Q: My husband and I found a house for sale that we love that is currently on a golf course. However, the golf course has been sold and the new owners plan to put a retirement community in its place.
While the current owners of the houses adjacent to the golf course are fighting this with all their might, the destiny of the golf course is uncertain at best. What would be the best way to determine the fair asking price and/or the value of the home in this situation?
Thanks so much.
A: If you’re working with a good real estate agent, the best thing you can do is to have a conversation with him or her, the firm’s managing broker and perhaps another agent in the office who does a lot of work in the area.
You need their input to determine what is the best price you can pay without hurting yourself if the worst case scenario unfolds — a horribly ugly, badly-built property replaces the golf course.
But I’d be really careful. A lovely house with a golf course view could be worth millions. A lovely house with a view of a retirement center can be worth a lot less.
It seems clear to me that since the golf course has been sold that something will go up in its place. It could be a senior center or it could be dense multi-family housing or it could be a tall building (local zoning codes would determine how high the property would be).
I think this is a very risky situation and I’d tread very carefully. Personally, I’d look for another home — one that doesn’t have such a glaring and unsolved problem.