An update on The Preserve?

[Jim Dirksma]

ALERT

I learned from some informed sources today that there will be some "touch up" work on "a couple of holes" at The Preserve before the spring.

The work, however, will be done by...

The architect supervising the restoration work at Merion, Augusta National, and Riviera.  

[Jim_Kennedy]

Gib and Ran,
On the $$ & cents end:

Avg. sales on a Nicklaus Signature course are $37.5 mil/yr.
Palmer = 26.1 mil.,  Weiskopf= 17.6 mil.,  Rees= 15.2 mil.,
RTJjr.= 13.8 mil., Fazio= 13.8.

Nicklaus homes avg. $817k - Weiskopf homes avg. $934k

Nicklaus Signature courses sell about 46 homes per site/ per year, twice as many than at Weiskopf developments

[Bob Huntley]

Jim:

I delayed getting back to you until I had some answers. I am playing with a member after Christmas and will fill you in at that time.

Bob

[A_Clay_Man]

And NO FOLLW-UP

[golfer4life]

I thought I would throw my 2 cents in, as I have played the course a few times and my aunt did the enviromental planning for the property.  There seems to be no disagreement that the acreage is one of the most beautiful developements completed in CA.  The property is even more spectacular than Cordevalle.  The membership isn't as active for the sole reason that you must own property to be a member, and many of the landowners never even built homes.  I discussed the idea of offering memberships to those that don't own property with two members of the development team (ala the goat track Tehema), but the developers aren't interested until more homes are sold and built.  They want to get a sense for the home owner membership before they offer it up to others.  If they were in real financial peril, I think they could generate some quick cash this way.  The development isn't in "financial trouble" as some have made it seem.  The developers made a decent financial return so far, but the slow crawl of sales for the rest of the lots have slowed down new money which has restricted continual spending.  I agree the course is no CPC or maidstone, but I really enjoyed the walk and layout.  I play it with one of the developers, who is a former AZ state am champ, and from the back tees the course presented some very good shots, once you get into the meadow, in my humble opinion.  The property was a pain to build and if it wasn't for the coastal commision would have been done 5 yrs earlier.

[Bob_Huntley]

golferforlife4,

It wasn't only the Coastal Commission. The local authorities and water board all had their axes to grind. It will be interesting to see what happens, if and when, the residential lot sales are completed. The Golf Club and facilities will probably be turned over to the members... one can imagine their consternation when they discover what that will do to their monthly nut.

[Scott_Burroughs]

Why does the Coastal Commission have anything to do with The Preserve, decidedly inland?

[John Keenan]

As a newbie I must first note that I very much enjoy the site. The post are super as are the topics.

One problem The Preserve suffered was the death of its key developer Peter Stocker. He died in a helicopter accident while checking out the Preserve prior to start of development. This I feel slowed down the start which in effect has hurt sales and growth. If it had started earlier it would have benefited from a much improved economy.

Today the Stocker Cup is played at The Preserve in honor of Peter. A fine man and a great loss.    

[Bob_Huntley]

Stocker's untimely death did indeed impact the opening of The Preserve, however, the reality of just getting to the place has always been a bit of drawback.

Those of our tree-house that have been out here, know that the entrance to the club is three miles out on the Carmel Valley Road from Highway One. It is then another NINE miles through hilly and wonderfully rugged terrain to get to the clubhouse. During daylight hours it is an engaging drive, in darkness and after a couple of glasses of wine in Carmel, it is a recipe for disaster. Many of the parcels that were sold in the first stage remain without any semblance of building activity and a number are up for resale. The convenants are particularly restrictive.

It is an idyllic place with a fine course and my wife says she would love to have some acreage up there.....my rejoinder has always been to tell her to make sure she buys her Lotto ticket.

[Joel_Stewart]

I recently saw in the WSJ an ad for the first house completed at the Preserve is now for sale.  Furthermore, if the development is not in financial turmoil, many members are, having paid millions for their lots and memberships only to have the dot-coms and tech companies they work for fall into sad shape.   I would bet that at least a dozen and maybe more members want to sell.

Any update on the golf course?