Golf and the Real Estate Business - Clear Creek

[Sean Eidson]

I enjoy reading the Golf Digest blog on Golf and Real Estate.  I thought I'd pass along this link to an interview with the developers of Clear Creek in Tahoe because I think it struck me as very refreshing in the context of all the over done, over debt burdoned projects that seem to go bankrupt on a daily basis.

http://www.golfdigest.com/magazine/2009/08/20090827finch?currentPage=1

Things I enjoyed about the interview...

-  Leaving more grounds native helps save operating expense
-  Shifting the business plan hasn't compromised the quality of the course, or apparently the membership
-  Not requiring a real estate purchase leads to what appears to be a more "golf-focused" membership
-  Clubhouse and other ammenties are waiting until the market demand warrants it
-  Building a clubhouse that will be comfortable during normal load, not peak load (when they'll bring in tents)

The story seemed familiar, as my understanding of the business plan for Bandon was pay cash as often as possible and keep golf front and center in every decision.  If you do that, you'll end up with a product that you and others enjoy for all the right reasons. 

As an aspiring developer, I'm taking these as very timeless lessons.

[Steve_ Shaffer]

Scott,

Many real golf/real estate developments in Scottsdale which started out as real estate only for a membership no longer require a lot or house purchase:

Mirabel, Troon, Estancia come to mind. Silverleaf offered non resident memberships in the beginning. Blackstone in the West Valley no longer requires real estate for a membership as does Encanterra in the East Valley.

[Joel_Stewart]

Its a good article and you have to give them credit for having the balls to finance the course on their own.  They do have a staff of around 30 people that need to be paid.  Hopefully the economy turns around and they can get some additional funding but I have to believe it may take a few years.

Although not every hole will have homes, I'm happy I played it when there was nothing there.

Below is the par 5 18th hole.

[Mike Sweeney]

I know Pinehills (MA) does not get much love here but they seem to be out front in terms of new smaller homes:

http://www.pinehills.com/#/homes/barefoot/