Lately, all the real estate articles you read in our local papers are negative. We definitely have a slower market than we did 2 years ago. However, we do have a market here in Lee County, FL.

Every day, 60-90 homes go under contract. Some of the homes have been on the market several months.  Most that I see going under contact are newer listings. The new listings are selling because the seller prices them at the current market price.

Being a Realtor for almost 20 years in Lee County, I’ve seen the market go up/down and flat. In the early 90’s I had a buyer look at the same vacant condo 3 years in a row. The fourth year he wanted to look again, but it sold. That finally made him make the decision to buy.

The past 18 months has seen a slow down. Several things have contributed to our market changes.

Two bad hurricanes hit our area in 2004 & 2005 but more important were the hurricanes that hit other parts of Florida. The media coverage made in sound like Florida was wiped out.  Hurricane damage throughout Florida caused insurance cost to substantially increase.

The state & local governments have changed building codes to lower damage,but these changes added several thousand dollars to the cost on new homes.

The potential of all the baby boomers coming caused the large builders to move to our market & overbuild. The media reports hyped it up so investors from all over the world showed up and thus, we had an artificial demand.

All these changes in a couple of years have caused the investors to be sitting with many empty homes that they paid more for than they were worth. In many cases they are competing with large home builders that are willing to take write offs to move inventory.  The small individual investor is unable to compete. This caused the bottom to drop out of the rental market and resulted in many over priced listings.

Now you read about Realtors getting out of the business. In good times, everyone got into real estate and bought one or two properties. This was great if they bought in 2002 or 2003 and then flipped the properties in 2004 or 2005. Many of these Realtors now have lost many investment friends and money over lack of sales.

Our current inventory of over 18,000 homes and condos will not be reduced any time soon at our current absorbation rate of 500-600 a month.

It is still a good time to sell IF you price it right!  And, it is an excellent time to buy because of the huge selection and reasonable prices.

Bob Lewis Does Real Estate Right!

Call Bob!  239-565-0330

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The listings in this MLS Report include properties in Lee County, FL only.

You can read the report here.

Listings

• Homes - 12,844
• Condos - 8,227

Pending Sales

• Homes - 678
• Condos - 208

Sold In The Past 12 Months

• Homes - 8,796
• Condos - 3,110

Closed In The Last 30 Days

• Homes - 503
• Condos - 132

Questions concerning this data should be directed to Bob Lewis

Phone: 239-565-0330

To have Fort Myers Real Estate News delivered to your inbox regularly, sign up with your name and email address in the sidebar subscription box at thr eight.  No spam, just Fort Myers Real Estate News.  You can unsubscribe anytime.  No hassle.

Bob Lewis 

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Owning a house is a great investment, but requires regular maintenance to help keep the home’s value.  To protect your investment, here are some home maintenance items that you shouldn’t ignore. 

Mark your calendar each year to do an annual check on the following items.  Remember to keep your receipts on any repairs that you have done.

Water Leaks

Florida homes probably have more damage from water leaks than anything else in the house.  Stains on ceilings can be from a roof problem or air conditioner handler located in the attic.  Check them immediately and get them repaired.  Early detection may be as simple as patching a leak.

Check and repair or replace leaky faucets and running toilet bowls. 

Rodent Infestation

If you hear any noises in the attic, don’t turn up the TV, check out what is going on up there.  You may have some critters living in your attic.  Use traps or bait or call an exterminator.

Energy Cost

If your electric bill is going up and your home is not cool, make sure your air filter is clean.  It is a good idea to have your air conditioner system regularly serviced by a licensed technician.

Peeling Or Chalking Paint

Paint is the home’s skin.  It is your first line of defense against incursions by water and pests.  Scrape off the old paint or pressure wash the home.  Apply a coat or two of fresh paint.  If your home was built before 1978, it may have lead based paint and will require special handling.

Garage Door Opener

Garage door openers should have an electric eye that looks for obstructions and an automatic reverse to prevent someone from accidentally getting hit by the door.  Test your door occasionally to make sure it works correctly.

