The golf course has been listed for sale on the internet. It appears on a commercial property website called loopnet.com. The listing can be found by clicking on the following link: Golf course for sale
The golf course has been listed for sale on the internet. It appears on a commercial property website called loopnet.com. The listing can be found by clicking on the following link: Golf course for sale
The description says there is conditional approval to build 100 houses on holes 10-18. What happened? All communication has said there were no permits. Who is not telling the truth here?
This offering also includes the ability to add 100+ lots to the existing Morgan Creek community, as the back nine holes has required permits for development. — this is what you are referring to….?
@somepeople – read the prior comments for clarification and the blog post from June 12th.
I called Placer County directly. There are no 100 homesites. The only approval to date is for the 7 homes we approved last year. I hope that helps.
The listing says ‘…For future consideration, zoning is in place and a conditional use permit has been granted that allows for the development of 100+ residential lots on the land currently used as holes 10-18. As far as access to the south nine, entry can be legally created off of PFE County Road to reach those future development lots. Full documentation is available for interested parties…’ Is this true?
Yes, I would like to know what this all means too.
It is listed for sales for $6,500,000.
I am very sure he will accept a lot less than asking price.
I do not know much about golf course operational cost etc.
But I know in our HOA meeting there was one individual offered to help since he was fully aware of operation cost etc.
Even the golf course even out the expenses.
Then it makes sense to buy this golf course collectively.
We have approximately 500 houses.
6500,000 divided by 500 = $13000 per household
Cheaper than lifetime membership. Plus we own the property.
I am very sure there are many homeowners like me who will love to own this piece of property.
Makes no sense to me – I’m out………………..now you are down to 499!
JD. can you imagine what it would be like to have 500 opinions. I’m out. Now it’s 498.
JD. What do you think the debt would do to your property value? When you sell your home What do you think your market share of home buyers looking to buy into a golf course would be? Now you’ve got the debt and the operational cost. To me the best option is it being sold to a corporation in the golf course business.
There’s no way anyone could get 579 (the correct number) of home owners to agree on the color of the sky…forget about getting them to cough up $13K each. That is pure fantasy.
Not following the math. $13k?
Let’s just hope that someone who really knows how to run a golf course and appreciates the course take over.
After the listing appeared we went back to the County to confirm that our June 12 Post concerning our meeting with the Placer County Planning Department was still accurate. We received written confirmation that it was correct. There is no a priori right to develop additional homes. A new or modified EIR would be required, New County approvals would be needed. Community support and opinion would carry much weight, etc. We suggest you reread the June 12 Post.
@Jim and @mcowners. While highly unlikely, the HOA could purchase the golf course by securing a loan and paying for it by increasing our assessments. Assuming a $5,850,000 loan (after 10% down) at 6% interest rate over 25 years, the numbers would roughly look like this:
Loan Payment – $37,691.63/mo.
Additional assessment (579 homes) – $65.10/household
So, for slightly more than what was proposed recently ($50/mo.) to subsidize the golf course with nothing in return, the HOA could own the golf course.
Of course these numbers do not include costs for course management.
Plus the cost to hire a golf course management company, their personnel costs, event management costs, maintenance, water, building repair, etc. Based on past HOA votes, it’s highly unlikely that 51% of the community would vote “yes” to buy the golf course when it would mean higher monthly HOA dues and/or special assessments, plus unknown future costs.
http://www.clubbenchmarking.com/blog/golf-course-maintenance-how-much-should-you-spend
With all Charlie’s bitching and moaning about how he is losing money, his online ad for the golf course in the Highlights Section says quote “Cash flow positive”. Really…according to statements made all last year it’s a money pit….or is it that Charlie just wants to cash out because it doesn’t make $$$ for him. I also love NDA (non disclosure agreement) for any buyers, agents etc. It indicates that he still wants to hide the facts regarding his bottom line which probably in the RED and not in the BLACK as he claims. When you tell everyone you “love” golf and basically do things only for the money. A true lover of golf would only sell to someone who was willing to keep it running as a golf course. So it’s quite insincere and deceitful to portray oneself as a something they are not. Alienating another whole community is truly senseless.
Cash flow positive. Normal situation where the cash inflows during a period are higher than the cash outflows during the same period. Positive cash flow does not necessarily means profit, and is usually due to a careful management of cash inflows and expenditure.
I forgot to mention, if the golf course is truly ‘cash positive’ (and that’s a huge IF), there will be no need for additional assessments to cover management fees and maintenance. The owners’ salaries would also be added back into net profit.
Yes, I thought it was interesting that the listing say it’s “cash positive”. My husband loves golf, and the course is a great value to Morgan Creek, but a lot of time and possibly money
would go into the management of the course, shop, events, etc. A big undertaking and difficult to get a majority of homeowners to agree on running it or even wanting it.
I emailed Sheila about the golf course sale and the possible development of the back nine. Here is her response: “The Board is aware of what the ad for the golf course says. Whether the ability to build on a portion of the course is true and becomes a reality, would depend on many factors one of which would be how the affected residents of Morgan Creek would feel about such a plan. Before a builder can get approval from the County to actually break ground and start building, there are many steps involved. It is a long and expensive process. The Board has researched this claim from the golf course both on their own and with the help from the Association’s legal team and at this time, they do not believe this would become a reality.
At the next meeting on July 17, the board will be discussing this with the owners in attendance. If you are able to attend, you should, if only to listen to what is said. Hope this helps. Let me know if you have further questions.”
My understanding is that the verbiage about permit to sell 100 homes is from an old permit from 2001. This has since been modified several times and lastly changed again when Gibson sold off the 7 villa home sites. So if Gibson wants to sell anything… well the new buyer/GIbson has to start all over with EIR…. In the fine details, it’s up to the buyer to fact fine this stuff. Quite disappointing to say the least.
It’s true it will be time consuming, very expensive, and difficult for ANYONE to develop ANY of the golf course. Let’s continue to hope the beautiful MC golf course is sold to someone who wants to be involved and support our community. Morgan Creek is an incredible place that will only get better with an owner that will focus on making the course a part of our community again.
Leslie – great input! I hope it all works out and for those that it should.