Even though the national economy might be sluggish, some developers are still making bold moves to complete projects in ways that will certainly lead to more sales. Any good developer will tell you that buyers love to see as much finished in master planned communities as possible. Private Communities Newswire sat down virtually with Jack Matthews, president of Matthews Southwest for some insights. The company is working on a real estate venture called The Tribute in North Texas.
The Tribute Near Dallas, Texas
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Q: Who is the target buyer at The Tribute, and can you tell us about the golf course?
The target buyer frequently hails from the Dallas, Fort Worth, Plano area and is looking to move-up and/or to relocate to the highly desirable Lake Lewisville area with its great schools and lake access. Our new member/resort course is The Old American Golf Club, designed by Tripp Davis and PGA TOUR star and Dallas native resident Justin Leonard. The Old American Golf Club is inspired by the great American courses of the “Golden Age” in golf course architecture (1910-1937). As such, our golf buyer has an appreciation for history and strategically-oriented golf course design.
Q: What do you see as the biggest challenge facing golf real estate development in a down market?
In the short term, buyer malaise is the biggest challenge. Buyers may be qualified and actively in search of a new residential opportunity. However, the perception of “now is not the time” keeps them on the fence. But of course, now is the time to buy, nearly nation-wide.
Q: How will the golf dues and membership structure be a departure from other North Texas offerings?
The Old American Golf Club will differ from most Texas offerings in that it will feature a member/resort classification. It will be available to members and to resort guests of the future hotel, slated to open in the next 12 to 18 months. The hotel will be a boutique to mid-size to complement, yet not overwhelm the impact on total rounds and as a result, add to the quality of our members’ experiences. And of course, resort guests will not have to battle with the public for tee times.
Q: How much will course conditioning drive the experience, will that be a focus? How so?
Course conditions are a major focus and consideration on a private/resort course on the level of The Old American Golf Club. Turf is being methodically grown-in on each hole, and will be given ample time to mature before the course reaches its targeted number of rounds. Tripp and Justin place a great emphasis on classic bunkering, a la the styles used by Alister MacKenzie (Augusta National, Cypress Point). This style entails letting grass grow up around bunker edges to create a natural feel. The design duo also emphasizes shot values throughout the Old American Golf Club. Clearly, having the best possible turf conditions creates the ideal lies for executing the required shots.
Q: Will there be any specific HOA-style restrictions or rules that will preserve both the environment and property values?
Both the HOA language and the architectural guidelines will preserve property values and the environment. Additionally, The Tribute and Old American Golf Club are party to a “Green Alliance” formed with their development partners to ensure the highest levels of environmental quality and energy efficiency. The consortium includes Tripp Davis and Associates (“TDA”), Justin Leonard, TBG Partners (landscape architecture and planning firm), and homebuilders Coventry Homes, Drees Custom Homes, Warwick Custom Homes, Highland Homes and K. Hovnanian Homes. The Green Alliance employs sustainable development practices and green products in minimizing environmental impact and resource usage on the course, community grounds and residences. For example, well and surface water feeds into canals used for all common area irrigation; sustainable planning principals minimize paved surfaces while preserving and utilizing natural drainage areas; and limited planting of manicured turf grass decreases the use of air-polluting maintenance equipment.
Q: How do you make sure that inspiration will translate into the reality?
First, there is a very clear vision for the community and golf course (s) that drives everything else. Then, it is a matter of aligning with best-in-class partners who can achieve the vision when the rubber hits the road. Our vision and commitment at The Tribute and Old American Golf Club is classic quality and timeless values. This is manifested in the residential product, the surrounding amenities and particularly with the Old American Golf Club from the look and feel of the course, to the inspiring vistas of Lake Lewisville.
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Based on median household income, the 2009 Forbes ranking of the nation’s wealthiest locations is dominated by East Coast counties and 12 of the 25 are located in the greater Washington, DC metro area. Of them, eight (8) are in Virginia and four (4) are in Maryland. The Maryland counties included Charles (#21), Calvert (#13), Montgomery (#10), and Howard (#3). Virginia counties included in this year’s ranking were Alexandria City (23); Goochland (#16), Prince William (#14), Stafford (#12) and Arlington (#9) counties, Fairfax City (#6); Fairfax County (#2) and Loudoun County (#1). All of these market areas are within commuting distance of the nation’s capital where the unemployment rate is a modest 6.2% compared to nearly 10% for the nation as a whole. The median (half above/half below) household income levels for the 12 markets ranged from $85,135 in Alexandria City, VA, to $110,643 in #1 Loudoun County where 58% of residents 25 or older hold a Bachelor’s or post-graduate degree. The top 25 have median annual household income at or above $84,767.
