Through the forced efforts of Lloyd’s Bank of London, the members of the Club at Las Campanas will take over operations on November 1st, 2009. Losing $2 to $3 million per year, the Bank finally had enough and shut down operations of the club and furloughed employees at the beginning of September. After a few tense weeks of negotiations, the Club Member pulled together, came up with a plan, and have now agreed to take over the Club. Already scheduled to occur on December 1st, 2010 – the transition committee had completed virtually all of the heavy lifting in accessing the Club and any burning issues. The long awaited change will also allow the members to run the club the way they want to run it. Dues will raise to roughly $1150 per month for a Full Equity Golf Membership, and $575 for the Social Membership. In future articles I’ll address how Las Campanas’s fees compare to other great clubs in the West.
Lastly, so there is no confusion, the Las Campanas home owners’ association is stronger than ever, fully funded, reserves, and a great group of employees keeping Las Campanas looking great. It is important to understand the home owners’ association is a completely different entity than the Club- and everyone who lives in Las Campanas is part of this organization.
The big question on the horizon for the Las Campanas home owners’ association is who is going to sell the remaining 390 =/- developer lots? Unable to do so for the last few years for lack of a HUD disclosure, Lloyd’s Bank has its work cut out at truly understanding values and sculpting a realistic sales strategy.
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