Dryer Vents

Clothes dryers cause more than 15,000 fires every year.  These fires are often as a result of lint build-up in the vents.  Check the dryer ducts regularly and clean when necessary.

Ground Fault Circuit Interrupters

Ground fault circuit interrupters are electrical outlets with distinctive red and black buttons that are required to prevent deadly shocks.  Check them regularly to ensure they are working.  It could save your life.

Smoke Alarms

Most building codes require smoke alarms in homes.  These are usually equipped with a 9 volt battery.  The batteries should be replaced annually.  Fire prevention week in October is a good time to change batteries.

Windows, Doors and Screens

Make sure all of your windows and doors work properly.  Repair or replace any broken screens.

Landscaping And Lawn Care

Keep bushes and trees trimmed around your home.  A well manicured lawn is often a sign of a well maintained home and adds to curb appeal for potential buyers.

Stay on top of home maintenance  If you repair items quickly, your overall maintenance costs will ultimately be less.

A well maintained home sells more quickly than one that is in need of repair.  When a home buyer sees obvious things that need repair, they are wary of what they don’t see and will often back away from a possible deal.

Look at your home from a buyer’s perspective.  What would you think of the house if you were buying it today?

When you are ready to buy or sell a home, call Bob Lewis!

Phone:  239-565-0330

Bob Lewis Does Real Estate Right!

Home Maintenance

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Now is the time to take advantage of the low home prices.  Home sellers are anxious and have dropped their prices to a realistic level.  It is a “buyer’s market.”  Home inventory is high.  You have a great selection from which to make your choice.

Give yourself and your family a gift this Christmas.  Buy a new home in Fort Myers, FL.  Have the happiest, sunniest holiday season! Many homes are available now and ready for you to move right in. 

Don’t wait.  Call Bob at 239-565-0330.  He will help you find your holiday dream home in the Fort Myers area.

Bob Lewis Does Real Estate Right!

PS:  Be sure to read the following article to find out why it truly is the “Best Time Of The Year To Be A Home Buyer.”  Your new home is waiting for you.

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Best Time Of The Year To Be A Home Buyer

–by Robert J. Bruss - Inman News

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Holiday season is the greatest gift for home shopping.
During the slow home sales holiday season between Thanksgiving and New Year’s Day, even extending through Super Bowl Sunday in many communities, few people think of buying a house or condominium. However, if you want to purchase a home and can drag yourself away from holiday festivities, this is the absolute best time of the entire year to be a home buyer.

Why is that, you ask? The answer has two parts: (a) only serious motivated sellers have their houses and condominiums listed for sale during this slowest season of the year for home sales, and (b) competition from other prospective home buyers is at its lowest now so your purchase offer will be extremely welcome and seriously considered by a motivated home seller.

Purchase Bob Bruss reports online.

There is an additional reason 2006 year-end is an especially good time to be a home buyer. That reason is it is a “buyer’s market” in most cities, meaning there are more homes listed for sale today than there are qualified buyers in the market so sellers (and their listing agents) are extremely anxious.

It’s a great time to be a home buyer. But not such a good time to be a home seller.

BEFORE SHOPPING FOR A HOME, SHOP FOR A MORTGAGE. However, before rushing out to buy a house or condo, smart home buyers first get approved in writing for a home mortgage. This is a slow time of year for mortgage lenders so they welcome your loan application.

Although mortgage brokers can arrange mortgage pre-approvals, the letter or certificate must come from an actual lender, such as a bank or mortgage banker. Most home mortgage pre-approvals are valid for 60 to 90 days.

Don’t even consider a mortgage “pre-qualification,” which means only, “We looked at your loan application and you appear to qualify but we haven’t actually verified your credit and income.” In other words, a mortgage pre-qualification is worthless.

However, home buyers should understand a lender’s mortgage pre-approval is subject to (a) the lender’s appraisal of the home you decide to buy, and (b) reverification of your credit and income (don’t apply for additional credit or go out and buy a new car before you complete your home purchase).

