A Second Act for Destination Clubs

A New York Times article says

"ONE of the challenges for any club is achieving the optimal level of membership: selective enough to feel exclusive, yet large enough to be financially healthy.

That question of size is one of the main issues facing destination clubs as they look to recover from early growing pains and raise awareness about what is still a little-known luxury travel niche.

They have also been shoring up their businesses through mergers, partnerships and membership plans that are more diverse, with some clubs betting that bigger is better, especially to appeal to a risk-averse second wave of members."

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When the Golf Course Isn’t Enough

The NY Times has an article about the new style golf real estate development.

"THERE’S never been anything terribly sexy about living in a golf community. Imagine cookie-cutter spec homes dotting yet another dull par 4 in Myrtle Beach, and you get the picture. Even if you like the game and are in the market for a vacation home, you may never have considered buying in one of these old-style resorts."

"This is a phenomenon not lost on builders, who are out to change that — and the look of golf-course living. The new breed of golf community has a strong personality with distinctive architecture; loads of amenities, many catering to families; and a real sense of place."

" 'The classic model of houses ringing a golf course is dying,' said John Kirk, an architect with the New York firm Cooper Robertson & Partners, who designed homes at WaterSound, a beachside golf community in the Florida panhandle. 'Instead the golf course is like a big public green,' he said, adding that 'people want to be able to walk to the post office or to get their morning coffee.'

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A willingness to plunk down $200,000 for a golf membership does not guarantee acceptance.

Gaining Admittance to the Club

An article in the New York Times talks about developers that are screening potential members and real estate buyers.

"Country clubs have long been a part of American leisure, but increasingly the club aspect is being tied to real estate. While most second home clubs do not apply the scrutiny of a Manhattan co-op board, developers noted that such clubs are looking to create a cohesiveness in the community."

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The intersection of errant golf shots and private property

A NY Times article talks about the major hazard of living on a golf course - wayward golf balls.

“It’s not only an ongoing problem, it’s been made worse by technologically advanced golf equipment that makes golf balls go farther — and farther sideways,” said David Mulvihill, a managing director at the Urban Land Institute, who has studied golf course development.

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The dream of owning a vacation home can come true via tenancy-in-common.

A SFGate.com article talks about families and friends getting together to buy a second/vacation home via a TIC agreement.

"Sharing vacation homes -- with friends or extended families -- is hardly new. But now that lenders are making fractional loans for single vacation homes, a fledging industry has sprung up, especially in luxury vacation markets like Hawaii, Napa, Tahoe, Florida and Paris. Real estate companies like Dreamslice International specialize in it. Spec housing developers have begun building homes specifically for this market, and management companies are springing up to manage the properties. New tax laws have also made the vacation TIC less risky: In 2002, the IRS ruled that TIC interests could be used as a replacement property in a 1031 exchange -- allowing people to buy and sell shares of vacation properties as investments as well as second homes."

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Second Homes + Golf = a Worldwide Phenomenon

An article in the New York Times says

"Today, three-quarters of all golf courses planned or under construction are outside the United States, Britain and other traditional golf centers, according to industry estimates."

"Of the courses being developed around the world, 70 percent are tied to real estate developments, a much larger proportion than ever before, according to Keith Carter, managing editor of Golf Inc., a San Diego-based industry magazine."

Follow the link in the golfhomesTODAY.com Buying Guide Library to read the full article.

Fractionals: A Warm Spot in a Cooling Market

An article published on April 13 in the New York Times' Real Estate section talks about fractional ownerships.

"John Melicharek, head of the tourism industry practice at the law firm of Baker Hostetler in Orlando, Fla. says 'It’s become a convenient way to own a second home without all of the problems.' "

"Banks have also started offering specialized loans for fractionals in the last year, so buyers do not have to rely on home-equity loans, sell stocks or bonds, or cash in their bank accounts. Such loans can be more difficult to get than ones for primary residences, however. First Fractional Funding of Greenwood Village, Colo., for example, requires a minimum credit score of 700, said Scott Christian, its president."

You'll find a link to the full article in the golfhomesTODAY.com Buying Guide Library.