Oct 15, 2014
(GRAND PRAIRIE, TX) Private communities that offer access to both great golf and skiing are few and far between. Could we soon be adding Dallas to the list of destinations like Tahoe, Telluride, and Jackson Hole? If a developer group, which is building similar projects in Brazil, Malaysia and China, is successful with its most recent proposal, we may soon be enjoying year-round indoor skiing in a 350,000-square-foot snow ski facility in a region better known for sweltering temperatures than powdered snow. The proposed Grand Alps Resort, in the Dallas suburb of Grand Prairie, would also include Texas’ first Hard Rock Hotel, a movie theater, restaurants, and retail shops. The entire project will cost close to $400 million. If the plans are approved and funding is secured, we could be hitting the slopes after a round of golf by Christmas 2017.
Oct 13, 2014
MYRTLE BEACH, SC) Myrtle Beach’s Grand Strand is famous for the quality and quantity of its golf, but this year has seen the number of courses take a hit. The latest casualty is Heron Point Golf Club, which will close on December 14. The golf course has been struggling to break even and is need of some major capital improvements. For now the course will sit idle, its future uncertain. Houses surround the course and the homeowners association will meet in the next week to discuss the impact the close closure will have on them. Heron Point is the second Strand course to close in 2014. Cypress Bay closed in March after being purchased by Mungo Homes for a planned housing development, according to the local Sun News. Wicked Stick Golf Links is also under sales contract to a housing developer and could close in the near future.
Oct 10, 2014
Ghost Town Stirring
(MONTVERDE FL) Once hailed as a rival to Isleworth and Lake Nona Golf & Country Club, Bella Collina, has sat idle since 2007. Dubbed the “Ghost Town,” the luxury golf community already had a Nick Faldo-designed golf course and a $40 million, 50,000-square-foot luxury clubhouse built. Homesites were selling more than $1 million when it started out in 2004 (about 40 homes were built), but the construction crews left when the real estate bubble burst. According to the SunSentinel, “Lakeview lots sold for millions of dollars at the peak but then traded just a few years later for the price of a new Chevy sedan.” Lawsuits followed, promises of a new buyer were rumored, and the ailing community stood still in time. The development was eventually bought by DCS Capital Investments for $10 million in 2012 and work on a fitness center, pool and clay tennis courts was completed. Now construction has begun on new homes. In the coming week they expect to roll out 30 home sites and a new list of custom builders.
Oct 08, 2014
Trevino Estate for Sale
(DALLAS, TX) Maybe the second time will be the charm. Lee Trevino put his Old Preston Hollow estate on the market again after briefly listing it earlier this year for $14 million. This time around the price has dropped to $13 million. Set on five acres of land, the 10,000-square-foot mansion comes with two putting greens and a resort-style pool. With his kids now in their 20s, Trevino and his wife, Claudia, are looking to downsize. Even with the million-dollar price drop, the Trevinos will do quite nicely if they get a buyer at or near the asking price. The couple bought the French-style estate in 1996 for $3.5 million, according to public records. The Wall Street Journal reports that the one of the greens features TifEagle grass; the other is synthetic turf with sand bunkers. There’s also a stream running through the property and a guesthouse. If you’re interested, the estate is listed with Sotheby's International Realty.
Oct 06, 2014
Real Estate Gamble
(RANCHO SANTA FE, CA) High profile gambler Billy Walters rolled the dice recently with a no-reserve auction on his Rancho Santa Fe home, complete with a short-game practice area designed by none other than Dave Pelz. Originally listed at $20 million, the 21,000 sq. ft. home sold for $13 million. Walters is not accustomed to losing. CNBC reports that the avid golfer owns three courses in Las Vegas and often bets thousands of dollars playing. He told the Golf Channel of some people losing a million dollars in one round. And though it’s estimated he’s won tens of millions of dollars on sports betting, he told the Wall Street Journal, “We've lost money on every home we've bought and sold here.” If you don’t recall Walters from his 2008 win at AT&T Pebble Beach National Pro-Am, you may recall that earlier this year he made headlines, along with Phil Mickelson and Carl Icahn, in an insider-trading probe. All three deny any wrongdoing.