WORK WITH AN EXPERIENCED BUYER’S AGENT. After obtaining a written mortgage pre-approval from a lender, the next step to buying a home during this best time of the year to purchase is to work with an experienced buyer’s agent who understands the market in the vicinity where you want to buy.

Ask friends, relatives and business associates for recommendations of buyer’s agents. Although any licensed agent can be your buyer’s agent, many agents prefer to list homes for sale rather than working with home buyers who are often “time wasters.”

A buyer’s agent costs nothing extra. The reason is the listing agent of the house or condo you purchase will split the sales commission with your buyer’s agent. Only in the rare event you buy a “for sale by owner” (FSBO) home and the seller refuses to compensate your buyer’s agent would you owe any sales commission.

EXPECT YOUR BUYER’S AGENT TO PREPARE A “CMA” BEFORE MAKING YOUR PURCHASE OFFER. When you find “the house” or “the condo” you want to buy, before making a purchase offer ask your buyer’s agent to prepare a written CMA (comparative market analysis). This CMA is the same form the listing agent prepared for the seller when the house or condo was listed for sale.

However, your CMA will be up to date, whereas the seller’s CMA might be several months old. The CMA shows (a) recent sales prices of comparable nearby residences within the last few months (never older than six months); (b) current asking prices of similar neighborhood homes now on the market for sale; and (c) asking prices of recently expired comparable listings (usually overpriced).

As a savvy home buyer, you probably will have inspected many of the homes on your CMA. With the help of your buyer’s agent, you can use the CMA information to arrive at a fair purchase-price offer.

Many buyer’s agents recommend making a purchase offer based on a per-square-foot basis. For example, if nearby homes of comparable quality construction recently sold for $150 per square foot, you might want to make your purchase offer based on $150 per square foot.

Be sure to attach a reasonable good faith deposit check to your purchase offer. If you are making an especially low offer far under the seller’s asking price, a substantial deposit accompanying your offer will often convince the seller you are a serious buyer.

You can be sure your buyer’s agent will use the CMA prepared for your use to show to the home seller and the listing agent to justify your purchase offer as being reasonable.

However, if the seller doesn’t accept your purchase offer, a luxury of buying during this slow season is there are few other home buyers in the market. The result is you usually need not be in a rush to respond to a counteroffer or make a new purchase offer.

Waiting a few days to respond, presuming you still want to buy the residence, will often make the seller think, “That was a pretty good offer. Maybe I should have accepted it.”

KEEP YOUR PURCHASE OFFER SIMPLE. As experienced buyer’s agents will tell you, it’s best to keep your purchase offer as simple as possible. “A confused mind usually says no” is a very true motto. For this reason, it is best to include only a few contingency clauses in your purchase offer. Typical contingencies are:

1. LENDER’S APPRAISAL CONTINGENCY. Presuming you need a mortgage to finance your purchase, be sure to include a mortgage lender’s appraisal contingency clause in the purchase offer. If the home doesn’t appraise for at least the amount of your purchase offer that was accepted by the seller, then you don’t have to complete the purchase and can get your good faith deposit fully refunded.

2. PROFESSIONAL HOME INSPECTION CONTINGENCY. Smart buyers make their home-purchase offers contingent on their approval of a professional home inspector’s report to be obtained by the buyer after the seller accepts the purchase offer.

The cost is usually around $300. Buyers should always accompany their inspector for the two- to three-hour inspection because it is a good way to become familiar with the home and to discuss any unexpected material defects that are discovered.

A good source of experienced professional home inspectors is to hire a member of the American Society of Home Inspectors (ASHI). To find local ASHI inspectors, go to www.ashi.org or phone 1-800-743-2744.

If the professional inspection report reveals serious undisclosed home defects, as the buyer you can (a) cancel the purchase and obtain refund of your good faith deposit, (b) reopen negotiations with the seller to obtain a repair credit, or (c) if the seller refuses to renegotiate, go ahead with the purchase anyway (presuming you badly want the home).

