Buyers of golf course condos beware, there is one factor that can make a big difference to the value of the home
Buyers of golf course condos beware, there is one factor that can make a big difference to the value of the home.
The popular homes which are especially prevalent in Florida vary in the amenities offered and a cart path, to allow golf carts to easily move around the course are an important element.
But when it comes to selling golf course condos, being near to a cart path can cut as much as 11.6% off the selling price according to an article published by The Appraisal Journal.
A study by Steve P. Fraser, Ph.D., and Marcus T. Allen, Ph.D., determines those closer to golf cart paths sell at a discount of 5.1% in the study sample, with an 11.6% discount for homes near greens and 8.6% for homes near tee boxes.
This appears to be due to the congregation of golfers around the paths and is further reflected by a lower impact for condos on higher floors, which are also likely to have better views of the course.
The study presents a choice for golf-loving condo buyers. There is a benefit of being close to the cart path from a players’ perspective and the unit is likely to cost you less. But if you put a higher value on privacy, then opt for a higher floor or pay more to be well clear of the path!
The popular homes which are especially prevalent in Florida vary in the amenities offered and a cart path, to allow golf carts to easily move around the course are an important element.
But when it comes to selling golf course condos, being near to a cart path can cut as much as 11.6% off the selling price according to an article published by The Appraisal Journal.
A study by Steve P. Fraser, Ph.D., and Marcus T. Allen, Ph.D., determines those closer to golf cart paths sell at a discount of 5.1% in the study sample, with an 11.6% discount for homes near greens and 8.6% for homes near tee boxes.
This appears to be due to the congregation of golfers around the paths and is further reflected by a lower impact for condos on higher floors, which are also likely to have better views of the course.
The study presents a choice for golf-loving condo buyers. There is a benefit of being close to the cart path from a players’ perspective and the unit is likely to cost you less. But if you put a higher value on privacy, then opt for a higher floor or pay more to be well clear of the path!
