If you are moving to Florida and are searching for your dream golf condo (or non-golf), you need to consider many factors.
First, you will want to consider the different ownership options, such as “equity golf” or “bundled golf”.
As an example, should you decide you want to purchase a condominium in Kelly Greens, Fort Myers FL, you will own what is called “bundled golf”. When you purchase the condo, in MOST cases you will be an automatic member of the golf club and be able to enjoy all of the benefit of the club, including golf. However, you are also obligated to pay the association amenities/golf/club fees regardless of what you pay. Generally bundled golf communities have a modest intitation fee. Using Kelly Greens as an example, the upfront one-time fee is $5,000.
Equity golf, can have a very high “buy-in” sometimes as high as $100,000 and high annual memberships. Often the prices of the houses and condominiums can appear to be “low” due to the higher cost of ownership and acquisition.
Secondly, if you are considering renting out the property for income, you want to analyzed the rental rules. MOST of the golf comminities have 30 day minimums that prevent you from renting for week at a time.
Another factor when purchasing any condominium is the strength of the association. Do they have adequate reserves? When was the last time the course was renovated?
All of these factors affect the value of the property. I would encourage you to do you due diligence. As always, we are happy to assist you in that diligence.
I am writing this quick post not only as an appraiser, but as buyer. You see, when I first bought my condominium years ago, I needed this information. Luckily, I have an excellent professionl to guide me. Her name was Cherie Walters , an excellent broker from C-21 Tri=Power, who tought this old appraier a few things. Bottom line… Do your homework or find someone who can assist you!
Jack Lavoie is a professional, SRA,AI-RRS designated appraiser who is knowledable about the “golf market” and can be of great assistance.