3. SALE OF YOUR CURRENT HOME CONTINGENCY. During the last few years of a home “seller’s market” in most cities, this contingency fell out of favor with home sellers and real estate agents. But during a buyer’s market where any purchase offer is very welcome, many home sellers will accept a purchase offer that is contingent on the buyer’s sale of their current home.

However, to be fair to the seller, most sellers will insist on keeping their homes listed on the market for sale while the buyer tries to sell his/her current home. In addition, most realty agents suggest a 48-hour or 72-hour contingency-release clause. That means if another buyer produces an offer acceptable to the seller, the first buyer then has 48 or 72 hours to remove his/her contingency clause for sale of their current residence.

SUMMARY: The season between Thanksgiving and New Year’s Day, even extending to Super Bowl Sunday in many communities, is the slowest time of the year for home sales so it is an especially good time to be a home buyer.

(For more information on Bob Bruss publications, visit his
Real Estate Center).
 

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JUST DO IT! 

I’ve held several open houses in the last couple of months and had several local renters looking to buy.

Because of all our media hype about falling real estate prices, they seem to be on the fence and waiting for the bottom of the market.  Don’t wait too long. 

There are some really great prices and fantastic real estate deals out there, right now.  You really should take advantage of some of them while you can.  The market will change again before you know it.

While showing property last week at two new communities being built by National Builders, the builders were offering unbelievable incentives to buyers.  In one case, the builder offered over $100,000 on a $300,000 condominium.  That’s a terrific deal!

In MLS, almost 20% of the homes and condos currently listed were built in 2006.  Many of these listings are builder products in new communities.  Wouldn’t you love to have your own new home or condo?

Out-of-town buyers seem to be more likely to buy than our local residents.  I believe that if you are currently renting or are ready to make a move, now is a great time to buy a new home or condo.

You will look back in a few years and be very glad you made this buying decision now. 

Call Bob Lewis to discuss what you need.  I will do the searching for you and help you get the dream home you always wanted at the best possible price.

Do it today!  It is a buyer’s market!  Move into your new home or condo in Fort Myers for Christmas!  What a wonderful family gift!

Call Bob Lewis - 239-565-0330

Your Fort Myers RE/MAX REALTOR

http://robertlewis.remax-florida.com

http://fortmyersrealtor4u.com

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When you are relocating to another city for a new job, the first thing you should do is to get professional advice from two important people, a professional realtor and a tax expert.

Your realtor will go to work to market your current home to get it sold in a timely manner and will put you in touch with a realtor in your new city. 

Your tax advisor can tell you what moving expenses you can deduct from your income tax liability and can go over the current capital gains implications. 

(Publication 521 from the Internal Revenue Service can provide you with up-to-date changes in deductions allowed for moving expenses.)

The laws are very complicated and are always changing,  Depending on your individual situation, the tax implications could have an impact on what you can afford to spend on your new home.   

When Congress is at work, it is impossible to know exactly how this will impact home owners.  You don’t need a crystal ball to know that there are bound to be changes.

Stay alert and informed.  Talk to your realtor and your tax advisor before you make your move.

Your Fort Myers REALTOR, 

Bob Lewis

RE/MAX Realty Group II

PS:  It’s also a good idea to get pre-approved for a mortgage so you know how much house you can afford before you start looking. 

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A few years ago, the media hyped up the Baby Boomer issue.  Baby Boomers are a large part of the market here in the Fort Myers area.  The Boomers started to think about their retirement in 10-15 years and began to look for retirement property. 

Some Boomers lost money in the stock market, so real estate investments looked attractive to them. 

All the major builders in the USA got on board and began to buy up all the vacant land.  That pushed the price of vacant land way up. 

Florida counties saw all the growth coming on the horizon .  They needed money for infrastructure, so they raised impact fees on building permits.

