Lakewood Ranch CC vs. The Oaks
In July of 2013 I wrote an article about how mandatory golf memberships may hinder home sales within a community. Read it here - Do Mandatory Memberships Hinder Home Sales?Â
Below are sales figures for Laurel Oak Estates and The Oaks Bayside and Clubside in the time period from January 1, 2010 to July 26, 2013. Conclusions from that case study:
- Despite being a smaller community, 56 more homes sold in Laurel Oak Estates than The Oaks.
- On average, homes sold in Laurel Oak Estates 82 days faster and at a smaller discount from asking price.
- There were nearly twice as many failed (expired/withdrawn) listings in The Oaks versus Laurel Oak Estates.
- Bottom line - It is much easier to sell a home in a community that does not require a golf membership versus one that does.Â
|  |  The Oaks Bayside & Clubside (Membership Required) |  Laurel Oak Estates (Membership Not Required) |
| Number of Homes  |  555 |  409 |
| Homes Sales from 1/1/2010 - 6/26/2013Â | Â 93 | Â 149 |
| Number of Expired/Withdrawn Listings |  70 |  38 |
| Turnover | 17% | Â 36% |
| Average Days to Contract | 281 | 199 |
| Sales Price/List Price | 90% |
93% |
Lakewood Ranch Country Club vs The Oaks Bayside/ClubsideÂ
Below are statistics pulled from our MLS system regarding propertes in Lakewood Ranch Country Club and The Oaks for the time period from 1/1/2010 to 5/13/2014. You are NOT required to purchase a membership when buying in Lakewood Ranch Country Club. The Oaks does require it.Â
|
Lakewood Ranch Country Club Membership Not Required |
The Oaks Bayside and Clubside Membership Required |
|
|
Homes sold from 1/1/2010 – 5/13/2014 |
687 |
118 |
|
Number of Expired/Withdrawn Listings |
332 |
86 |
|
Homes Sold/Expired & Withdrawn Listings |
206% |
137% |
|
Average Days to Contract |
119 |
260 |
|
Sales Price/List Price |
94% |
90% |
Observations:
- There were nearly 6 times as many sales in Lakewood Ranch Country Club than The Oaks (Lakewood Ranch CC does not 6 times has many homes as The Oaks).
- Average days to contract is 119 in Lakewood Ranch Country Club vs. 260 in The Oaks. Homes apparently sell faster in Lakewood Ranch CC.Â
- The average sales price to list price ratio is better in Lakewood Ranch CC by 4%.
- There are 2 times as many homes sold in Lakewood Ranch Country Club than those that failed to sell. Whereas in The Oaks there were 86 failed listings for 118 successful sales.Â
Current Inventory in Lakewood Ranch CC and The Oaks
View homes for sale in Lakewood Ranch Country Club | View homes for sale in The OaksÂ
| Â | Lakewood Ranch Country Club | The Oaks Clubside & Bayside |
| Highest Asking Price |  $2,999,000 |  $4,699,000 |
| Lowest Asking Price | Â $199,000 | Â $433,300 |
| Average Asking Price |  $810,582 |  $1,331,861 |
| Average Asking Price/Square Foot |  $228 |  $259 |
| Median Asking Price |  $580,950 |  $1,014,500 |
| Median Asking Price/Square Foot | $213 |  $243 |
| Average Days on Market | 95 Days | 214 Days |
Observations:Â
- The average and median asking prices of homes for sale are far lower in Lakewood Ranch Country Club than The Oaks.
- The average and median asking price per square foot is also much lower in Lakewood Ranch Country Club.
- Average days on market for current homes for sale in Lakewood Ranch CC is 95 days and 214 days for The Oaks.Â
Despite the above statistics I feel that both communities are wonderful and great places to call home. Please give us a call at 941.822.0708 if we can help you buy or sell a home in Sarasota.
Â
Discussion
Marc,
Your conclusion about mandatory golf memberships may be correct, but your methodology is flawed. There are several factors at play here that you don't eliminate. First of all, far more has been spent by the developers of Lakewood Ranch on advertising and PR to make it a "hot" community for home buyers. Also, you acknowledge that Lakewood Ranch homes are cheaper, but don't acknowledge that's why they might sell better. Also, Lakewood Ranch has a town center that the Oaks does not have, though admittedly, many of the buildings seem empty. Finally, if a buyer is wealthy enough to buy a $2 million home in The Oaks, is he really going to balk at a golf membership?
I have no dog in this fight, since I live in neither community! I DO think the lack of visibility of The Oaks in the media, the high prices and the lack of a town center/amenities like those of Lakewood Ranch my be larger factors in slow sales.
Thank you Becky for your insightful comment.
You are absolutely right in that more property is selling in Lakewood Ranch Country Club versus The Oaks because there is a wider variety of prices (lower priced homes). So, let's take a look at the $1 million and up market in both communities for the time period of 1/1/2010 to 5/14/2014.
Lakewood Ranch Country Club $1,000,000+ Sales
* 43 sales
* Avg. Price - $1,272,749
* Avg. days on market - 185 days
* Sales price/List Price - 90%
The Oaks $1,000,000+ Sales
* 17 sales
* Avg. Price - $1,353,588
* Avg. days on market - 305 days
* Sales price/List Price - 88%
There were roughly 3 times as many sales of $1 million+ home in Lakewood Ranch Country Club than The Oaks. Those homes on average also sold about 4 months faster and with a higher sales price to list price ratio.
I think potential buyers and sellers in these communities would find this data useful. If I owned in either community or thinking of buying in there I sure would find this helpful. You make great points in that advertising, PR and a town center do have an influence on sales. I don't see those things going away so it is a bit like saying condo X sells better than condo Y because it is in a better location. If that remains true forever than sales in condo X will probably always be better. Lakewood Ranch has plenty of land to build on so their marketing and PR probably won't stop anytime soon. I don't see Lakewood Ranch main street closing down either.
"Finally, if a buyer is wealthy enough to buy a $2 million home in The Oaks, is he really going to balk at a golf membership?" - You might be surprised. I have heard on several occasions from potential buyers that they don't want to have to join a club because they are not big golfers.
I do appreciate your feedback Becky.
Marc
Info very helpful. I'm a golfer my wife isn't. We've been excluded from the couples social scene at our club. I would think that the social pressure would be even greater in a community where golf is the main attraction.
Neil
Great point Neil. Thank you. The Oaks does seem to draw many die hard golfers.
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