{"id":495,"date":"2010-05-19T08:56:17","date_gmt":"2010-05-19T13:56:17","guid":{"rendered":"http:\/\/golfcoursebusiness.com\/?p=495"},"modified":"2010-05-19T12:51:47","modified_gmt":"2010-05-19T17:51:47","slug":"kiawah-island-shows-big-real-estate-bounce","status":"publish","type":"post","link":"https:\/\/theaposition.com\/golfcoursebusiness\/real-estate\/495\/kiawah-island-shows-big-real-estate-bounce","title":{"rendered":"Kiawah Island Shows Big Real Estate Bounce"},"content":{"rendered":"

<\/a><\/a>\"\"<\/a>After acquiring the luxurious Kiawah Island, S.C., resort community in 1988, Kiawah Partners chairman\/CEO Buddy Darby has seen his fair share of economic downturns. If first quarter real estate sales are any indication, however, it appears that Darby\u2019s 10,000-acre barrier island has bounced back from perhaps the biggest recession of them all.\u00a0<\/p>\n

Indeed, through the end of March, Kiawah Island Real Estate recorded $61.5 million dollars in residential sales, a 59 percent increase over the first quarter of 2009. The strong first-quarter earnings were fueled by $39.5 million in vacation home sales in March, which exceeded the total sales volume for the entire first quarter of 2009 and represented the biggest month in properties sold (25) since April 2008.\u00a0<\/p>\n

\u00a0And the sales keep piling up with another $37 million in properties under contract in April with the average price being 1.5 million for single-family homes, villas and homesites.\u00a0<\/p>\n

Darby, whose Kiawah Partners is the master developer of this exclusive island 21 miles from Charleston, S.C., credits a literal thaw in the northern U.S. markets for Kiawah\u2019s sales bounce, as well as a growing confidence in the equity markets and knowledge that Kiawah is backed by a \u201chealthy developer that\u2019s not over-leveraged,\u201d a resort developer who \u201cdoesn\u2019t have any debt on his properties\u201d and a community association holding $14 million in reserves.\"\"<\/a>\u00a0<\/p>\n

\u201cA lot of people couldn\u2019t get out of the northeast, which is a large part of our market, and once the snow thawed, people started coming down and we\u2019ve just had a remarkable March and April,\u201d adds Darby, whose Kiawah Island Club features private courses designed by Tom Fazio and Tom Watson, the Robert A.M. Stern-designed Beach Club and members-only spa. \u201cAnytime there\u2019s a harsh winter we tend to hear people say, \u2018I\u2019m done.\u2019\u00a0<\/p>\n

\u201cAnother thing is the (stock) markets are holding up. … \u00a0Plus, people have been suffering from what I call a frugal fatique where it wasn\u2019t fashionable and they were sort of looking to see which way the wind was going to end up blowing. I think now people have a comfort level and they\u2019re starting to buy again.\u201d\u00a0<\/p>\n

What\u2019s especially refreshing for Darby is the heightened amount of activity in Kiawah\u2019s upper-end homes priced above $2.5 million (11 were sold through May compared with 14 in all of 2009). He partly explains this surge for the realization many of these homes are selling for close to replacement costs so there\u2019s \u201csome real value out there.\u201d\u00a0<\/p>\n

\u201cWho knows where this will all end up at the end of the year, but right now we\u2019re hanging 10,\u201d adds Darby, whose island is known for the famed Pete Dye-designed Ocean Course.\u00a0\u201cI suspect that this is going to continue.\u201d\u00a0<\/p>\n

Development began on Kiawah in the mid\u2010<\/span><\/span>1970s when a multi<\/span>\u2010<\/span><\/span>disciplined planning team was assembled and charged with a single overriding premise \u2013 protect the island\u2019s spectacular natural beauty. This team of scientists, historians, and environmentalists conducted a $1.3 million study over the course of 16 months. From the study\u2019s findings, a blueprint was crafted to balance the social, recreational, and commercial needs of Kiawah\u2019s future residents with nature.<\/span>\u00a0<\/p>\n

Darby’s group, Kiawah Partners, purchased the Island in 1988 and adopted that blueprint as its own. Deciding to focus on the island\u2019s overall development, rather than the day\u2010<\/span><\/span>to-<\/span>day operation of a resort, KP sold the resort amenities the following year. That separate company, now known as Kiawah Island Golf Resort,\u00a0opened the\u00a0luxurious oceanfront\u00a0Sanctuary hotel in 2004, featuring\u00a0255 rooms as well as dining, conference, and recreation facilities comprising a\u00a0spa, fitness center, and indoor and outdoor pools. <\/span>\u00a0<\/p>\n

Kiawah Island has hosted numerous major golf tournaments, including the classic 1991 Ryder Cup. In 2012, Kiawah will be holding the PGA Championship.\u00a0<\/p>\n

In addition to the Kiawah Island Club, Kiawah Partners\u00a0owns the upscale Lodge at Doonbeg in Ireland and is\u00a0developing a new golf and marina\u00a0resort community in St. Kitts called\u00a0Christophe Harbour. For more information, visit www.Kiawah.com<\/a>.\u00a0<\/p>\n

\"\"<\/a>\u00a0<\/p>\n

<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

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