Open Space At Top Of New-Home Buyers List

Golf losing appeal to new-home buyers...

There is a new trend with new homebuyers who favor parks and trails as their most desired community amenity, contrasting with previous notions that living on or near a golf course represented the epitome of American lifestyles.

The desire for open space is one that homebuilders are responding to. Of the 17 master-planned communities under review in Maricopa County, only five have plans for golf courses, where as in the past, most master-planned communities included golf courses.

Costs are one reason that developers may be more willing to opt for open space, parks and recreational facilities. "Building a golf course in this market is not a solid return on your money," said Curt Smith, chief operating officer of Sunbelt Holdings. The cost to build a golf course is often upwards of $500,000 a hole, and an upscale course can reach $1 million per hole. "The long and short of it is the open space gets almost the same or higher premium than gold courses," said Rick West, a principal with Carefree Partners. "So a developer can make more money by building parks and recreational facilities." More...