball problem.
If it lies 250 yards away from the tee box its doubtful if it suffers much from golfer issues.
What type of golf course is this? Private or public?

All of these factors would contribute to the golf courses additional value to this property.

I assume this is being used as a comparable and is not your subject???

One of the largest factors I have noted among golf course lots is not only their view but the feeling of having a huge green back yard, the beauty of which, is that someone else maintains it for the homeowners viewing pleasure.

 

[Elliott]

Golf course frontage is worth more than
non-golf course lots. Lots in a new subdivision
a half mile away showed a $95,000 to
$150,000 difference with interior lots.

I'm at about 225 yards and do get hit,
but I also have a life time supply of
free golf balls.

 

[Charles Knutson]

In my experience, upscale homes on golf courses command a premium price -- as much as 20-30% more than homes not on the golf course. This is even true for homes that get pounded by golf balls; I've even seen a 10-20% premium over homes that are on superior open space / wetlands locations in the same subdivision. I don't understand it, but upscale home buyers love those golf course locations.

This is not true for entry level homes -- the more downscale the property, the less buyers will pay for location and view amenities.

 

[Mr Rex]

Back in my younger days, a buddy of mine had a condo on a golf course, about 150-200 yards from the tee, with a slight rise between the tee box and his place. You could see the tee box from the 2nd floor balcony, so we would station someone on the upper floor, and someone downstairs at ground level. When a foursome would tee off, we would have time to run out and move the first 2-3 balls around without them seeing us due to the little hill. The favorite was to take the best shot and throw it way back up towards the hill and hear the guy beech about how he just knew he hit it further, wind must have caught it etc. or take the best shot and wing it on down the fairway, and hear the boasting to his buddies about the "drive of the year". Sometimes just snagging a ball and seeing how long someone would look for it before giving up was pretty good too.:icon_mrgreen:

You could also play the 4 holes closest to his condo without the folks in the clubhouse seeing you, so, if there was an opening in the schedule (nobody about to tee off) we would play a 4 hole round, college kids didn't have 40 bucks for greens fees.

As far as the OP, its typically a premium here, anywhere from 50% to 300%+ more than off the course lots.

 

[PropertyEconomics]

Back in my younger days, a buddy of mine had a condo on a golf course, about 150-200 yards from the tee, with a slight rise between the tee box and his place. You could see the tee box from the 2nd floor balcony, so we would station someone on the upper floor, and someone downstairs at ground level. When a foursome would tee off, we would have time to run out and move the first 2-3 balls around without them seeing us due to the little hill. The favorite was to take the best shot and throw it way back up towards the hill and hear the guy beech about how he just knew he hit it further, wind must have caught it etc. or take the best shot and wing it on down the fairway, and hear the boasting to his buddies about the "drive of the year". Sometimes just snagging a ball and seeing how long someone would look for it before giving up was pretty good too.:icon_mrgreen:

You could also play the 4 holes closest to his condo without the folks in the clubhouse seeing you, so, if there was an opening in the schedule (nobody about to tee off) we would play a 4 hole round, college kids didn't have 40 bucks for greens fees.

As far as the OP, its typically a premium here, anywhere from 50% to 300%+ more than off the course lots.

You owe me some golfballs pal ... I am really ****** now. :new_2gunsfiring_v1: