Aug 20, 2014
(LONDON, KY) It was a good day for the cart girls, maybe not so much for the manufacturer of those covert golf club-shaped drink dispensers. You’ll now be able to buy alcohol at Crooked Creek Club. Club & Resort Business reports that, in a special election, the emotional issue passed by the narrowest of margins, 157 to 156. While that leaves nearly half the folks unhappy, at least one non-imbibing homeowner was glad to see the measure passed. “I live at Crooked Creek, on the golf course, and for a lot of golf courses around here, business is struggling,” resident Bill Moore told WYMT. “I’m not a drinker but I just really think it would be advantageous to the community especially those of us that are home owners on Crooked Creek.” We’ll see how he feels after that first wave of “buddy trip” bookings comes barreling through the course.
Aug 19, 2014
Cash is King
(ORLANDO, FL) Buying a luxury home with cash in hand has become the norm across the country, but in Orlando it’s been taken to a new level. Nationally, 45 percent of homes sold for over $2 million were cash transactions. In Orlando, that figure was been 60% in the last quarter. According to the Orlando Sentinel, the rate for cash sales of $1 million or more has doubled in the last five years. (Less expensive homes are becoming predominantly cash, too. In Orlando’s $100,000 or less range, more than 80 percent of the buyers paid cash. The recent sale of NBA star Dwight Howard’s estate gives one clue why cash is so popular. It sold for $3.4 million cash, $1.5 million less than the asking price. Sellers are willing to come down in price when you have cash in hand. The Sentinel also reported an interesting facet of cash sales: crowd-funding. Apparently cash buyers are raising money by borrowing it from family and friends. After the sale is completed, they then get traditional financing to repay those loans.
Aug 18, 2014
A mansion with your Rolls?
(JERICHO, NY) Looking for a $12 million mansion that will go nicely with your $475,000 Rolls-Royce Phantom Drophead coupe? You’re probably too busy making money to shop for both an ultra luxury car and multi-million dollar mansion. Unless, of course, you can do it in one stop. The New York Times reports that Shawn Elliott Luxury Homes and Estates will open next month inside Rolls-Royce Motor Cars. Likely the first pairing of real estate office and car dealership in the country, it allows superluxury car shoppers to view Elliot’s roster of $5 million-plus listings. See something you like? You’ll be driven to your viewing in a Rolls-Royce. As Eliott says, buyers can “find a home for their new car. They have the opportunity to see the most beautiful homes in the world while they see the most beautiful cars in the world.” And just in case a Rolls doesn’t fit the style of your new mansion, the dealership also sells Bentleys and Lamborghinis.
Aug 15, 2014
(PALM BEACH GARDENS, FL.) Need more proof that luxury golf course real estate is on the comeback trail? Look no further than Old Palm Golf Club, which boasts some of the PGA Tour’s most elite golfers among its residents. The premier private and exclusive residential community in the Palm Beaches has just announced record home sales for the first six months of 2014 totaling more than $74 million. Their sales have been off the charts, breaking last year’s record-setting pace. (In 2013, Old Palm had 41 transactions totaling more than $91 million in sales.) With 34 sales year-to-date, activity is high in all four of Old Palm’s gracious and distinct neighborhoods: Golf Estates, Grand Estates, Custom Estates, and newly released Isle Estates. Homes range from $1.3 to more than $15 million, with each designed and constructed to the most exacting of standards. “Sales continue to be extremely strong and show no sign of tapering off,” says Connie McGinnis, Director of Sales. That’s good news for the whole industry.
Aug 14, 2014
Dirt is Selling Again
(BONITA SPRINGS, FL) Remember those heady days when homesites sold in luxury golf communities with nothing to bank on except the promise of what was to come? No golf course. No clubhouse. No amenities. That type of home buying disappeared along with the real estate boom nearly a decade ago. While the market hasn’t exactly come full circle, Lennar Homes' Bonita National Golf & Country Club is going old school with their sales efforts. Surprise, it’s working! The club hasn't built so much as a single house and is barely started on the golf course — but it's doing just fine, Darin McMurray, Southwest Florida division president at Lennar, told The News-Press. “We've had 40-plus sales. We have no models, we have a sales trailer and that's it — we're selling dirt. I don't think we've been selling dirt since 2005.” Doesn’t hurt that Bonita National is their first golf course community to be built in Florida since the residential market fell apart in 2006.