At the same time in 2004, Florida had a few hurricanes.  The storms caused a lot of damage.  The needed rebuilding and repairs made material costs go up.  In addition, a shortage of workers caused more inflation.  As a result of the hurricanes, the building codes changed.  That increased the cost even more.

The world economy was doing well, so building material costs and energy costs just kept increasing.

So, with demand high and costs going up continuously, builders started raising prices monthly.  They couldn’t build homes fast enough.  They limited the number of monthly sales to try to slow it down.  But it created more urgency. 

Everyone saw the prices going up.  Investors came in from all over the world and scooped up as many homes, condos and lots that they could.  Then, they started flipping properties like crazy.  They were buying pre-construction with small deposits and often selling the property at the closing.  They made several thousand dollars with little or no effort. 

Everyone wanted to be an investor.  When builders announced a new community, hundreds of buyers would line up to buy on opening day.

All of a sudden, in mid to late 2005, builders had caught up with the demand.  As the builder completed a project, the investor put the new property up for sale. 

The interests rates moved up a fraction.  Insurance costs increased.  With all these pressures on prices, the average person could no longer afford to buy. This kept many buyers out of the market.

As a result, the Fort Myers area, as well as other Florida communities, have almost a two year supply of single family homes and a three year supply of condos on the market.

We, here, in Fort Myers, are very fortunate that we live in a great area that is in such high demand.  We will work through the inventory problem, but some investors will suffer financially.

One good thing about this whole issue is that interest rates remain at relatively low levels.  In the 80’s and 90’s, we had interst rates over 10%.  That really hurt buyers.

If you are thinking about buying a home, it is the time, right now, to jump in the market.  Sellers have dropped prices to a more realistic level . . .many taking a loss to move the property and get on with their lives. 

Being a home owner and investor for over 40 years, I can say that prices have always seemed too high.  But, when I look back now, they really were a bargain.

To own your home gives you a sense of pride and accomplishment in life.  Make it happen!  You can do it!  Now is the time!  Don’t wait til the prices start to go up again.

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However, in hindsight, you can determine the price through a careful historical analysis of recent sale prices.  Properties that have already sold are proof that buyers and sellers were in agreement about price.

Actual sale prices are the best indicators of the prices that buyers are willing to pay home sellers for their home. 

It doesn’t really matter what sellers think their homes are worth or what amount sellers feel they “need to get” out of their property to buy something else.  The property will sell at fair market value and that’s it.

Sale prices are difficult to obtain without the assistance of a realtor.  Realtors have access to accurate detailed statistics on all sales in the local market.

Actual sales figures are a valuable tool for arriving at fair market value.  They show exacly what buyers are willing to pay for similar homes.  Hearsay from neighbors or bragging by other sellers is not reliable information.

Contact a reputable realtor.  Choose one who is familiar with your neighborhood and ask to see the selling price of all homes sold in your area over the past twelve to twenty-four months.  Eliminate the extreme high and low ends of the price spectrum, then compare the remaining homes to yours.

A pattern of pricing will emerge, giving you a good indication of the appropriate price for your property.  You may not like what you learn, as the price may be less than what you paid a few years ago.  It hurts, but this is the reality in today’s market. 

If you really want to sell your property, you must price within this range.  Remember that buyers use this same information as a guide to buy.

You may use homes that are for sale now as a barometer of current asking prices.

However, while your home will be competing with others for buyer interest, asking prices are not “proven” until a sale takes place.  Don’t put too much stock in those prices.

“Expired” homes indicate prices that buyers are not willing to pay!  A home that is on the market a long time at the same price is also a good indicataor of a price that a buyer is not willing to pay!  Avoid using either of these for price comparisons.

If you want to sell your home, you must detach yourself emotionally, look at your home from a buyer’s perspective and put a selling price on it! 

Consider this.  If you must sell your home for less, you may be able to purchase another one for less also.  It works both ways!  Get on with your life! 

