The Pellucid Perspective - August 2011 - (Page 12)

[Golf course lot] premiums are down these days, and there are [development] opportunities where golf makes no sense, but we’re not afraid of golf.” Developers are not unanimous in the belief that new golf communities will again spring up in the next few years. Bluegreen Communities has pared its golf course portfolio to two en route to zero, and it is in the process of exiting the golf course community development business in favor of the company’s timeshare and non-golf residential development. Tom Powers, head of the company’s disappearing golf division, said he sees no immediate future for golf development. “The most recent Overland Institute survey, which is usually pretty accurate, showed that golf has dropped as an amenity choice from number 3 to number 19 over the last 17 years,” Powers said. “There’s not a reason to build another golf course unless you are damn sure you can sell the course for what you built it for. There’s a ton of shadow inventory out there right now and you don’t need a golf course for that. I think that will take us to 2015. There’s just no demand for new golf course communities, although you might be able to buy a dead community with a golf course already in it and do OK.” What have developers learned? In Golf, it’s important to choose your partner carefully. #11 at The Glen Club, operated by KemperSports At KemperSports, we have a real passion for what we do. Every day, we help people enjoy what we consider to be one of life’s most rewarding endeavors: the game of golf. With more than 90 facilities under management, our turn-key services range from program development, toto construction management, to operations. And what really sets develepement, construction management, to operations. And what really sets us apart are the partnerships we we enjoy course owners and developers who who our our us apart are the partnerships enjoy withwith course owners and developers sharesharepassion for for game and who understand our simple management philosophy: run run every passion the the game and who understand our simple management philosophy: every golf course as we we the the ones to play it. golf courseifas ifwerewere nextnext ones to play it. 500 Skokie Blvd., Suite 444, Northbrook, IL 60062 847.850.1818 | www.kempersports.com True to the game. Whenever the next mini-wave of golf development occurs, most developers agree that the painful lessons of the past decade will result in some changes. Those will range from the way golf is framed in the master plan for both builders and lenders to clubhouse size to membership structure. There doesn’t appear to be unanimity, however, on those topics. There does appear to be a shared aversion to refundable memberships. Experiences like the Bonita Bay and Ginn Company debacles, with the developer-owners drowning in a sea of refund demands with no waiting list to absorb them, have seemingly sent a warning message to the industry. “Non-refundable memberships will be the order of the day,” DeLozier said. Richey agreed, saying “Maybe except for the occasional big-boy club, there will be no big membership fees and no refundable memberships. When the economy goes south, you can be upside down in refund business.” Not surprisingly, Richey, Hinkle and DeLozier are all fans of mandatory memberships for golf community residents, to one degree or another. “I’m a believer in it (mandatory membership),” Richey said. “If people want the club facilities, there’s nothing wrong with a modest social membership, as long as people know it’s reasonable and will help to assure that the club will be there.” Hinkle said that Shea requires some form of membership when it is feasible, and when Dept. of Real Estate restrictions don’t forbid it, but most of their Trilogy-branded communities are open to the public, which precludes mandatory membership. (See Top Properties on page 15) AugusT 2011 12 The Pellucid PersPecTive http://www.kempersports.com http://www.kempersports.com

Table of Contents for the Digital Edition of The Pellucid Perspective - August 2011

The Pellucid Perspective - August 2011
Contents
Why cost cutting doesn’t yield long-term prosperity
Get Golf Ready showing some traction
Danger, Will Robinson!
Golf holding up but heartland hammered by weather
U.S. golf course development dead, or just sleeping?
Whither the weather
Miami/Ft Lauderdale, FL Core Business Statistical Area (CBSA)
Comings & goings
A few changes of note in August’s dog days

The Pellucid Perspective - August 2011

The Pellucid Perspective - August 2011 - Contents (Page 1)
The Pellucid Perspective - August 2011 - Why cost cutting doesn’t yield long-term prosperity (Page 2)
The Pellucid Perspective - August 2011 - Why cost cutting doesn’t yield long-term prosperity (Page 3)
The Pellucid Perspective - August 2011 - Why cost cutting doesn’t yield long-term prosperity (Page 4)
The Pellucid Perspective - August 2011 - Get Golf Ready showing some traction (Page 5)
The Pellucid Perspective - August 2011 - Get Golf Ready showing some traction (Page 6)
The Pellucid Perspective - August 2011 - Danger, Will Robinson! (Page 7)
The Pellucid Perspective - August 2011 - Golf holding up but heartland hammered by weather (Page 8)
The Pellucid Perspective - August 2011 - Golf holding up but heartland hammered by weather (Page 9)
The Pellucid Perspective - August 2011 - Golf holding up but heartland hammered by weather (Page 10)
The Pellucid Perspective - August 2011 - U.S. golf course development dead, or just sleeping? (Page 11)
The Pellucid Perspective - August 2011 - U.S. golf course development dead, or just sleeping? (Page 12)
The Pellucid Perspective - August 2011 - Whither the weather (Page 13)
The Pellucid Perspective - August 2011 - Miami/Ft Lauderdale, FL Core Business Statistical Area (CBSA) (Page 14)
The Pellucid Perspective - August 2011 - Miami/Ft Lauderdale, FL Core Business Statistical Area (CBSA) (Page 15)
The Pellucid Perspective - August 2011 - Comings & goings (Page 16)
The Pellucid Perspective - August 2011 - A few changes of note in August’s dog days (Page 17)
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