Jan 09, 2015
Ready to Roll
(AMENIA, NY) Luxury golf community developer, Discovery Land Company, has made a name for itself west of the Mississippi with projects such as Estancia, Vaquero, and Yellowstone Club. They’ve only dipped their toe into the Eastern U.S. (a project in the Hamptons is underway), but are hoping to start work on a $500 million luxury residential resort club community, Silo Ridge, just 90 minutes from Manhattan. This week they presented downsized plans to local officials in Duchess County. The new plans call for 245 residential and lodge units. A golf course already exists on the property, but as is Discovery Land’s custom, they plan to bring in Tom Fazio to redesign the course. The Poughkeepsie Journal reports the community "plans to sell to high-end buyers, mostly young families from the New York metropolitan area, who look for a place in the country that caters to not only adults but their kids, too."
Jan 07, 2015
Doubling Up at Diamante
(CABO SAN LUCAS) Not nearly as significant as adding a 15th major (but taking nearly as long), Tiger Woods finally cut the ribbon on his first 18-hole layout. El Cardonal, located at the premier residential community of Diamante on the tip of Baja California Sur, formally opened a few weeks back. Woods’ architectural debut was news enough, but it was also announced at the grand opening that Woods will return to build a second course at Diamante. Probably doesn’t hurt that Woods also maintains a home at the community. El Cardonal is a 7,363-yard, par-72 layout that with an ocean view from every hole, and interestingly enough (considering his accuracy with the driver lately) features broad fairway corridors. Much to the delight of the developer, Woods told those gathered for the grand opening, “With all the amenities here at the resort, I plan on spending more time here at Diamante, Cabo delivers what everyone is looking for. It’s the best of all worlds. You’ve got great golf, plus all the activities available offshore, including incredible fishing and diving.” That kind of talk will definitely get you an invitation to design another course.
Jan 05, 2015
Five to Watch
NEW YORK) All in all, 2014 was a positive year for the housing market. Mortgage rates stayed low, foreclosures dialed back, and plenty of private golf communities got back on track. But there are still hurdles to overcome and this week CNN Money published five things real estate pros feel could put a damper on the party this year. Those include big investors cashing out, a drop in foreign real estate investment (especially, and understandably, the Russians), incomes not keeping pace with real estate prices, skittish lenders, and…gulp…a sharp increase in mortgage rates. That could happen if the Federal Reserve surprises everyone and send its benchmark rate higher than it's projecting. "The Fed is uncharted territory," said Doug Duncan, chief economist for Fannie Mae. "If it pushes rates up, it could have a big impact on the market." Might be time to go ahead and close on that dream golf course home you’ve been thinking about. Or get ready to make larger monthly payments than you were planning on.
Jan 02, 2015
New Year, New Owners
(MOHAVE VALLEY, AZ) What do you do when your community’s developer is indicted by a grand jury and your entire board of directors is arrested by the IRS? The residents of El Rio Country Club didn’t wait to find out. They formed a new homeowner’s association, purchased controlling interest in the community’s Matt Dye-designed golf course, and went to work ensuring that the club was sustainable. They brought back the director of golf, hired someone to run the club’s restaurant, and even got their waterfall back up and running. And they did it all in 90 days. “None of us ever wanted to own or run a golf course — it’s not like our dream came true or anything — and though it started out of necessity, every day, every breath we take is focused on this now, and we think people are going to love it,” Karen Dick, El Rio Country Club sales and marketing director, told The Daily News. They plan to reopen the course on January 17. A great story of renewal to begin the New Year for everyone (except for the developer and board of directors)!
Dec 31, 2014
The Club Re-Imagined
(BOCA RATON, FL) The lucky members of the Polo Club of Boca Raton will no longer need to imagine a freshly renovated club. $27 million and a scant eight months after beginning a redesign of the Club, they celebrated the transformation before Christmas. All socializing and gathering areas, five dining establishments and the Spa and Fitness Center, as well as the Golf Pro Shoppe and Resort and Tennis Shoppe, were redesigned and reconstructed to create a more open-air, fresher and modern aesthetic. Renovations also included a new grand staircase, new foyers, entranceways, staff offices and reception areas. Shimmering chandeliers, brightened tones and energetic combinations of texture and light have replaced the traditional and historic feel of dark woods and deep colors. “One thing that was important to impart was a fresher, younger look,” said Brett Morris, Polo Club’s General Manager and Chief Operating Officer. “The people that we are trying to attract are 55-65, younger retirees, who want a complete lifestyle in Florida within a community that basically has it all. With Polo’s dining destinations, lectures series, recreational amenities and world-class Spa and Fitness Center, it’s been said that living here is like being on a cruise ship on land.”