Olde Cypress Golf Real Estate Q& A with Jason Becker, PGA

Welcome back, Jason. Thank you again for joining our Olde Cypress Blog. Folks, if you don't know, Jason is the founder and president of Golf Life Navigators, known as the "eHarmony meets Zillow" of golf online. Let's get right into it, Jason. We know you and your team are busy starting the year. 

 

What are you all forecasting for the first quarter in South Florida? Will the market slow down, keep rolling, or pick back up? 

Based upon increased web activity of people searching for a golf lifestyle, I would confidently predict that we will continue to see high demand for memberships and real estate. The caveat is that inventory remains low in terms of membership availability and golf homes for sale. 

How about getting more geo-specific to the Naples market? Does the limited supply have an impact? 

It certainly does. We are hearing from consumers daily that they do not wish to be on a waitlist. Olde Cypress is in a good position because it does not require that members live within the community, and as of right now, approximately 80% of members joining the club live outside the gates.  Any raising of its initiation fees has been consistent with the marketplace. Another benefit for members there is that it is privately owned, and therefore, members are not responsible financially for any upgrades in the clubhouse or golf course.
Are golfers okay with living outside of the community in which their golf course is located? We realize they have been in the past. Has this changed? 

Pre-Covid, this was a growing trend that we were watching closely. Approximately 49% of buyers wanted to live "off campus" and be a non-resident member. Things have changed in South Florida and the Naples area with population and membership growth. Since Covid, 80% of incoming new members at Olde Cypress live outside the community as homes are limited. It also helps tremendously that the club is centrally located.

As of this blog post, we have just eight Olde Cypress homes on the market. Is this a Naples trend, or is Southwest Florida still a tight market? 

Yes, that is certainly the reality of the market at the moment. In 2023, the average attrition rate (member turnover) at Florida private clubs was 4-5%. In 2021, the annual average turnover rate was 8-10%, so we are seeing 50% fewer homes on the market and fewer members leaving the club, which makes being on a waitlist even tougher these days. In a recent survey, most current members are saying that they are not leaving primarily because they don't want to run the risk of losing a great thing. They are cutting back on other ancillary expenses like taking a trip to Italy and focusing their time and dollars on their club life. In addition, many are fearful of a shift in the economic markets so they are laying low and holding tight to their Florida escape. 

Thank you so much, Jason.

Interested in learning more about golf membership at Olde Cypress? Click here to contact Director of Membership and Marketing Melissa Hansen today.