I once heard in a real estate seminar that there are only two reasons a home doesn’t sell.  It is either under water or over priced!  If your home isn’t selling and it isn’t under water, guess what? That’s right!  It is most likely over priced. 

Price it right and you will sell it!

I can help you do that!  Bob Lewis does real estate right!

Call Bob!

Phone:  239-565-0330

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The listings in this MLS report only include properties in Lee County, FL

You can read the report here.

Listings

• Homes - 13,291
• Condos - 8,170

Pending Sales

• Homes - 975
• Condos - 279

Sold In The Past 12 Months

• Homes - 8,937
• Condos - 3,264

Closed In The Last 30 Days

• Homes - 548
• Condos - 166

Supply 

• Homes - 17 month supply
• Condos - 31 month supply

Of the current home listings, over 35% were built since January 2005.

Of the current condo listings, over 34% were built since January 2005.

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Questions concerning this data should be directed to Bob Lewis.

Phone: 239-565-0330

Remember, to have Fort Myers Real Estate News delivered to your inbox regularly, sign up with your name and email address in the sidebar subscription box at the right.  No spam, just Fort Myers Real Estate News.  You can unsubscribe anytime.  No hassle.

Bob Lewis

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Bob Lewis Does Real Estate Right!

Call Bob!  239-565-0330

Golf Course Living:  A Retiree’s Dream
 
 Good design, low environmental impact top buyers’ wish lists 
 
  - - By Katherine Salant - Inman News
 
You’re an aging boomer looking to cross over that retirement finish line in the next few years, and you’ve decided it’s time to put some meaning into that Chinese fortune cookie that you keep getting — “big changes ahead.” After 30 years, you’re ready to bolt the cul de sac for a brand-new house in a residential golf course community where you live out your dream — 18 holes at least four days a week.    

Your spouse doesn’t share your passion for the game, and her first reaction is not so positive. If we’re going to move, she says, shouldn’t we be doing the environmentally correct thing and move to a place with higher density where we can use public transportation, and walk to work (she’s not retiring yet) and everyday shopping needs?

She’s right on that point. You won’t be walking to work in a golf course community unless you work at home — most new residential golf course communities are built on the far edges of suburbia, where the land costs are low enough to make such a project financially feasible. You will depend on your car to get everywhere, just as you likely do now.

But, zeroing in on the environmental impact of the golf course itself, it’s quite benign when it’s well maintained, says Yaling Qian, a turfgrass scientist at Colorado State University in Fort Collins. Not only does turfgrass control soil erosion, stabilize dust and help to dissipate summer heat, Qian’s research has shown that turfgrasses also absorb significant amounts of carbon dioxide, which accounts for about 85 percent of all greenhouse gases annually emitted by the United States each year.

Unlike trees that store carbon dioxide until they are cut down, turfgrass stores it in the soil, so that mowing has no effect, Qian says. Her research has also shown that removing, mulching and recycling grass clippings can reduce fertilizer needs by as much as 60 percent. Of interest to homeowners, simply leaving the clippings after mowing will also produce some benefit.

Another benefit of a golf course residential community is its built-in solution to the stormwater runoff that bedevils every new subdivision in the country, Qian says. The golf course is a “softscape” that can absorb most of the stormwater runoff produced by the adjacent suburban “hardscape” — roofs, driveways and sidewalks. As the water is absorbed, the car-related contaminants are filtered out by the soil and thus kept out of the ground water.

In some instances, the stormwater runoff is recycled and used to irrigate the golf course.

Golf course living brings you closer to nature than you might imagine, said Tom Smith, of the Michigan Turfgrass Environmental Stewardship Program. In the old days, many golf courses were mowed “fence to fence,” but today a well-maintained course will have unmowed buffer areas, which attract local flora and fauna. Within a few years’ time these areas can become established mini-ecosystems with both predator (hawks and owls) and prey (mice, birds and toads). When these buffers adjoin golf course lakes, Smith adds, they attract wetland “critters,” including waterfowl, frogs, turtles and the occasional snake.

