Getting Home

CAG’s selective guide to golf course living.

Kim McHugh

In the 2009 animated movie Up, a man’s home is lifted skyward by hundreds of helium-filled balloons where it stays in the stratosphere for much of the film. That, metaphorically speaking, describes Colorado’s real estate market as a whole, including the one centered on many of the state’s golf communities.

“In recent months I’ve sold in Blackstone, Heritage Eagle Bend, and The Heritage at Westmoor,” said Jack O’Connor, broker/owner, The Denver 100 LLC. “The opportunities for buying within or close to public, semi-private and private golf communities are terrific, and the luxury real estate market affords the buyer some really nice choices.”

State of the Market
Propelled by an improving economy, low interest rates and a generally favorable value/pricing ratio, all signs seem to indicate that things are looking more promising for buyers and sellers alike. Since May 2010 the Dow has moved from around 10,600 to the 18,000s, while the NASDAQ has ballooned from 2,340 to around 4,900. In short, bolstered by stronger financial markets and more robust portfolios, consumers are reenergized about buying real estate.

According to research collected by the Colorado Association of Realtors (CAR), the real estate market is certainly flexing its muscles. In its March 2015 statewide report the association listed Average Sales Price for a single-family home at $362,053, up 10.8 percent as compared to $301,211 in March 2013. The Average Sales Price in the Townhouse and Condo column was $299,219, up 11 percent versus the $240,372 Average Sales Price from March two years ago. Perhaps as relevant to sellers were CAR’s Days on Market Until Sale numbers, which in March of this year were 71 for a single-family home and 57 for a Townhouse and Condo. The figures in March 2013 were 82 and 91 respectively.

In a kind of “good news, bad news” scenario, CAR’s statewide report also references inventory—the number of available single-family homes, townhomes and condos. There were 2.8 months of single-family home inventory in March 2015 versus 4.4 months in March 2013, while in the Townhome and Condo category there were 2.1 months of inventory last March versus 5.1 months of inventory during that month in 2013. The good news seems to favor sellers that, with a limited inventory, are in a better position to command a higher dollar amount for their property. That having been said, buyers may face potentially fewer choices, higher prices and, in some instances, even bidding wars.

“Lack of inventory has been an issue,” explains Kelly Kniffin, an agent for Legacy Properties West Sotheby’s International Realty. “That is especially true with aging homes and the buyer’s demand for new product.”

Still, Kniffin, whose market includes Dalton Ranch in Durango—a community developed primarily in the late 1990s and early 2000s—is seeing an uptick in both sales and home values.

Much of the success in finding a home in or close to a golf course community depends on where buyers are looking and what they are able to spend. For example, those in the market for a single-family home in the Colorado Springs area have a choice of two- to five-bedroom properties at Flying Horse ranging in price from around $330,000 to just over $700,000. People considering a two- to five-bedroom home associated with Colorado National Golf Club in Erie have options priced from just north of $300,000 to the upper $500,000s, while Green Valley Ranch east of Denver has builders featuring two- to seven-bedroom homes costing between $206,900 and $319,800.

Buyers seeking homes in the highest pricing spectrum can find properties both along the Front Range as well as in mountain communities. The Denver 100 LLC has homes listed at Colorado Golf Club in Parker priced from $1,190,000 to $3,900,000, while homes at Cherry Creek Country Club in Denver are priced between $859,000 and $2,295,000. As one would expect, areas like Aspen, Crested Butte, Steamboat, Telluride and Vail command premium pricing.

“Summit County’s general real estate market follows Denver’s real estate market by about two years,” comments Debbie Nelson, broker/owner, Colorado Real Estate Company. “We are now seeing a big demand for properties $600,000 and under, but most of the homes in our golf course areas are over the one million dollar mark, and we are beginning to see an increased demand for these homes.”

In CAR’s March 2015 report the Average Sales Price for single-family mountain homes was $952,951, an increase from $830,843 from two years earlier. At Cordillera, the luxe golf community in Edwards, Slifer Smith & Frampton Real Estate has listings ranging from a six-bedroom home for $975,000 to an eight-bedroom home for $7,250,000. The Glacier Club north of Durango has homes priced from $425,000 to more than $2 million.

The Right Time to Buy?

reached that velocity with higher price points. However, that gap is as small as it has been in a while, and eventually the upper markets are going to start taking off.”

A conundrum facing a percentage of buyers in the luxury category along the Front Range is whether or not they can secure a club membership. As reported in this magazine, Boulder Country Club, Broadmoor Golf Club, 

Glenmoor Country Club, and Lakewood Country Club all have waiting lists to get in.

“Because the real estate market has improved, people’s willingness to join a country club has increased,” O’Connor explained. “When you start thinking about where you’re going to live I think the options start to narrow themselves pretty quickly.”

It is important for buyers to confirm the availability of club memberships or how long they may have to wait to get into a club once they’ve purchased their residence. Another thing for buyers to be mindful of is whether or not the communities in which they are interested have so many members that getting a tee time is a challenge.

