The Pellucid Perspective - August 2011 - (Page 11)

TOP PROPERTIES U.S. golf course development dead, or just sleeping? Rebirth tied to housing absorption and economy, developers say By Jim Dunlap ith new U.S. golf course openings slowed to a trickle, and closures outpacing openings by a significant margin for the past few years, golf course developers, builders and architects are wondering when, or if, new courses will begin to come online again? Not surprisingly, the answer seems to hinge on the condition of the American housing market, which in turn reflects the state of the country’s economy. The vast majority of any new U.S. golf courses going forward will continue to be real estate-related, according to developers and other industry observers. Virtually everyone not named Mike Keiser or developing golf/hunting/fishing getaways in Nebraska or South Dakota agrees that the standalone golf course has about the same chance of succeeding as a Hooters franchise in Tehran. Golf community development, however, will for the most part have to wait until existing new home inventory and the ever-growing number of foreclosure and other resale housing has been absorbed, in order to create demand and buyers for golf course homes. While traditionally golf-friendly homebuilders like Toll Brothers and Shea Homes say they would launch a new golf community even in the current environment if the land prices and local market were reasonable, most agree that any new activity is likely to be several more years in the making. Henry DeLozier, a principal with the Global Golf Advisors consulting firm, who cut his golf industry teeth in the golf divisions of Del Webb and Pulte Homes, estimates it will be at least two to three years before homebuilders – and lenders – begin to contemplate new communities that will include a new golf course line item. “Builders are targeting those people who can qualify for mortgages, primarily buyers in the 45-65 age cohorts,” DeLozier said. “For that sector to increase, it may take some sort of government action, like a mortgage guarantee program.” Industry veteran Dave Richey, president of Toll Brothers’ golf and country club division, agrees with the 2-3 year projection, saying “This economy is not just a blip on the radar screen,” and citing buyer confidence as the key to new home – and golf course – development. Richey emphasized, however, that Toll Brothers remains bullish on golf in general and is happy with their country club operations. So much so, in fact, that Toll purchased two non-Toll Brothers community clubs last year – Hasentree Club in Wake Forest, N.C. and Parkland Golf & Country Club in Parkland, Fla., and Richey said that company founder Bob Toll has ordered his staff to seek out other club www.PellucidcorP.com W purchase opportunities as well, including some which may not offer any real estate development potential. The company is certainly putting its development money where its mouth is, with 220 active developments and a projection of 240 by the end of the year, according to Richey. Jeff Hinkle, vice president of community development for Shea Homes, said the company is actually planning a few communities that would include golf right now, although he said the company is taking a much more conservative approach to underwriting than in past years. “Golf is still case by case,” Hinkle said. “Cities still require open space, though, and I think golf is a better economic model for that than heavy landscaping, trails and things like that which require substantial expense but produce no revenue. The Pellucid PersPecTive 11 http://www.clubcar.com http://www.clubcar.com http://WWW.PELLUCIDCORP.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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