Golf’s decline strains South Florida real estate

TRD MIAMI /
Jan.January 16, 2012 03:00 PM

Golf is on the decline across the country, and that’s putting a particular strain on communities built around golf resorts, USA Today reported, such as those in Miami and Palm Beach.

For years golf fanatics became second-home buyers in Florida, Arizona, California and Las Vegas upon retirement, spurring growth in local real estate markets.

But the number of golfers in the U.S. has fallen by 13 percent in the last five years, and the total number of golf rounds played in 2011 fell 3.5 percent from the year before, according to National Golf Foundation research. Golf memberships have fallen by one million since the early 1990s.

“We’re not getting replacements for those people,” said real estate analyst Lou Goodkin, president of Miami-based Goodkin Consulting. “There are fewer golfers, fewer people who can pay the high amounts to buy into a club. There’s going to be a lot more people out there that are challenged in their retirement years than we’ve had in the past.”

In some golf-centered communities, one-quarter of all homes for sale sit on golf courses and local clubs are bleeding money. Last year, Paulson & Co, a hedge fund that owns five golf resorts including the Doral Golf Resort and Spa in Miami, filed for bankruptcy. One insider told USA Today that golf resorts are “entering a new normal.” [USA Today]


Related Articles

arrow_forward_ios
The Emerald Hills golf course and Ari Pearl

Developers propose Nicklaus redesign of Emerald Hills golf course, luxury residences

Developers propose Nicklaus redesign of Emerald Hills golf course, luxury residences
Toll Brothers CEO Douglas C. Yearley Jr. and Parkland Golf & Country Club (Credit: Facebook)

Toll Brothers sells Parkland Golf & Country Club for $15M

Toll Brothers sells Parkland Golf & Country Club for $15M
Delray Trails and Mike Nunziata

13th Floor closes on 120-acre golf course for active adult community

13th Floor closes on 120-acre golf course for active adult community
Brickell City Centre (Credit: Wikipedia)

A three-story mini-golf is coming to Brickell City Centre

A three-story mini-golf is coming to Brickell City Centre
Toll Brothers CEO Douglas C. Yearley, Jr. and Jupiter Country Club

Toll Brothers putts Jupiter golf course over to ClubCorp for $8M

Toll Brothers putts Jupiter golf course over to ClubCorp for $8M
Glenn Straub and the Palm Beach Polo and Country Club property (Credit: Google Maps)

Glenn Straub sells piece of Wellington polo club after failed development attempt

Glenn Straub sells piece of Wellington polo club after failed development attempt
Brent Baker and a rendering of Oak Tree Golf Course

Pulte pays $31M for Oakland Park golf course

Pulte pays $31M for Oakland Park golf course
Donald Trump at Trump National Doral (Credit: Getty Images)

Former members of Trump Doral may have to wait decades to get their deposits back

Former members of Trump Doral may have to wait decades to get their deposits back
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...