Not All Country Clubs Are Created Equal

Not All Country Clubs Are Created Equal.

 

Contrary to many other real estate markets, competition for homes in Boca Raton is fairly intense and has been for at least the past 18 months. The great school district, world class shopping and dining and gorgeous beaches create a very desirable environment for families and investors. So, one has to wonder why it is possible to purchase a 1,200 sqft condo in a prestigious country club for under $15,000 or a 3 bedroom/2 bathroom home in another country club in the area for under $100,000.

These country clubs still have exceptional facilities, renovated clubhouses, enviable golf facilities and dining choices that will guarantee you will never have to leave the neighborhood. But, these are also country clubs in transition, being 25 – 35 years old. The residents, who mostly purchased while they were in their 50’s and 60’s, are now well into their 80’s. They no longer have much use for the club amenities and either return up north to stay with their children or move into assisted living.

What does this mean for potential Buyers who are looking to cities like Boca Raton, Boynton Beach or Palm Beach Gardens for a winter home? Well, you can definitely get an amazing deal on the real estate. As these country clubs transition to younger Buyers over the next 5 – 8 years, homes will be renovated and the communities revitalized with younger blood and renewed energy. Member fees are very low and will probably remain at current levels for many years to come. On the downside, there may be special assessments to consider for renovations to existing facilities and the building of new ones that better meet the needs of a younger community.

How does this compare with newer country clubs? Well, in newer communities the real estate is considerably more expensive, membership fees are significantly higher and there is far less inventory of homes. But, Buyers will be purchasing homes that require very little renovation or maintenance, common area facilities are new and continually improving and most important, association reserves tend to be high with an unlikely chance of any assessments in the near future.

I always advise my clients to consider a number of factors before committing to a particular country club. The most important is the people who will be your neighbors; it really makes the transition into your winter home easier if you know a few people who already live in the community. Consider the amenities that are important to you; are you an avid golfer or tennis player or is being close to the ocean more important. Some country clubs do not have mandatory membership, but you can purchase seasonal membership for use in the winter only. Do you want a large home with space for your family and friends to visit whenever they like? Or, are you going to travel back and forth frequently, in which case, a condo or townhouse may offer the perfect lock up and go convenience.

For Buyers from the northeastern states or Canada looking for a second home in Florida, it’s important to work with a professional who has intimate knowledge of the country clubs in the area and can guide you in the right direction.

 

Is NOW the Right Time to Buy a Home in South Florida?

Ever since 2008, Buyers of homes in South Florida have been asking if the market has bottomed out. Take it from me, it has. Inventory of homes in all categories have shrunk and prices are creeping up - 11% on an annualized basis in Palm Beach County. In fact, some areas such as Boca Raton, Delray Beach, Boynton Beach and Highland Beach are showing pretty dramatic growth with offers above asking price in many cases. I have clients who offered $25,000 more than asking price on a foreclosure and were outbid by an investor.

There is no doubt that real estate investors are driving this market. Any 3 bedroom / 2 bathroom single family home priced under $250,000 is fair game. Returns are excellent on these properties and if homeowner's association fees are low investors can ensure an ROI of 7 - 12%.

Oceanfront properties are obviously in a very different category with buyers who usually pay cash and focus on very specific buildings. Boca Raton, Highland Beach and Palm Beach are the top areas for oceanfront condos and because the very nature of the property ensures limited inventory, prices here have remained very stable.

One significant area of opportunity are older luxury country clubs such as Boca Woods and Broken Sound in Boca Raton where homes can be purchased at prices well below $100,000. In Boca West Country Club, 2 bedroom condos have changed hands for $20,000 or less. Delray Beach has Gleneagles and Boynton has Hunters Run and Aberdeen facing the same challenges. Home prices are depressed here because buyers are required to purchase club memberships ranging from $35,000 - $85,000 and they are required to pay the annual dues too! Not the ideal property for just anyone, but for a golfer, WHAT A DEAL! One clever buyer purchased an older home of over 2,000 square feet in Boca Woods for $35,000, membership added $50,000 to his cost. A home in a gorgeous country club for $85,000!!!

So, if you are a golfer or just a discerning buyer looking for a home or vacation residence with world class country club facilities, you can still get great deals. But just as the real estate market is changing in other categories, so too will it start improving in country clubs.

Don't delay if you are considering buying a home in Boca Raton, Delray Beach or Boynton Beach - you could lose out if you wait too long. Golfers take note!

