THE VIRGINIAN-PILOT
Copyright (c) 1995, Landmark Communications, Inc.
DATE: Saturday, January 21, 1995 TAG: 9501190277
SECTION: REAL ESTATE WEEKLY PAGE: 04 EDITION: FINAL
COLUMN: What It's Worth
SOURCE: Thomas Tye
LENGTH: Short : 49 lines
I recently purchased a home in Virginia Beach. There is now a golf course under construction adjacent to my property. I understand that golf course lots usually sell at a premium. Once the golf course is finished, is it likely that my house will be more valuable due to the fact that I front on the golf course?
That depends. Typically, when a developer is building a subdivision around a golf course, the lots are oriented in a manner that provides favorable views for the home sites.
In your case, the golf course is being built after the subdivision was constructed and the golf course is not part of your subdivision. Therefore, there is no incentive or need for the developer of the golf course to orient the facility in a manner which is beneficial to you and your neighbors.
If, however, after the golf course is completed, you have a favorable view of the golf course, then you may well have an increase in the desirability. This would result in an increase in value. If however the view is of the building that stores the golf carts or other maintenance facilities, then you may well have a less desirable site.
It also depends upon how the course is developed related to the landscaping and plantings they install and whether there is a fence to keep non-members off the course. This could cause the view to be less desirable if your yard does not blend into the new golf course.
Unfortunately, since this is not part of your development you have no control over how the finished product may affect your property.
When the course is completed some of these questions will be answered and you will have a better feel for any benefit you may obtain.
But it is apparent that, after considering these items, that just backing up to golf course property in and of itself may not have a positive influence on the value of your home. MEMO: Thomas Tye is a Member of the Appraisal Institute and is a Senior
Residential Appraiser. He has evaluated commercial and residential
property in Hampton Roads for more than 15 years. Send comments and
questions to him at Real Estate Weekly, 150 W. Brambleton Ave., Norfolk,
Va. 23510.
by CNB