For about the past 12 hours, local social media has been abuzz about the news that Coffee Creek Golf Course is closing down. It’s understandable, with Coffee Creek being a staple in the community. The Coffee Creek community that surrounds the golf course has long been one of my favorites.
Here’s a Coffee Creek video we did about 6 years ago:
The rumors started flying about a week ago, when the Edmond Sun reported that the Coffee Creek HOA had called a meeting to discuss the pending sale of Coffee Creek golf course to a developer. From what I’ve seen, the sale was finalized on 1/12/17, so now the big question is, what’s next? Of course, it’s fairly simple to draw the conclusion that the closing of the course, along with the purchaser being a developer means that the property will be developed, but into what? That’s where all the rumors fly. Homes? Apartments? There’s word of both and homeowners are rightfully concerned.
I’ve had several people already asking “what’s this going to do to my property value?” I’ve sold many homes in the Coffee Creek community over the past decade or more, and even have one under contract now. One thing I know, it’s not just the golf course that makes it a desirable area and keeps these homes in demand. In fact, Coffee Creek golf course might be near the bottom of the list in most peoples’ minds when purchasing a home in Coffee Creek. It’s the location, the amenities, and the beauty of the area that make it a desirable place to call home. The multiple parks, pools, ponds, walking trails, coziness to Mitch Park, convenience of shopping, dining, and entertainment, all contribute to the Coffee Creek’s popularity.
So, will this change affect property values? It’s almost certain, but will it be a positive or a negative? New construction will generally bring some higher sales values into the area, which can be a good thing overall, but more apartment units could have the opposite affect. My guess is that the majority of home owners in CC won’t be affected much, but the properties that back to what is currently the golf course, or even have a partial golf course view will likely see their values decline to some degree. Those properties have had an upgraded view all along. You take that away and it’s obvious what happens. The desirability of those properties is affected and thus values are affected.
Hopefully this developer keeps all of these things in mind as they move forward with plans, and more information is sure to come to light in the coming weeks and months. One thing we know, Edmond is very picky about the types of development they allow and are especially sensitive to what areas they allow it, so don’t expect trailer parks and wal-marts to be built on what we’ve long known as Coffee Creek Golf Course.
If you have any real estate-related questions about this or any other changes in the metro, feel free to reach out any time. 405-802-4663.
UPDATE: A couple of local articles with more specifics have finally been published: