REAL ESTATE NEWS, TRENDS & NEW DEVELOPMENTS
Pres. Trump's Florida Golf Properties Show Growth
By Scott Kauffman (May 16, 2018) - President Trump's flagship Florida private golf and resort properties -- Mar-a-Lago Club and Trump National Doral - both showed revenue losses in 2018, according to the President's latest government public financial disclosure report released today. Trump's South Florida "White House," a National Historic Landmark located in posh Palm Beach, is valued at more than $50 million and recorded $25.15 million in "resort-related" revenue, according to his financial disclosure signed May 15. The 2018 income is a 33 percent decline from his June 2017 report, when Trump showed $37.25 million in revenue. Meanwhile, 2018 income at Doral decreased 35 percent to $74.76 million, after gaining $115.86 million the previous year.
Private Clubs Undergoing Major Amenity Upgrades
By Scott Kauffman (Aug. 18, 2019 - On a recent weekend at Bella Collina, the private golf and lakefront community’s 75,000 square-foot clubhouse was buzzing with activity as a 100-plus visitors enjoyed a night of food and music at a place affectionately known as the Castle. By many accounts, this busy Bella Collina evening didn't seem out of the ordinary for the popular Orlando-area property, or any other private club holding a special member event. However, what made this night different is the fact it was composed of guests celebrating one of the many destination weddings now hosted by this picturesque private club community. As one club official put it, it’s one way to bring “golfers” back into the club when it’s dark outside. Welcome to the new-age private golf club.
Golf Course Communities Come Back from the Brink
By Scott Kauffman (Sept. 8, 2019- There’s a saying that the Chinese word for ‘crisis’ is composed of two characters. One means danger; the other represents opportunity. This figure of speech most certainly describes the 2008 financial crisis that crippled many top golf and resort communities. Ten years later, some of the biggest clubs that exemplify this saying are Bella Collina in Orlando, the Cliffs Communities in the Carolinas, and Reynolds Lake Oconee and Sea Island in Georgia. Perhaps the best example of this real estate sector's recent boom, bust and rebirth is Bella Collina, a premier golf and lakefront community that is back selling homes and stronger than ever.
GLOBAL PROPERTY SPOTLIGHT
Wynn Resorts to Reopen Tom Fazio-designed Wynn Golf Club
By Scott Kauffman (Sept. 1, 2019)
Upscale golf is making an encore along the Las Vegas Strip. And it's an old friend back on stage: Wynn Golf Club. Ironically, this high-end course makes a return to the Strip's famed northern stretch less than a year after casino mogul Steve Wynn stepped down and sold his shares in the company after allegations of sexual misconduct.
Wynn Resorts new chief executive officer Matt Maddox confirmed the golf-related news during the company’s third-quarter earnings call Nov. 7, saying golf is a “great amenity for the resort” and too profitable to keep closed.
“We actually, not only did we notice we lost 16,000 rounds of golf out there, 70% of which were cash, but we lost probably $10 million to $15 million worth of domestic casino business,” said Maddox, golf club has been closed since last December. “People coming in for golf trips, they have decided to go elsewhere.”.
Meanwhile, Wynn Resorts (NASDAQ: WYNN) decided to put the proposed Wynn Paradise Park lagoon and entertainment-themed complex elsewhere - on a less valuable 38-acre parcel purchased in late 2017 across from the Strip. Plans for a new 400,000-square-foot convention center forge ahead on the prime 130-acre golf property accented by lavish waterfalls and lush fairways and greens.
Said Maddox: “So what we’ve done is we actually went back and reengage Tom Fazio, who is the original designer of our golf course, to come in and take a look at the couple holes that were disrupted by this 400,000-square-foot convention center and see if we can design a new 18-hole golf course connected to Wynn in Encore and have that back in action before our convention center opens.
“The design of that is complete, the work has commenced, and the golf course will be restored and back in action by this time next year.”
KAUFFMAN'S RESORT LIVING INC.
THE LEADING BUSINESS JOURNAL FOR GOLF, PRIVATE CLUB & ACTIVE-ADULT/VACATION HOME COMMUNITIES
By Scott Kauffman - Chief Content Officer
Sept. 18, 2019 - Volume 1, Issue 1
Welcome Home to the Inaugural Issue of Resort Living Inc.. After an award-winning full-time journalism career covering sports, global golf course business and resort-style real estate for USA Today, the Orlando Sentinel, Golfweek Magazine and dozens of other luxury lifestyle publications, I'm excited to officially introduce Resort Living Inc., and the sister website, ResortLivingMagazine.com, the most trusted source of news for master-planned golf, private club and active-adult/vacation home communities worldwide.
My passion for this lifestyle and real estate niche has given me the pleasure of experiencing many of the finest clubs and communities ever created. Places like the ultra-exclusive Ke’olu Golf Club at Four Seasons Resort Hualalai on the Big Island of Hawaii to Pres. Donald Trump’s Mar-a-Lago in Palm Beach to Tavistock Group’s premier private club communities in Orlando, Isleworth and Lake Nona.
Along the way, I've also been fortunate to have trusted access to the leading developers, sales and marketing executives and public relations directors driving these quintessential communities and clubs.
Now, in an exciting new chapter of my journalism career, I'm eager to share my years of knowledge, access and global insights with the debut of this flagship digital publication for Kauffman's Luxury Golf & Resort Living Inc. Network of affiliated websites. This biweekly business journal has one mission: Be the leading source of trusted market intelligence for golf, private club and resort-style real estate properties worldwide. At the very least, I look forward to keeping readers ahead of the real estate development curve and sharing inspiring stories of innovation, success and growth from the men and women that give meaning to Resort Living.
So, Welcome Home again as I continue my never-ending journalistic pursuit of the world’s best places to Live, Work and Play!
Idaho Club Revitalized Under New Ownership, Sales Team
The Idaho Club, one of the most picturesque semi-private golf and lakefront communities in America, is back in business after being recapitalized under new ownership. Situated in the small northwestern town of Sandpoint in the Idaho Panhandle, the Idaho Club reopened last May when the Jack Nicklaus Signature Course played host to a local prep invitational.
A week later, the development's new ownership, Valiant Idaho LLC, officially relaunched the community's real estate sales efforts. The club’s ownership recently introduced Jim Matoska and his Red Earth Corporation team as the Idaho Club’s newest sales and marketing partners. One of the main reasons Valiant Idaho LLC Principal William Haberman was drawn to the distressed asset several years ago is the community's "perfect trifecta" of outdoor amenities and natural beauty.
For instance, Haberman, an Orlando-based real estate developer and investor, says Idaho Club residents have the rare opportunity to play the state’s only Nicklaus-designed championship course, enjoy pristine Lake Pend Oreille, one of the deepest and longest lakes in America, and visit the nationally-acclaimed ski resort at Schweitzer Mountain all in one weekend.
In conjunction with the renewed property sales efforts, the Idaho Club also released architectural renderings of what will be the new “modern mountain” clubhouse and a future lake club. The prior clubhouse was destroyed by a fire in 2008, and Valiant Idaho plans to rebuild in the same footprint and on the same foundation.
According to Haberman, Alex Murray of Idaho Pinnacle Properties remains the local broker of record and will work closely with Matoska, whose Red Earth team is known for marketing numerous master-planned resort-style communities nationwide.