Real Estate Update from the Ginn Championship at Hammock Beach

March 28, 2008 – Palm Coast, FL – The PGA Champions Tour players like the Hammock Beach venue of the 2008 Ginn Championship. Gary Player called the Ocean Course "one of the best courses we play." He liked the fact that the course has a lot of variety and didn’t have any "goofy greens" as do some of the newer designed courses. The wind is always challenging, making it "a real shot makers course. Eighteen, even down wind is really tough."

 

Although Scott Hoch lives in Orlando, he was unfamiliar with Palm Coast and Hammock Dunes until this visit. He calls himself more of a "west coast (of Florida) person." He’s a Bobby Ginn fan though, remarking on the high quality of Bobby’s developments. Scott already owns property in two; Quail West in Naples, FL and Ginn Sur Mer on Grand Bahama Island in the Bahamas.

 

I had the opportunity to visit the model condominium in one of the five new towers at Hammock Beach. The spacious unit has a large balcony providing views of the Ocean Course and the Atlantic. It was decorated with furniture and accessories reportedly costing $210,000.

 

Ginn is enacting a strategy shift, showcasing his offerings more toward end user buyers than toward investors, who represented a significant portion of Ginn property purchases in the past. He is also said to be working on the final details of a product referred to as the One Club. Members will not be required to own property but will be entitled to a specific number of days/nights at any of Ginn’s growing number of resorts. Final details of the offering are still being worked on. It’s rumored that something may be announced at Saturday night’s Smokey Robinson concert being held at the Conservatory to celebrate the opening of the multi-million dollar clubhouse there.

 

Thursday was the second day of the Cirrus sponsored Pro-Am tournament. The main event begins today with all of the top 30 PGA Champions Tour money winners contending for a $2.5 million purse. The winner will collect a $375,000 check. Large crowds are expected.

 

I’ll continue to mix business with pleasure, watching the golf and talking with the pros, local property owners, visitors, and the many members of the real estate community that are present. Stay tuned for upcoming reports.