Golf Inc - April 2008 - (Page 20)

“About 80 percent,” Mauragas said. “Our members are really the impetus behind the success of sales. Once we get someone on the property our close rate is very high.” Mauragas also believes the success stems from the fact that lots, not homes, are sold at the property at prices ranging from $115,000 to over $1 million. “That gives us a huge advantage,” he said. “The idea that you can build your dream home is still out there. Plus, there’s no timeline to build once you purchase property.” Once buyers commit to one of the development’s lots, a commitment to its golf is usually not far behind. During the past two years Reynolds Plantation has converted 97 percent of buyers into golf members, according to Mauragas. “The national average is 30 percent,” he said. “Even the members that come thinking they were not interested in the golf element can’t help it when they see it.” It doesn’t hurt that the club’s five courses have been designed by an all-star cast of architects including Bob Cupp, Jack Nicklaus, Tom Fazio, Rees Jones and Jim Engh. Engh was tabbed to design the recently opened Creek Club, the only course on the property exclusively for Reynolds Plantation property owners, as the four other courses are shared with guests of the Ritz Carlton Lodge at Reynolds Plantation. “We’re hosting 145,000 rounds of golf annually on average,” Mauragas said. Mauragas said another reason for the appeal is a golf-first approach that has seen the development’s premier land dedicated to its courses. “In today’s world no developer in the world would give up shoreline for golf but that’s been a cornerstone for us,” he said. “They’ve really built the golf first and then developed the homes around it.” Going forward, Mauragas said Reynolds Plantation will focus on adding elements that make it increasingly more attractive to a younger demographic, evidenced by the recent completion of a 26,000-square-foot pool and fitness facility. “We’ve started to focus on the back end of the baby boomers,” he said. “We’re looking at that 35- to 45-yearold second-home buyer.” Whatever comes next for the development, Mauragas is certain that Mercer and Jamie Reynolds will not waver from their vision. “They are not developing and going,” he said. “They are here for the long term. This is a legacy for them. That shows up.” —Scott Desiere 20 Golf Inc. April 2008 http://www.fairwayadvisors.com http://www.fairwayadvisors.com

Table of Contents Feed for the Digital Edition of Golf Inc - April 2008

Golf Inc - April 2008 Contents Editors Column Birney Takes NGCOA Helm Construction Costs on the Rise KemperSports Adds 14 Courses Americas: Fazio Designs St. Kitts Layout Europe/Africa: Seaside Resort Planned in Egypt Asia/Australis: Faldo Opens New Chinese Course High-Tech Tools: New Technologies that can Help Operators There's No Economic Slump at Still-Popular Reynolds Plantation Tim Moraghan Wants to Make Golf Fun Again Why a $1.5 Billion Resort has Made Environmental Protection a Top Priority Most Admired Operators Marketing Experts Make Their Pitch for Golf Courses From Korea, with Cash Last Word

Golf Inc - April 2008

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