The Latest in Luxury Resort & Real Estate News

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Robert Trent Jones Sees Great Opportunity for Golf Course Industry; Less Private Golf

(PALO ALTO, CA) -- In all recessions or downturns, there is opportunity. That's precisely how Bruce Charlton, immediate past president of the American Society of Golf Course Architects, feels about the present golf course market.
 
"The game has been around for 500 years, and over the centuries it's taken various forms," said Charlton, president and chief design officer of Robert Trent Jones II (RTJ II). "I think we're going to see some different things ahead, like a period of new courses as public spaces - the way golf was at its Scottish beginnings. We'll see fewer expensive private clubs hidden behind hedges, and more public facilities where golfers might encounter their neighbors walking their dogs around the links or strolling on public paths built in and around a golf course. People are beginning to realize - again - that golf courses are terrific community assets that both golfers and non-golfers can enjoy, but which can also produce revenue."

Charlton made these observations at the annual ASGCA meeting, where he handed over the organization's one-year presidential term to esteemed Canadian architect Doug Carrick.
 
"We'll also see golf grow as a hotel and resort amenity, especially in places not currently associated with the game - like China and Dubai, Scandinavia, Turkey, South and Central America, and even Africa," Charlton says. "People will continue to value golf as a magnet for attracting tourism worldwide."
 
Charlton, an industry elder statesman along with partner and RTJ II Chairman Robert Trent Jones, Jr., added that golf course developers got off track and are currently suffering the consequences.
 
"We overbuilt and saturated some markets with courses and golf housing communities," said Charlton, whose RTJ II headquarters is in Palo Alto, Calif. "Ten years ago everyone was building golf course communities and trying to sell golf as a lifestyle. There wasn't anything wrong with that model - perhaps we just did too much of it."
 
According to Charlton, the oversupply of golf courses and current economic challenges aren't entirely golf problems, but also banking, lending and real estate problems that happen to affect golf. Nonetheless, Charlton points out that golf is a strong national business, generating more revenue than the motion picture industry, so "golf isn't about to go away." Charlton says. Indeed, a recent report on the golf economy estimates the game generates more than $75 billion in direct annual revenue and employs more than two million workers.

"Now is a great time for existing facilities to take a look at themselves, to upgrade their courses and meet new environmental standards," Charlton pointed out. "And existing courses may need to reposition themselves in the marketplace - especially older clubs in markets that have changed.
 
"Developers should also look at the actual hard costs of development and revisit plans with their architects and contractors - not just the costs, but the model for who they are aiming at. Housing developments can be built around public courses that are community assets, encompassing parks and green spaces and wildlife habitat. Golf can return to the democratic roots of the game that developed in Scotland and have kept it popular for centuries.

Construction costs are at levels where they were five years ago; savvy developers will get projects under way now, when costs are inexpensive. When the market picks up again - as it will - they'll have product ready."
 
Charlton concluded that golf course developers and operators should also consider new business models for the future.

"Instead of a purely private club, how about one with some public access," Charlton said. "We have hybrid cars, why not hybrid golf courses that combine public/private partnerships, whether in the deal structure itself, or in a facility that might offer several days of public access to offset membership costs, or rotate two courses between public and private access?"
 
"Golf will come out of this current period leaner and stronger. We're getting rid of fat, learning from our mistakes, and developing a clearer sense of what the golf market and the golfer need. We'll be more unified. There's never been a greater time for everyone in the industry to get together and sing 'Kumbaya' around the campfire and begin to tell golf's story to the public - a story of positive impacts, economically, socially, and environmentally."

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Trump International Golf Club & Residences Puerto Rico Gets New York State Sales Approval

(RIO GRANDE, PUERTO RICO) -- The developers behind Trump International Golf Club & Residences Puerto Rico announced May 19 the resort-style development's  real estate offering plan has received the seal of approval from the office of New York State Attorney General Andrew M. Cuomo.

With this in hand, Trump International Puerto Rico can formally begin its sales and marketing efforts in New York for the new beach and golf villas. It's the first development in Puerto Rico to obtain this important authorization.
 
