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Paradise Shared
Golf Living, Susan Kime, (Jan-March 2006)
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Look at it this way: if you invested $513 million in a fledgling industry in 2003, then went to sleep and woke up in the first quarter of 2005 and found your little business was a $1.5 billion venture that was still gaining value, you’d feel.. Well, enlivened, even without your first latte.
This is exactly what happened to the private residence club (PRC) industry. It has grown threefold-plus in two quick years.
Here’s the story in a nutshell: if you buy into a PRC, whether it be a deeded fractional interest or simply membership in a club, you’re buying use of multiple luxury residences in upscale communities with top-notch golf courses right outside your door—at a fraction of the price you’d expect to pay for a vacation home of that quality. You can occupy the home as often as you would a second home, and you don’t have to lift a finger for maintenance.
You’ll have a private concierge who will make all your travel and tee-time arrangements, fill the refrigerator with your favorite foods, have a car and driver pick you up from the airport, have your bags waiting for you when you arrive and make sure you’re happy with every aspect of your stay.
In addition, many clubs have private in-home chiefs, certified nannies, eco-sensitive children’s programs, and experienced guides who can provided your family with extraordinary experiences: fly-fishing, heli-skiing, parasailing, deep sea fishing… you name it. All of which you can be part of—or not. After all, golf is your true love—and in this scenario you will never have to worry about whether your family members are enjoying themselves as much as you are.
Perhaps best of all, you are not tied to one destination and residence. If you want to, you can move from one vacation paradise to another, ad golfinitum. Buy-in scenarios tend to fall into two categories: Fractional-Interest Ownership and Destination Clubs.
Destination Clubs
Different in form yet similar in feel to a fractional-interest property, a destination club is a non-equity entity, and based on the country club model. This means that like a country club, you pay your membership fee, join the club, use the facilities. Except with a destination club, the facilities are upper-tier homes in great locations, most on or near some of the best golf courses in the world. When you pay your money to join a destination club you receive a membership bond. You have no equity interest in the club. You just put your money down and go play. Those who prefer this method are members of the club, now owners of the club, nor do they hold any investment interest in the residences.
Who’s Buying and Why
One of the newest members of The Markers’ is Bobby Casper, son of famed PGA Tour professional Billy Casper.
“We are a serious golfing family,” the younger Casper explains. “We thought Markers would suit us all perfectly because of the great golf locations and amenities offered. We have been to Cabo and are going to Scottsdale next month.”
“Our family has had many vacation homes in the past, and we feel like we have been tied to them—feeling badly if we couldn’t get to one or another. With Markers, we don’t feel tied. They take care of home maintenance, we play golf on a legendary course, and everything is as it should be. Perfect.”
For some who buy into the concept, it is a good investment—and the golf course is green. For others, it is a great club atmosphere—and the golf course is green. The shared sanctuary of a residence club on or near a great golf course combines the best of all worlds: beautiful homes, on or near great courses, with the family nearby and well care for. In other words, life and golf as it ought to be played.
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