A Winter Home in Palm Beach - Thinking of Buying a Second Home in Florida?

Palm lined Worth Avenue

According to early settler accounts, Palm Beach received its name from a shipwreck named the "Providencia."  The ship washed ashore in January of 1878 with a load of cocoanuts bound from Havana to Barcelona.  Early settlers lost no time claiming salvage and planting the cocoanuts which were not native to South Florida in an effort to launch tropical South Florida on a commercial cocoanut industry.  Henry M. Flagler, a millionaire industrialist and owner of the Florida East Coast Railway, began buying acres of land on the island of Palm Beach.  Many early homesteaders found themselves very wealthy, as orders had been given to buy "at any price."  The town was incorporated on April 17, 1911 and soon began long range plans to develop and protect the island paradise.  In 1929, the Garden Club of Palm Beach joined the Town and formally sponsored the preparation of a Town Plan.  After over 70 years of graceful evolution, the Town today has a Strategic Plan and and a Comprehensive Plan which guide continuing efforts to preserve the quality and beauty of Palm Beach.


Golf at the Edge of the Ocean

Today, Palm Beach is a fully developed community, world-renowned for its extraordinary beauty, quality of life and small-town character. It’s a Mediterranean-style mecca of stunning architecture and natural beauty, acclaimed shopping, restaurants and hotels, a cosmopolitan culture. It has become known as the place to be in winter. With a climate that offers temperate winter weather with year round sunshine, Northerners looking for their own private piece of paradise have always flocked to Palm Beach and continue to do so.

The Town’s hotels, the Ritz Carlton, The Breakers and The Colony to name just a few offer guests incomparable privacy and comfort. But for those looking to own a piece of this island Paradise that is Palm Beach, there is much to choose from. Both Intracoastal and Ocean condos with breathtaking views, buy a ready to move-in home or renovate to your liking. Townhouses overlooking the golf course or a palatial historic home with the finest features. Whatever you decide, Palm Beach is the place to be. In easy driving distance to Palm Beach International Airport and close to hundreds of dining and entertainment options, you will never regret owning a second, winter home in Palm Beach

Last Home Sold In Mirasol Country Club

in a recent post, I wrote about the last few homes available from Taylor Morrison, the developer at Mirasol in Palm Beach Gardens Florida. Well, the last home has been sold, I sold it to wonderful clients from Maryland who wanted a second home with golf membership in a community with every amenity. For anyone wanting to find a home in Mirasol now, there are many resales each offering different features; golf or lake views, large two-story options or smaller lock up and go homes or condos.

Whatever type of home you want, Mirasol Country Club in Palm Beach Gardens offers so much.
- 18-Hole Sunset Golf Course designed by Arthur Hills
- 18-hole Sunrise Golf Course designed by Tom Fazio
- Casual Grill, formal dining, and numerous function rooms and card rooms
- 15 clay tennis courts.
- A world class fitness center
- A golf Pro Shop
- A Tennis Pro shop
- A spa that rivals the world's best

I additional to these and other features for homeowners, the management team at Mirasol Country Club in Palm Beach Gardens is continuing to develop new, exciting projects, such as a children's play area and teen center.

For Buyers who are considering Mirasol Country Club, there is a home for sale that may be something you woud like to consider. With 3 bedrooms and a den and 3.5 bathrooms, 323 Vizcaya, has sweeping 180 degree lake views and offers golf membership

323 Vizcaya

Lake Views

Poolside

Formal living area



Family room

 The home is designer decorated and comes with newer custom designed window treatments, new stainless steel appliances, large neutral tiles on the diagonal, a spacious covered outdoor patio overlooking the pool and lake.

This is just one of the many choices in Mirasol Country Club in Palm Beach Gardens. For potential homeowners interested in golf membership, Equity membership is $130,000 and annual dues for golf membership are $15,600. If you are not a regular golfer, you can purchase Sports membership for $90,000 with annual dues at $9,360. Sports membership still offers generous use of golf facilities.

For Buyers looking at other country club communities in Palm Beach Gardens, a wonderful selection of homes is available in communities such as Ballenisles, Frenchman's Creek or Frenchman's Reserve.

And, with the Town of Palm Beach Gardens priding itself on its green status you will find that all the communities mentioned offer a relaxing oasis for buyers looking for the ideal work and home balance.