"This is a key accomplishment for Trump International Golf Club & Residences Puerto Rico," said Eric Trump, the Trump Organization's executive vice president of development and acquisition. "I am thrilled that we can begin selling in Trump's home state and excited that we can officially bring this spectacular project to the many New Yorkers who know and love both Puerto Rico and the Trump brand."

The Trump Organization's development partner, Jorge L. Diaz of Empresas Diaz, is thrilled with the real estate sales and marketing green light.
 
"After several months of working closely with the Puerto Rico Tourism Company and compiling all the detailed information necessary for the Attorney General's consideration, we are very proud to be the first and only development on the island to have the New York Attorney General's approval," Diaz said. 

"The credibility of the Trump name combined with our impressive plans for the development is what allowed us to achieve this fundamental approval."
 


A requirement to promote and sell real estate directly to New York residents and brokers, the offering plan must be approved by the New York Attorney General, who establishes the rules of how a developer may proceed with sales and marketing efforts in the state.  Application for such an approval was not allowed for properties in Puerto Rico until last year as there are several strict rules relating to the type of tourism offerings available on site. Trump International has all the components to fulfill the requirements and currently is the only development on the island to achieve it.
 
"Now that we have the approval, we are planning a series of marketing initiatives in New York which include events with brokers as well as with current and potential buyers," said director of sales Craig Studnicky of International Sales Group. "This is also perfect timing as we are now providing amazing financing offers to buyers - a great incentive in today's difficult market.

"We've already received a lot of positive feedback and anticipate an overwhelming response from the New York market."
 
In addition to the existing 36-hole Tom Kite golf course, all of the 56 Founder Residences at Trump International are fully built and the 10-acre Beach Club is well underway with completion scheduled for mid 2011. By the end  of this year, construction will begin for the Golf Villas followed soon thereafter by the Beach Villas.

Spread over one thousand lush acres directly on the Atlantic Ocean at the foothills of the world famous El Yunque Rainforest, Trump International Golf Club & Residences is located just minutes outside of San Juan. Eventually, the development calls for 500 exclusive residences and amenities such as tennis and fitness facilities, the Trump Tranquility Spa, and world-class restaurants and bars.

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New Fractional Ownership Club Nears Completion in Bermuda; Ready to Open in July

(SOUTHAMPTON, BERMUDA) -- The Reefs Club is nearing completion and is on schedule to welcome the first owners around the first of July.  The luxurious, shared ownership property is one of the few ways foreigners may purchase a Bermuda vacation home. Presently, strict government regulations have limited the sale of whole ownership real estate to non-Bermudians, paving the way for this type of fractional ownership.

"Most of our owners are American, so we're glad to have The Reefs Club ready for them to visit during the Independence Day holiday," says David Dodwell, president of The Reefs. "We've all been highly anticipating the completion of this spectacular property. It's hard to believe the opening is just six weeks from now."

Sharing the same private pink-sand beach with Bermuda's most award-winning hotel, The Reefs Club promises to offer the same exceptional service of The Reefs. Club owners will benefit from exclusive amenities, including an infinity-edge pool, rooftop putting green with Atlantic views, state-of-the-art fitness center, and owners' lounge. The Reefs' three restaurants and new La Serena Spa with eight treatment rooms will be shared by both properties. Owners may purchase restaurant meal plans to enjoy during their visits.

The Reefs Club maintains the hotel's intimacy by offering just 19 two- and three-bedroom residences, all with unobstructed ocean views and private hot tubs on the verandas. Residences will be furnished in contemporary Bermudian style and will feature amenities such as flat screen televisions, spa bathrooms, and gourmet kitchens. One-tenth ownership starts at $350,000, with flexible and generous use offered.

"With the economy beginning to show signs of recovery, I am confident we'll have increased interest in The Reefs Club from visitors during the high season we're now entering," Mr. Dodwell says. "Now is the ideal time to explore Club ownership, especially while we're still offering pre-completion pricing."

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