Indian Springs, in California’s greater Palm Springs region, is listed for $6 million. Tuscany GC is in the Henderson, Nev. region of Las Vegas that is beginning to experience a real estate recovery. Seven Lakes CC is in West End, N.C. and shares golf course design lineage with the Pinehurst resort.
Recent reports of clubs now being listed for sale have included these properties:
- The National Golf & Resort Properties Group of Marcus & Millichap Real Estate Investment Services announced that it has been retained to exclusively market for sale Indian Springs Golf Club, located in La Quinta and Indio, Calif. The sale price for the property is listed at $6 million.
Indian Springs offers 18 holes of championship golf on a course designed by Dave Ginkel, as well as an 8,000-sq. ft. clubhouse that includes the “Club House Grille” restaurant, a pro shop, banquet and event hosting services, and a comprehensive golf practice area. Also included in the sale is a minor residential development component capable of accommodating four single-family homes, which could be used for “Stay & Play” housing for out‐of‐area guests, the broker notes.
The property is a turnkey asset and should require no major capital expenditures post‐acquisition, according to the broker. “Indian Springs is located in the greater Palm Springs region of Southern California, a major tourist destination which attracts over $4.5 billion in annual spending from over 12.2 million visitors,” notes Ray Demby, the lead agent for the sales. “The region boasts perfect weather for golf course operations, with 350 days per year of sunshine and an average of only 5.5 inches of annual rainfall.
“The club offers significant upside opportunities for a new investor, as [food-and-beverage] operations can add over $200,000 to the property’s bottom line in year one of new ownership,” Demby adds. “Furthermore, golf rates are currently priced below the competition and the surrounding neighborhood presents a tremendous opportunity for membership growth.”
For more information on the property, go to http://www.nationalgolfgroup.com/golf-course-for-sale.cfm?listings_id=132
- Colliers International has announced that it is the exclusive agent for the sale of Tuscany Golf Club in Henderson, Nev. Century Communities, a leading builder of upscale single-family homes, townhomes and flats in select markets, is the owner of the club and a homebuilder in the Tuscany Village Master-Planned Community; Century acquired the course as part of a larger real estate transaction in southern Nevada in April 2014.
Tuscany Village is guard-gated and amenity-rich, Colliers says, offering residents a 35,000-sq. ft. recreation center with a resort-style pool in addition to the golf course, a 6,906-yard, Ted Robinson design that opened in 2003.
The community is planned for approximately 2000 homes at completion, Colliers notes. Henderson has been ranked 20th in Money magazine’s top 100 places to live in the United States, and the city’s quality of life is driving significant planned growth. In addition to continued home sales in Tuscany Village, development is also underway at Cadence, a 2,200-acre, 13,250- residence master-planned community located directly across the street from the course.
Four national homebuilders have closed on more than $58 million in land acquisitions at the site over the past 10 months and 2 miles from Tuscany Village, at Lake Las Vegas, additional residential development is visible, Colliers notes. “This much development planned near an existing course never happens in the Las Vegas/Henderson market,” says Keith Cubba, Colliers’ National Director of Golf Course Advisory Services, who will serve as the point of contact on the sale. Cubba says he has sold five courses in this market over the last four years. “I live out at the lake and I look forward to what the next few years will bring to the area,” he adds.
- Seven Lakes Country Club in West End, N.C. is for sale, as the members who own it seek ways to pay for needed work to the golf course and buildings, The Fayetteville (N.C.) Observer reported.
“We’re just looking at all the options,” General Manager Mike Floyd told The Observer. The offer could result in a partnership or members deciding not to sell the club, Floyd added.
“Is it for sale? Yes,” Floyd confirmed. “Is it going to sell? I don’t know. We’re going to see what happens.”
The club is in negotiations with a broker, Hilda W. Allen Real Estate in Adel, Ga, Floyd said, and The Observer reported that the real estate company had the club listed on its website as of September 30. The listing includes an 18-hole golf course; a clubhouse with dining room, bar, banquet facilities, private meeting room and an outdoor terrace; a pro shop; a driving range and practice areas; a tennis facility with six clay courts; and maintenance buildings and facilities.
Sealed bids for the club will be accepted until November 6 at noon, according to the company’s website, The Observer reported. Preview dates are October 15 and November 5, from noon until 3 p.m., and other times by appointment.
The Seven Lakes course was designed by Peter Tufts III, the great-grandson of Pinehurst Resort founder James Walker Tufts and godson of famed golf course architect Donald Ross, according to the club’s website. The consumer website, GolfAdvisor.com, lists Seven Lakes at the top of its power rankings based on golfers’ reviews for course conditions, best value and five other categories, The Observer reported.
The course opened in 1976, and Floyd said the membership bought it out of bankruptcy from the developer 10 years later, The Observer reported.
Club membership, which was once more than 600, is down to a few hundred, Floyd reported to The Observer, and members started talking about the possibility of offering the club for sale about three months ago.
Floyd has been at the course for about nine months, The Observer reported, and when the membership asked him what the club needed, he said he told them about $3 million to $4 million in work would be required, including roof repairs and fixing cart paths.
The club doesn’t have that much money, so the members started talking about options, Floyd told The Observer.
The course has a tax value of about $4 million, but the club plans to get an updated appraisal, Floyd said. “We’re doing all the due diligence,” he reported.
Seven Lakes club is the second in North Carolina’s Moore County that has faced financial issues recently, The Observer reported. Woodlake Resort and Country Club, near Vass, N.C. filed for Chapter 11 bankruptcy protection September 19.
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