Ultimate Guide to Golf Course Living and Great Escapes • 2014 Economy Class Developers Are Seeing Bigger Demand for Smaller Golf Homes
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GO EK'S ULTIMATE GUIDE TO GOLF COURSE LIVING AND GREAT ESCAPES • 2014 ECONOMY CLASS DEVELOPERS ARE SEEING BIGGER DEMAND FOR SMALLER GOLF HOMES BY EVAN ROTHMAN Until t h e ~ ast recession, residential golf - many brought about by the most recent homes foVowed the same seemingly recession - now have come together to bring unstoppable trajectory as drivers, namely, about a self-imposed rollback on square feet, "bigger is Better." The U.S. Golf Association particularly in term s of secondary residences. ultimately stepped in to limit drivers' cubic Dale Schossow, broker associate with centimet'ers. Developers say that changing Fuller Sotheby's International Realty, is consumer finances, attitudes and priorities the exclusive broker for the Golf Club at 24 GOLFWEEK ' S ULTIMATE GUIDE consumers looking for smaller homes not necessarily having the biggest home on primary, second or otherwise - represents a the block. There has been a shift away from fundamental, long- term change. He ascribes decadence to self-awareness. Decisions are th is demand to lifestyle sh ifts as well as rooted in the emotion of having somethi ng financial considerations. fo r the family, somet hing that makes sense " Retirees are st ill golfing and skiing later in size, price and in a high ly desi rable area." in life , but they also go places and are more Time and again, real estate executives interested in time. both with their families say family concerns guide buying decisions. and their lifestyle," he says. "That shift For example, the great rooms where fami ly in priorities is a new mindset, and it 's the members can congregate at home remain prevalent thought among today's buyer." ''high on most buyers' wish lists," says Despite the recent rebound in personal Darlene Mohlke, vice president of sa les and portfol ios, Schossow has found buyers have marketing for Castle & Cooke, wh ich owns become "less cavalier" about their spending Saddle Creek Resort in Copperopolis, Calif. and more concerned wi th risk management. But elsewhere in the home, Mohlke says, Jim Matoska, executive vice president of buyers are making a tradeoff, passing on sales and marketi ng for Schaffer's Mi ll in extra space that will get little or no use. In Truckee, Calif.. the redevelopment of a amen it y-rich golf communities. some home fai led project for merly known as Timilick, options are not just expensive, but redundant. shares that assessment. So Mohlke sees many buyers scaling back '' In the last two yea rs, most folks that and looking for a "lock-and-leave home" that visit are request ing homes less than 3,000 takes less of a toll on budgets. square feet ," Matoska says. "Those people "They 're saying to themselves, 'Do I who came out of the real-estate slump that really need that extra bedroom?'" Mohlke began in 2008 still with the ability to look says. "Or, ' Is it tr uly necessary to have that at second homes basically had a wake-up library or study in a vacation home? ' " call. They realized what was important was Todd Campbell. general manager of having something the fami ly can all use, Forest Dunes Golf Club in Roscommon, Rave nna in southwest Denver. This 684- acre property, opened in 2006, has a Jay Morrish-designed course. The club, which has three homes and 1661ots on the market, recently has begun to develop smaller units, including 54 lux ury custom villas that weren't part of the original plan. ''There are 10,000 people turning 65 every day for the nex t 19 years- people who are acti ve longer, represent a huge amount of saved investment and wealth, and showing up as buyers in the market right now," Schossow says. "They are asking fo r a smaller product that they didn't ask for in the last five to 10 yea rs. They no longer want a large home." Schossow believes the sheer number of GOLFWEEK ' S U LT IM ATE GUIDE 25 a short-term trend fo r many discrim inati ng "If the communit y has access to a wide second-home buyers." variety of recreational and social amenities, Cordillera Ranch in the Texas Hill people will select product that corresponds to Country historica ll y has been a primary- fa mily size versus in -home amenities," he says. home community, but its Di Lusso Villas "Our communities tend to be more famil y- has raised interest in second-home product, oriented, so making sure that the home can according to director of real estate sales accommodate fami ly and friends has been Barry Denton. Denton has found that more important." these buyers are more concerned with the As fo r developer-built product. Adelson amenit ies and lifestyle offered- as well says that whereas a decade ago buyers were as security and smart-home/smart-device looking fo r something "down the road," connectivity - than the home's size. today they want to reduce move-in time. Mich., which recently ha s sold six homes in the I ,800-2,400-square-foot range and is bui lding three more of about 2,200 square feet , has fo und budgets to be at the core of the issue. "Consumers are attempting to make thei r money stretch further. realizing that more is not always best," Campbell says. " People are using common sense much more now since the recession ." Price-sensitivit y is certainly a consideration, says Dan Whalen, new home sales manager for Beverly- Hanks. the brokerage for The Fit zgerald at Grove Park Inn in Asheville, N.C., which has sold all but four of its 24 condos, averaging '·Our villa product has been very popular ··we see people va luing time more than approximately 2,100 square feet. Whalen wit h this cl ientele because of its close money in Discovery communities," he says. notes that even buyers who can afford proximity to al l of the amenities of The Clubs " People are defi nitely more cautious, but they more st ill want to spend less, with a dash of of Cordillera Ranch," he says. "People want still wa nt a home that works for them." uncert ainty about the economy tempering convenience to amenities while they're here Matoska sees an emerging practical it y a feeling of increased confidence versus two and peace of mind when they're away." among buyers who have decided they or three years ago. Nonetheless, he argues Discovery Land Co. is one of the country's "don't need to pay for a lot of space they that it 's a mistake to read too much into leading luxury developers, wit h properties infrequently use, and at considerable cost." the current vog ue for reduced vacation that include Mountaintop in North Carolina, "We deal wi th customers th at can afford home size. Gozzer Ranch in Ida ho. and Hawai i's Kukio. the best of the best. and sti ll elect to go "Many developers continue to design Steve Adelson, a Discovery partner. says that smaller and more sensible," he sa id . "After and develop smaller footprints with a high while more people may be looking at entry a ll , the decision-making ability that put them level of fi nishes - that's what prospects level product in the company's communities, in a category where they can afford a second are asking for," says Whalen, noting that the demand for larger, developer-built product home is also what tells them a real estate The Fitzgerald is often a third or fourth remains st rong. In his experience. buyers are purchase still has to be prudent." 0 residence fo r it s buyers. " History repeats looking for immediate use or quick semi it se lf. If things continue to improve as th ey custom bui lds, with the size of the home less £van Rothman is a freelance wrirer have in the last 12to 18 months, this will be important than the efficiency of the design . from Staarsburg, N. Y. 26 GOLFWEEK ' S ULTIMATE GUIDE 1. (I) WADE HAMPTON CLUB Cashiers, N .C., 1988 Tom Fazio Avg. rating: 7.93 2. (2) ROCK CREEK CATTLE COMPANY Deer Lodge, Mont.. 2008 Tom Doak Avg. rating: 7.89 3. (3) HUNTSMAN SPRINGS> 102 Driggs, Idaho, 2009 David Mclay Kidd Avg. rating: 7.66 4. (4) SHOOTING STAR Teton Village. Wyo .. 2oog Tom Fazio Avg. rating: 7.63 5. (5) GOZZER RANCH Arrowpoint. Idaho, 2007 Tom Fazio Avg, rating: 7.50 6. (7) CASTLE PINES Castle Rock, Colo., 1981 8. (10) OAK TREE NATIONAL 10. (8) MAYACAMA Jack Nicklaus Edmond, Okla .. 1975 Santa Rosa . Calif.. 2001 Avg. rating: 7.48 Pete Dye Jack Nicklaus Avg. rating: 7.37 Avg. rating: 7.32 7. (6) COLORADO GOLF CLUB Parker, Colo., 2007 9. (12) MARTIS CAMP 11. (13) PRONGHORN (FAZIO) Bill Coore. Ben Crenshaw Truckee. Calif.. 2007 Bend, Ore., 2006 Avg. rating: 7.47 Tom Fazio Tom Fazio Avg. rating: 7.36 Avg. rating: 7.31 8 4 GOLF\VEEK 'S U LTIM ATE GU ID E 14. (IS) ESTANCIA 29. (29) STONE CANYON Scottsdale. Ariz .. 1995 Tucson, Ariz., 2000 Tom Fazio Jay Morrish Avg. rating: 7.19 Avg. rat ing: 6 .88 15. (19) LONG COVE CLUB 30. (25) THE PRESERVE Hilton Head Island. S.C . 1982 Carmel Valley. Calif.. 2000 Pete Dye Tom Fazio Avg. rating: 7.14 Avg. rat ing: 6.88 16. (17) MOUNTAIN LAKE 3 1. (30) FREDERICA LakeWales,Fia .. 1917 St. Simons Island. Ga. 2004 Set h Raynor Tom Fazio Avg. rating: 7.12 Avg.