From the Desk of Ryan Lanzen Dear Members, On March 23, 2016, we released the new SUMMARY OF UNIT MEMBERSHIP AND BOOKING POLICY CHANGES. The changes to the policies contained in the communication generated a good amount of feedback over the last few weeks, mostly positive. We have been monitoring the feedback and felt it was beneficial to further communicate why these changes were made. The last instance of amending the policy which relates to the transfer of Unit Golf Membership privileges was 5/1/2007. At that point, the policy was amended to say “Designations of more than 30 continuous (or, for all intents and purposes, “continuous”) days will not be permitted without the prior consent of the Club in its sole discretion.” Shortly after this change was the beginning of the “Great Recession” in the U.S. from December of 2007 to June of 2009. During this time, as the economy was struggling and housing markets were collapsing, we saw the struggle within Torreon. In an effort to work with our residents and to assist them with retaining their residence(s), we were lenient and made many reasonable concessions as it related to approving longer transfers. Among other changes made, the effect of this was very positive and made it possible for many people to continue to own their home in Torreon. What was originally a very positive result during that tough time has turned into a reputation that is slowing growth in home sales, membership sales and home values; Torreon is known as a “rental market.” The number of calls we receive from individuals wanting to “rent for the summer in Torreon” is exponentially greater than the calls we receive looking for real estate or inquiring about memberships. We always inquire as to how they heard about Torreon, the majority of people state “from my friends who rent for the summer” or something of that nature. Word has spread, and is continuing to spread, that the best deal is to rent in Torreon; you have full privileges, get the best time of the year and pay a fraction of the price. This is not desirable for any individual who has a vested interest in Torreon. As the years have gone by, the economy has turned the corner and continues to improve, housing markets have continued to improve as nationwide building permits and new housing starts are up year over year; we are in a generally positive real estate environment. Housing starts in the Phoenix metro (as of January 2016) are up 44% year over year and the market is in expansion mode. As of the end of 2015, units under construction increased 135% year over year. The real estate market, in Torreon specifically, tends to lag about 18 months behind the Phoenix metropolitan area as we are heavily a second home community. That being said, we are looking at an opportunity for some growth in mid to late 2017. This is good news for all individuals with a vested interest in Torreon and the reason why we need to flip the script and make sure Torreon is a community in which you want to buy and not just rent.
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The decision to update these policies (to include the number of times a non-golf member can access the course) was not taken lightly. Much research and study on transfers of memberships and playing history was undertaken to make sure that an educated decision was being made. As we looked, there is a trend forming that the length of transfers continues to grow, year after year and ease of access to the Club is too great for the Club and Community to continue to grow. This decision is one that will have some short term negative financial implications on the club (as this applies to the club owned golf villas as well) although that is a sign of how strongly we feel this change needs to be made. This is a long term play pointed at addressing the general ease of access that has been a growing problem. As we are charged with looking long term at the “big picture�, we feel this decision is in the best interest of all parties with a vested interest in Torreon and Torreon Golf Club as we work to capture the building momentum in the economy and the housing market. We feel this decision will encourage home sales, drive membership sales and ultimately raise real estate and land values within Torreon, benefitting all parties who have invested in Torreon; those who intend on staying and those who are looking for an exit strategy alike. There will be no further changes made to the policies announced at this time. That being said, we do reserve the right to amend these policies in our absolute and sole discretion as we see necessary. As was the case with this decision, we will continue to monitor the situation as we move forward and be proactive in creating an environment that is advantageous for Torreon as a whole. Thank you for your continued support as we strive to make Torreon the best it can be. Respectfully,
Ryan Lanzen, PGA General Manager rwl@torreon.com
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