House hunters are teeing off on golf course community deals.
That's according to luxury real estate firm Sotheby's International Realty. Demand for residential golf course communities is on the rise during a nationwide housing boom, the Naples-based company reported in its 2021 luxury market outlook report. "Golf communities, which had fallen out of favor in recent years, also saw a sudden resurgence of interest in the spring, with more residents reportedly setting up shop in their 'vacation' homes year-round, drawn to the easy availability of safe, outdoor recreation in an all-inclusive luxury environment," the report read.
Plus, the National Association of Realtors reported Sotheby's saw a 26% increase in global searches for golf properties between January 2020 and February 2021. That is good news for golf course real estate in Orlando, which was ranked the sixth-best golf city in the U.S. by online real estate marketplace Rent.com.
Golf has proven popular during the pandemic as other entertainment options have been limited due to Covid-19 precautions. Even amid business closures and other restrictions earlier in the pandemic, Isleworth Golf & Country Club was able to keep its golf course and tennis courts open, Isleworth Realty LLC agent Toni Cafferty told OBJ. Meanwhile, Central Florida's luxury real estate market is on fire. Sixty-nine Orlando-area homes were sold for $1 million or more in February, up 53% from 45 in January, according to the Orlando Regional Realtor Association. This high demand, combined with limited inventory, is why the Dallas-based Institute for Luxury Marketing named Orlando's luxury sector a seller's market in its March report. Trends in the residential real estate market are important, as every home sale in the state has an estimated local economic impact of $77,858, per a 2018 study by the National Association of Realtors. In addition, the housing market often is considered a reflection of the local economy's overall health.