I received the following press release in my email box today and thought I’d pass it along.
For Immediate Release For More Information:
September 28, 2010 Dan Morgan, (775) 323-4500
Somersett Golf and Country Club members to assume ownership from Somersett Development Company
(Reno, NV) – In an exciting transaction that continues the quality and beauty for which Somersett Golf and Country Club is known, the Club’s equity members announced today they have voted to assume full ownership and control of the golf course and country club effective October 31, 2010.
Under the terms of the agreement, Somersett Development Company will transfer to the Club’s equity members all assets, including the golf course, free and clear of all debts and encumbrances, as well as approximately $1.25 million in cash for future operating expenses. Transferring the Club to its members gives the Club’s future and control to those with the most invested in its success.
“This is a very positive development for both Somersett Golf and Country Club and the community of Somersett as a whole,” said Rich Oster, president of the Club’s Advisory Board of Governors. “This will allow the club to control its own destiny and I know that every equity member is committed to making the Club as great as we all know it can be.”
Somersett Golf Course opened in April, 2004. The 18-hole, par 72 championship course was designed by 19-time PGA Tour winner Tom Kite and features seven lakes, 62 white sand bunkers, 400-foot-wide landing areas, dramatic elevation changes and stunning mountain views. It plays 7,252 yards from the championship tees.
Blake Smith, managing partner of Somersett Development Company, stated, “Our vision for Somersett has always had the golf course as the centerpiece, and we are very proud of the course and the Club. It’s an asset for the entire community and the region. The exchange of the Club to its members has always been in our business plan. I am happy that we are accomplishing it now.”
While Somersett has faced many of the challenges most residential developments are experiencing in this economic climate, the future is looking up for Somersett. Four separate builders have resumed construction in Somersett, and the pace of sales has increased significantly in recent months.
“Somersett is an absolutely fabulous place to live, and the Golf and Country Club makes it all that more special,” Oster said. “The equity members of Somersett Golf and Country Club are committed to ensuring the Club remains a wonderful family amenity and an integral part of the Somersett community, and the Advisory Board of Governors is confident it will remain one.”
The Board is in the process of developing new strategies for increasing the number of both equity and non-equity members, and many exciting opportunities will be available for golf-lovers throughout northern Nevada to experience the tremendous and exciting challenge of Somersett Golf and Country Club.
For information about Somersett Golf and Country Club membership opportunities, please contact Greg Raleigh at (775) 787-1800, graleigh@somersett.com, or visit somersettgolfandcountryclub.com. For information about the Somersett community, please contact Debbie Bennington at (775) 746-7222 ext. 314, debbie@somersett.com, or visit somersett.com.
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Smarten's Vanishing Equity
“While Somersett has faced many of the challenges most residential developments are experiencing in this economic climate, the future is looking up for Somersett. Four separate builders have resumed construction in Somersett, and the pace of sales has increased significantly in recent months.”
Just keep on drinking that Kool-Aid, and keep on building those houses. Nothing like adding new inventory to an already crushing oversupply. Old dreams die hard, and so do builders…
Redo
Yawn.
bob_c
that is somersett’s press release
all country clubs are owned by its members
memberships are sold to finance the debt for
building the golf course and pro shop (lets see,
they dont have a pro shop or bar or restaraunt)
maybe i dont want to be a member if you cant eat
or drink or shower
these members are hoping to keep the course afloat
and HOPE the boom days return so they can build out the country club with the 50-100K memberships
they will sell
in the meantime….lets tap that 1.25 million so
we dont have to raise our monthly membership fees
all will be well when the BOOM resumes
whats really going on up there?
bob_c
the golf courses in reno are empty
and the greens fees are very cheap
for me (a golfer) i love it
when i play a semi private golf course i am being
subsidized by the members ‘holding the bag’
i wonder (while playing) if the course will go public, be taken over by the county or just die
(like northgate)
ive been offered yearly non equity memberships
for 2K—–thats less than the members monthly
fees
i havent played somersett, but its not that appealing…….golfers dont like barren, windy courses
i just dont see any positive outcome up there
Norton
This is a paid advertisement?
Looking for income to help finance the new blog format?
binya
Although there are challenges and difficulties, still that is a pretty good development. Looking forward for its better future!
Richard Oster
There are always naysayers to change. What those people do not understand is Somersett is not just a golf course, it is a community. While the club could be critisized for it facilities (but not lack of debt), Somersett has something that golf courses with greater (and more expensive) amenities do not have, and that is comraderie, family, good times, good people and a sense of belonging to something special. You should try it before you say you don’t like it!
higolfer
The controller at this place is a joke! She has no clue. Please dont become a member you will regret
tyler durden
it was announced recently that hidden valley will be abandoned
SGCC Naysayer
Oster’s comments are nothing more than Country Club hype. Since the Developer snookered the equity members into accepting early ownership, equity membership is down approximately 50 members, and the Club had a $685K net income loss in 2011.
So much for the Developer projections regarding future growth, which unfortunately many equity owners believed! Fortunately for the Country Club, the Developer controlled Somersett HOA entered into a “Lease Agreement” with the Club to provide some questionable ammenities to the Somersett community at large in exchange for $15/mo of homerowner assessments ($435K in 2012). All without due disclosure and majority vote of the Somersett homeowners. BTW, if the Country Club fails to operate as a “championship golf course” for 24 months, all the land and water rights revert back to the Developer.