A nearly 300-acre Orland Park golf club has hit the market as a residential community redevelopment, with demand for housing having remained strong since the summer.
JLL is tasked with selling the sprawling Silver Lake Country Club, located along 82nd Avenue and 151st Street, near Orland Square Mall, according to Crain’s.
The Coghill family owns the property, which could sell for $10 million, the outlet reported. It consists of a pair of 18-hole courses and a nine-hole course, along with a water tower that looks like a golf ball and tee, and a clubhouse.
The listing comes as Chicago-area homebuying is on the rise and inventory is declining. As of December, there were enough homes on the Chicago market to sustain just 1.8 months worth of sales, the lowest since January 2008. That demand, coupled with a scuffling jobs market, has led to a spike in the number of licensed brokers, according to the Chicago Association of Realtors.
Golf, a social distancing-friendly sport, has also seen a surge in popularity since the pandemic began. Still, the ebb and flow of interest has led a growing number of owners to list their properties in recent years. The 190-acre Big Run Golf Club in nearby Silver Lake hit the market in 2019, with plans for 515 residential units already approved, Crain’s reported. It hasn’t sold yet.
When golf courses do change hands, complications can arise. After buying the former Green Acres Country Club in Northbrook, ex-Colliers Chicago head David Kahnweiler saw his plans for 800 residential units rejected by the village. It cited zoning laws that require the 127-acre property remain open space.