The Rainbow Springs Country Club in Dunnellon is one of the most desirable subdivisions in the area. It is compromised of several other sections including The Forest, The Boundary, Fox Trace, Grand Park, Grand Park North. There are also some condominiums as well. Its located just adjacent to the Rainbow River close to downtown shopping and about 20 minutes west of Ocala.
The Rainbow Springs Country Club is a deed restricted community that was started in 1980, and even today has several vacant lots available to build your custom home. Typical lots vary from 1/4 acre to 1/2 in size; however, there are some owners who purchased more property and have an acre of property for their homes.
When originally built, the community featured an 18 hole golf course, clubhouse, and other amenities. If you are into nostalgia, take a look at the Old Banquet Package . The golf course was closed more recenlty, and the clubhouse was shuttered in 2015; but recently a prominent developer is under contract to purchase the defunct course and bring big changes to the subdivision and the entire area. Prior to this, only residents of the Rainbow Springs Country Club could use the private access to the Rainbow River, picnic pavilions and private beach area. However, with this deal that is set to close at the end of July, the residents of the entire Rainbow Springs POA will be able to utilize the private areas and new amenities.
These include plans to renovate and re-open the clubhouse as a community center, swimming pool, tennis courts that can also be used for pickle ball, bocce ball court, a half-court basketball court, horseshoe pits, bike racks, disc golf, and walking/biking trails. With this will come an increase in the annual HOA fees, which are currently $118 year $230 annually beginning January 1st, 2019. The vote to accept this purchase was hotly debated both on and offline, in the grocery stores and among residents of Rainbow Springs, and at times got downright ugly. But in the end, the plans for the purchase and changes were passed with a vote of 1,230 to 1,115.
The subdivision is wonderfully maintained and also has a mobile security that drives around the community. Residents of this pet friendly, close knit community show true pride of ownership and can often be seen walking or bicycling around the subdivision.
In the past 2 years sales have picked up dramatically and a healthy increase in home equity along with price increase has been evident. Prior to 2016, homes were selling for under $90 per square foot; today they are over $100sf. Single family homes range from just under 1,400 sq ft to well over 3,000 square feet of living space. There are many homes with 3 car garages and pools. The community is not age restricted and is locally zoned for Dunnellon Elementary & Romeo Elementary schools, Dunnellon Middle and Belleview Middle schools, and Dunnellon High School.
As of the writing of this post, there are 18 homes for sale (ranging from $170,000’s to just under $400,000) in the Rainbow Springs Country Club. This is a substantial difference from last year when the community was closing 10-14 homes each month. The lack of inventory is not only evident in this subdivision, but also the the entire area. The shortage of homes for sale is has started trending toward a sellers market, so buyers don’t expect to get much if any help from sellers in terms of closing costs contributions, etc. There are simply not enough homes to compete against them.
From January of 2017 to July of 2017, there were 73 homes sold with prices from $100,000 top $313,000. Since January first of this year, there have been a total of 84 homes sold, ; with prices ranging from $100,000 to $339,000. With rising interest rates and low inventory, its important that buyers who have been contemplating a purchase act now. Remember the key to purchasing a home is knowing the RIGHT time to buy, and the days of waiting for prices to go even lower and long in the rear view mirror.
We are happy to help anyone interested in acquiring a home or wondering what your home in the Rainbow Springs Country Club is worth in today’s market. As you can see on the sample of our sold listings on our website, we do business in the subdivision and have a vast knowledge of the area. We are here to help you so please give us a call today at 352-405-1663 or 352-405-1551 or use our contact form below.