Builders willing to buy individual and clusters of home lots is a sure sign that the residential leisure real estate market is on the mend in selected golf communities. Landfall, the sprawling coastal golf community just outside Wilmington, NC, is a prime example.
“[Our] least expensive lots have now been bought up, in many cases by builders,” says Landfall Realty General Manager Ken Kirkman, “and the speculative builder is back.”
Kirkman indicates that his on-site real estate office at Landfall is working with six local builders who have either begun construction of new homes in the golf community, or will shortly. All the new homes have gone through the customary architectural review board (ARB) process to ensure their designs are consistent with other Landfall homes and with the golf community’s overall look.
Just one of the 45 holes of Jack Nicklaus and Pete Dye golf at Landfall.
The new homes, which will average a little more than 3,000 square feet, are priced in the $600,000 to $750,000 range. Kirkman says the new golf homes are sized smaller than those built before the recession, a response to buyers’ downsized expectations both for space and price.
“These new homes are selling well, as much of the buying public want new construction and do not want to build,” according to Kirkman. “Yet they don’t want ‘cookie cutter’ homes that are found in many other communities.”
Landfall features 45 holes of designer golf, 27 by Jack Nicklaus and 18 by Pete Dye, as well as the world-class Cliff Drysdale Tennis Center and all the other amenities of an upscale community. Golf home prices begin in the high $300s and run well into the millions. (Click here for a selection of current properties for sale in Landfall.) Lot prices begin in the $100s for those considering building their own dream golf home. [Note: The January edition of our free Home On The Course newsletter will consider the up and downsides of taking on such a project. Subscribe by clicking here.]