Your spouse remains unconvinced. How about the pesticides that they use to keep all that grass looking so good, she asks.

Pesticides are used, but far less than the quantities your next-door neighbor tends to spray all over the place.

Most golf course managers now follow an integrated pest management program that is holistic in approach, explains Ron Calhoun, a turfgrass weed specialist at Michigan State University in East Lansing. Widespread use of pesticides for weed control is regarded as both expensive and ineffective. A far less costly approach, which also produces better long-term results, looks for the underlying condition that allowed the weeds to get a toehold and then eliminates it.

When the pesticides are applied, Calhoun says, the applicator must observe strict “drift” protocols to prevent the pesticides from being blown onto adjoining property. For example, if the wind speed is more than 10 to 15 miles per hour, the pesticide cannot be applied.

Current U.S. Environmental Protection Agency regulations have greatly altered golf course pesticide use, says Joe Vargas, a plant pathologist, also at Michigan State. The number of applications per season has been reduced to one or two, and the allowable amount of active ingredients per acre has been reduced by nearly 90 percent. In addition, the toxicity effect on all fauna in an ecosystem must be tested, including, Vargas says, “birds, fish and even earthworms.”

The turfgrasses now used on golf courses today have also helped to reduce pesticide use, Calhouns adds. The grasses are hybrids selectively developed to be resistant to bugs and diseases, as well as to heat and drought.

You seem to be winning the environmental arguments, but then your wife brings up Cousin Millie who lives on a golf course and is constantly complaining about golfers and golf balls in her backyard.

Yes, this does happen when a residential golf course is not well designed, says golf course architect Mike Benkusky of Crystal Lake, Ill., who’s been designing them for the last 18 years.

There are several critical factors, Benkusky says.

The first is the location of the houses. Most golfers are right handed; when they hit the ball, it veers towards the right. When houses are built on the right side of a fairway in the “landing zone,” the area where the tee shots usually fall, golf balls can end up in your backyard. To avoid this, many golf course developers limit home building to the left side of the fairway.

A second factor that causes golf balls to land in a homeowner’s backyard is the width of the fairway. From the center line of the fairway to your property line should be 200 to 250 feet, Benkusky says, adding that this figure has increased over the last five years because with the clubs and balls now available, most people can hit the ball further.

When a course is well designed, however, homeowners whose yards adjoin the fairway have more privacy because golfers do not congregate there as they do at the tees and greens, Benkusky says. Another plus with this location is that you are spared the occasional profanity uttered when a player makes a poor shot.

How can a prospective buyer tell if a course is well designed? A sure sign that it’s not is the presence of huge nets. The nets are installed to keep errant golf balls from breaking windows, landing in a backyard grill or otherwise ruining a pleasant afternoon.

There is still one more question to raise about your golf course proposal. How can you be sure that it will still be there in 20 years? This will depend on who owns it. To find out, you need to check all the relevant documents. In many cases, golf course communities have two or more associations, explains Miami real estate attorney Dennis Haber. One is for the homeowners and pertains to the housing, and the other covers the golf course. When you finally get to the bottom of the ownership question, you may find that the developer retains ownership of the golf course and has the right to sell it at any time.

This unthinkable possibility has happened in a number of instances where a golf course community was once in an outlying suburban area and the golf course was built to entice buyers. Eventually, as the area became more built up, the golf course appreciated in value and the owner decided to cash in.

Another important item to check is the zoning for the golf course. If it’s “recreational use,” the developer may be prevented from turning it into more houses, the fate of most golf courses that have been sold, but he could convert it into something else that might be more profitable such as a tennis club or even a race track if the acreage is large enough, Haber says.

In some parts of the country, one look at the course and you know its future. In the Washington, D.C., area, Gaithersburg, Md., real estate attorney Jim Savitz says that developers build golf courses when they can’t build anything else because the land is located in a flood plain.

Questions? Katherine Salant can be contacted at www.katherinesalant.com.
 

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