Update on Desert Mountain club purchase by members

After several months of negotiations, the Letter of Agreement between the Desert Mountain Club members and the Developer has finally been presented.  Items involved in the transaction are:  Six golf courses, Clubhouses/Restaurants, Pools, Fitness center, Tennis courts, Options on Front Building/Real Estate office/Fairway office, Parcel 19, Parcel 1, Parcel 10, Northern properties (2,750 acres), 219 outstanding golf memberships, 261 outstanding Club memberships, & shares in water rights (4 RWDS/2  IWDS) and other items enumerated in the agreement.  The total cost to be $77.37mm.

What does this mean for each member?  For Equity Golf members, a one time assessment of $16,500 will be administered and monthly dues going from the present $850/month to around $1,200/month. 

This is predicated upon closing by the end of 2010. 

First Post

Greetings and welcome to our blog on the luxury home market.  I am doing this to give a balanced perspective on current market conditions in Paradise Valley and Scottsdale.  I say 'balanced' because the template for the news outlets appears to be one sided on the negative side.  A few years ago, the opposite was true.  As the market rocketed forward, no one who preached caution was given the time of day.  Now that the market has corrected (and continues to do so), stories emphasizing the negative abound and although there are has been positive signs over the past year, they have been generally ignored. 

Stats released by the government and local Universities lump everything together and distortions due to a lack of higher end sales can occur.  I will be posting statistics as well as utilizing a market conditions analysis designed by FNMA to hone in on the luxury market in particular. 

Thanks for reading, and welcome to my blog.

Chris