Homes in the Rough

Wall Street Journal

Although doctors and golf go hand-in-hand, homes located on golf courses,once a sought-after real estate niche,have declined in popularity in recentyears, due mostly to escalating membershipand maintenance fees. Golfcourse homes surged in popularitythroughout the 1980s and 1990s due tothe lovely views, prestige, and convenience.Developers loved the conceptas well, because they could charge upto 20% more for a home simplybecause it was located on a golf course.But recently, new home buyers are shyingaway from the fairway dwellings. Inan effort to compete with new courses,many estates have had to constructnew features on their courses, sendingfees soaring even higher. According toan article in the , aFlorida man bought a three-bedroomcondo on a golf course in 1996 for$205,000 with a $41,800 fee to join theclub. The value of his home has sincedoubled, but the club fee has tripled,making it very difficult to sell. Hebelieves that if it weren't for themembership fees, he would havebeen able to sell his house easily.