GGA believes the rejuvenation of the Texas housing market will be closely followed by the development of new club communities. What about the rest of the nation?
In the 2012 summary of single-family housing permits which was recently reported by the U.S. Census Bureau and John Burns Consulting, Texas cities make up 25 percent of the list of most active markets. Conspicuous by their absence are the once burgeoning markets of California and south Florida. No California city cracked the top 20 based on permits drawn.
What should those in the golf and club businesses take away from these numbers? At Global Golf Advisors, we forecast the rejuvenation in the housing market will be followed by the development of a number of new club communities in Texas.
Naples and Miami/Palm Beach have not restarted yet; but new permit activity - now underway - will increase as south Florida projects clear planning and entitlement hurdles. Water access in south Florida will continue to be a drawdown on new club activity in the Sunshine State.
What about the formerly white-hot housing markets such as Phoenix, No. 3 on the list, and Las Vegas, at No. 10? In those markets, a recovery is underway after a four-year dry spell. Phoenix and Las Vegas clubs may decline as a result of water policies and operational costs.
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