Feb 04, 2015
(MOSELEY, VA) Better late than never. Make that way better. Located less than 30 minutes from Richmond, Virginia, the residential community of Magnolia Green has plenty going for it. The all-inclusive lifestyle features parks and hiking trails, swimming pools, sports courts, playing fields and soon all 18 holes of its Nicklaus Design golf course. Formerly Westham Golf Club, Magnolia Green opened with just nine of its holes complete in 2010. Like many private golf communities that opened during the real estate recession, they struggled out of the gate. Then in stepped iStar Financial, which not only bought the property, but took over its management. To date, iStar has invested nearly $50 million in the community with a second residential phase and $10 million amenity package scheduled to break ground in 2015. Now the region's top-selling community, Magnolia Green features homes from just under $200,000 to $1 million. And soon, all 18 holes of the Nicklaus course.
Feb 02, 2015
(PALM BEACH, FL) Of all the factors that have helped the real estate market rebound, perhaps none has done as much for luxury home sales as the stock market. Take Palm Beach County, where almost 1,100 $1 million-plus homes sold last year, up 16% from 2013. Not only was there a healthy increase in the number of luxury properties that sold, they sold more quickly, too. The average time on the market was 130 days, down 22% from the previous year. According to the Realtors Association of the Palm Beaches (as reported by the Palm Beach Post), the stock market’s performance has a direct correlation to the luxury real estate market. No surprise there. But what is encouraging for private golf communities is that the stock market’s performance also affects retirees. Several boffo years in a row for Wall Street increased the buying power of those looking for the ideal place to call home for their retirement years.
Jan 30, 2015
(GLENBROOK, NV) They call it the Western “Camelot,” a lakefront compound with a storied 100+ year history that has hosted Hollywood’s elite and the rich and famous, including the Kennedy and Onassis families. Now Lake Tahoe's oldest settlement has hit the market with a $98 million-dollar price tag. But you get a lot for your money, including 17 guest homes with a total of 25 bedrooms, 25 bathrooms and 13 kitchens. With that kind of room you won’t have to turn many family and friends away. Then there’s the indoor pool house, horse stables, a greenhouse, an underground wine-tasting and tap room, and circa 1870's 5,000-sq. ft. entertainment "barn” that’s been the site of shows by Jay Leno, Lionel Richie and the late Robin Williams. Though the lucky buyer will get more than 400 feet of shoreline on Lake Tahoe, they’ll have to share a 397-foot pier (albeit with a private lift for a 40-foot boat) to get to Tahoe's lakeside restaurants, Edgewood golf course, and entertainment venues. Seems like a small price to pay, unlike the asking price for the property.
Jan 28, 2015
Big Island Debut
(KONA, HAWAII) The first new development on the Big Island in nearly a decade, Kohanaiki and its members-only Rees Jones-designed course (Hawaii’s only layout with six oceanfront holes) were seven years in the making. With room for only 500 residences, many of them with breathtaking views of ocean sunsets, the summit of Hualalai, snowcapped Mauna Loa, the Kohala Mountains and Haleakala on Maui, this is an inspiring place for the lucky few. No surprise that sales have already topped $175 million in less than two year. Now, Kohanaiki has announced the official release of its McLaughlin Hale “Home.” The four custom residences are located in the core of the private community at the golf course’s practice area. Inspired by island architecture, the four-bedroom, 4.5-bath McLaughlin Hale balances Hawaii’s kama`aina beach house with modern amenities and beautiful views of Mount Hualalai and the golf course. Optional upgrades include a separate guest house. Pretty sure you’re going to need that once family and friends discover where you live. Home prices range from $3.55-$3.65 million and are scheduled for completion this July.
Jan 26, 2015
Tiger’s Swedish Island for Sale
(LAKE MÄLAREN, SWEDEN) We’ve known for a few weeks that the über private and exclusive Swedish island that Tiger and Elin Woods enjoyed during their happier days is up for sale. The price has been another matter, with reports ranging all over the place. But, finally, Vladi Private Islands has the island listed on its website for 45,000,000 SEK, which converts to about $5.4 million in U.S. currency. The 62-acre island includes a private harbor, secluded villa, hunting lodge, stables, landing strip, and “historic hill fort dated to the Stone, Bronze and Iron ages.” And, of course, the history that goes along with Tiger and Elin. There’s no golf course, but there are six teeing areas. Turns out, according to reports, that Tiger never actually owned the island. It was being developed for him by a Swedish millionaire who was left holding the bag when the Woods divorced. Looks like the fallout from that fateful Thanksgiving over five years ago hasn’t ended.