The members of Somersett County Club (SCC) have apparent been give the ultimatum – buy the course or it will close or go BK or both. I’ve been told that there was a 10 day time line on the notice, so there should be action this week. In a letter to homeowners, Somersett Development explained the situation (and a little about the Town Center) here.
Who is SCC? There is a LLC and an INC registered, one of which is the "owner" and the other the "manager". LLC was established 10/4/2002 and Somersett Development LTD is the sole manager. Somersett Development’s sole director is Smith Realty Finance. Smith Realty Finance’s director positions are all held by G Blake Smith. SCC Inc. may be the operator. Blake is listed in all the board of director positions on the filing with the Secretary of State, originally filed 5/23/2003. The two liens for unpaid dues identified “Somersett Country Club” as the plaintiff but didn’t’t identify Inc. or LTD. However, the Assessor has all the land that the golf course occupies owned by Somersett Development. The only recorded document on SCC is a water document, but it is worth a look, as it identifies who owns what, at least at that point in time.
For the record, all the 18 hole golf course in Somersett is owned by Somersett Development LC per the Assessor. Not SCC.
So watch for Somersett to be breaking news this week. A golf community without a golf course, excepting the putt putt course owned by the HOA.
Mike,
Did Mr. Smith ever sell that million dollar plus 2 unit combo he had for sale at the Palladio?
Losing the golf course?!
I guess the original PSAs didn’t include a guarantee of lifetime use and access?
Why does Somersett need a Country Club and a golf course? When Somersett was being built, back in the frenzied days of the Bubble, the place was billed as an exclusive high end luxury development.
Today, of all the active listings in Somersett, more than one half are for $300K or less. More than one half of the listings are either an REO or a short sale. Hardly exclusive high end.
Probably 70% or more of the houses in Somersett are underwater.
The Bubble hype of Somersett becoming an exclusive country club high end development, like the Bubble itself, went bust.
What golf course?
This will cause values to plumet further.
Did people actually pay a steep fee for the golf club membership??
When I bought there in 2005 they ‘offered’ me a $30K golf/CC membership that was to be one of a total 300 members, if I recall correctly. I actually considered it for a brief while, but rejected the idea as for me it was to be a 2nd home that I’d get only occasional use from (and I suck as a golfer, but that’s beside the point). First Northgate, then possibly the 18 holes at Somersett: this will truly pull values down further not just in the ‘sett but in the surrounding NW area. What a dreadful nightmare.
Out of curiosity … Why would you buy a 2nd home on a golf course if you don’t even golf? Status?
IMO the course will go semi-private and be just fine. Somersett is one of the best kept secrets in golf and should be opened up for local play, albeit at a premium.
I think Rory hit the nail on the head. Break all previous agreements and then the course can go semi-private/ public as many others are having to do to make ends meet. I had a long conversation with an course owner that had to do exactly that, and now it working. The course is a little more crowded,but then that was the point.
Sleeze,
I never said it was on the golf course nor did I say I don’t play golf. I play, but I’m not very good! I bought partly for a 2nd home and partly for an investment, then sold when it was very obvious the price I was offered to sell was too good not to accept. It just smelled of a bubble, so I got out, and in hindsight… Loved the community, family feel, pools, par-3 course, views, etc. but knew the prices were unsustainable. But, the siren song of a private club and golf course was attractive until my practical side took over. IMO, Somersett offered too many alternatives for me to spend an additional $30K on a membership: we already had access to the pools, tennis, sport courts, trails, not-yet-delivered village, and the most fun and scenic par-3 I’ve ever played. Why then spend the extra $30K? Status was the only reason I could see, which is why I did not move forward.
Hey CL -
Have you played the Incline Village Mountain Course? I ask because you commented that the Sommersett Course was the most fun and scenic par-3 course you’ve ever played.
The Mountain Course here in Incline is primarily a 3-par course. Its scenic beauty is striking and I hate to say it but it’s very challenging. You’re probably a much better golfer than me. So I’ll tell you what; if you come visit, I’ll use one of my punch cards to bring down your green fees to resident rates [no need to buy in] – $40 including a cart!
Smarten,
You got a deal, thanks for the offer.
Sheesh, from a hard hitting cutting edge real estate site to filling out golf foursomes for the cake eater set. The ghost of Diane should be turning in its grave. But the ghost is at Draeger’s at the olive bar after an artisan cheese tasting frenzy. Life is good.
Heard roundabout that Lakeridge isn’t fairing so well either? Anyone know anything substantive on that?
Heard Arrowcreek golf is for sale again. Is that true?
Lakeridge’s owner has major issues and lost his Lakeridge apartment complex during his BK. But Lakeridge, the golf course, is one of the busiest and most popular courses in the area so I doubt they are hurting from an operational standpoint.
Any word on what happened at the Somersett Country Club meeting yesterday Aug. 11th?