All in the family.
When contemplating a purchase, homebuyers, besides factoring in location and price into the equation, need to consider the hardwiring of the community. And, in the case of clubs requiring membership, the demographics of the members deserves a long look as well. Families with young or teenage children should confirm whether or not the community is oriented towards kids, and has the amenities and year-round programming to back that up.

When Fletcher Flower, his wife and young sons decided to buy at The Bridges at Black Canyon, it was in part because their automotive businesses were located in Montrose, but they were also drawn by the quality golf experience and opportunity to socialize.

“At this point in our lives we were not really thinking retirement or vacation homes,” said Flower. “We are very social people, liked the proximity to the clubhouse, which is a short walk away, and the fact that the club is also very kid-friendly with great golf programs for our boys.”

Many communities across the state are hybrids, if you will, where couples sans children, pre-retirees and empty nesters happily coexist with younger families that have pre-school to high-school-aged children.

“Dalton Ranch is always in high demand with baby boomers,” commented Kniffin. “But it is also attracting younger families for the ‘country club’ environment as well as an elementary school that is very close by.”

Examples of family-centric communities include Aurora’s Blackstone, Water Valley in Windsor, River Valley Ranch in Carbondale, Pradera in Parker, Denver’s Green Valley Ranch and Singletree in Edwards, the latter whose Sonnenalp Club recently created a multigenerational membership.

Oldies, but goodies.

On the flipside of communities oriented to younger families are age-restricted communities catering to buyers fifty and up. Places like Anthem Ranch in Erie, Fairway Villas at Green Valley Ranch in Denver, Verona in Highlands Ranch, and Heather Gardens and Heritage Eagle Bend in Aurora were specifically designed for owners 55 and over with, in most cases, no children under the age of 18 permanently residing with them.

“Golf wasn’t in my plan, it wasn’t a driver for me,” said Perry Karraker, a resident of Flying Horse. “I looked throughout Colorado Springs for nearly six months and, when I found this style of patio home living, now I’m just loving it.”

The 66-year-old Karraker, who plays golf three to five times a week, appreciates the low maintenance aspect of ownership. 

“Everything outside my front door is taken care of by Flying Horse—landscaping, snow shoveling,” he added. “It doesn’t get any better than that.”

Phil Harper, who retired a few years ago, moved from Arizona with his wife, purchasing a patio home at The Bridges.

“We looked at a second home in Tucson, however, the numbers never seemed to work for us,” Harper commented. “The home design, size and included finishes here were perfect for our needs, and the current owners, manager and staff all seem very committed to the long-term success of the property.”

On or off the course?
One question to consider in purchasing a home is do you wish to live within a golf community or simply nearby? If the decision is made to buy within the community, buyers need to weigh the pros and cons of owning right on the golf course versus away from it.

From a financial standpoint you may find that homes adjacent to the course are more expensive than similar ones, say, one street over. Conversely, homes within golf communities may hold their value or appreciate in value more quickly than non-golf course residences.

Statistically, more golfers are right-handed and on average drive between 180 and 200 yards off the tee. Homes on the right side of a fairway at those distances could be in the flight of sliced shots. Also take into consideration the roar of mowers maintaining the course, voices carrying from the tee boxes, fairways and greens, and golfers looking for errant shots in your back yard.

In the case of the Cox family, their decision to buy away from the course in their community was driven by a number of factors.

“We relocated here from Ohio, and looked at both golf and non-golf communities all over Douglas County,” said Mike Cox. “We came from a more rural setting and wanted to find a home, neighborhood and community with access to a variety of activities and amenities for our family.”

The family, who at that time weren’t members of any golf club, chose a home in The Timbers at The Pinery for its setting comprised of ponderosa pines and rolling hills. Shortly after they settled in nine years ago they became members of The Pinery, and then added The Summit membership, which allows them access to The Club at Pradera.

What’s in a name?
How much the name of a course designer means to the price a seller can command is hard to say, but it is worth working into your equation. With courses designed by Greg Norman and Tom Fazio, Red Sky Ranch likely sees its homes realizing prices similar to properties on the market at nearby Cordillera, whose courses were designed by Fazio, Jack Nicklaus, and Hale Irwin. But the absence of a big name on a course shouldn’t dissuade you from taking a look and ultimately buying at a community. In the case of buyers it comes down to what you’re willing or able to spend, how much golf is part of the experience and personal preference. For sellers, it usually is driven by the price you ultimately get for your home.

What ultimately matters for buyers is what they are willing or able to spend, how much golf is part of the experience and simply being happy. The Miller family, who purchased at Ravenna in Littleton, considered location, lifestyle and home design in reaching their decision.

“We considered Castle Pines, Deer Creek and Cherry Hills Village,” said Bryan Miller. “But it was the surrounding beauty of this community—the Tuscan architecture, world-class golf, and close proximity to hiking, mountain biking and fishing at Waterton Canyon—that really appealed to us.”
How could you not have a smile on your face?