They purchased the property with one hundred pc fairness in 2019 from Arendale Holdings Company, which had been operating the Cliffs since 2013.
“Our goal is to just try to figure out a way to make the community successful,” mentioned Patrick Melton, managing associate of South Road Companions in Charlotte, N.C. “People knew about the Cliffs in the early 2000s because Jim spent a lot of money marketing it. Our job is to get it jump-started. We’re trying to raise the bar.”
Their timing may very well be proper.
The communities that make up the Cliffs, with its 3,000 residents, are personal and distant. The common residence value final 12 months was $1.2 million, with homes starting from $500,000 to over $6 million. Tons begin at $125,000. Full golf memberships, which give entry to the membership’s facilities and 7 programs, require a separate initiation payment of $50,000 and annual dues.
Together with the steadiness of recent house owners, the event has additionally been bolstered by the conclusion that working from house is a viable and certain possibility for the close to future.
John Pfleger, who works in finance, bought his residence in South Florida and moved full time to the Cliffs in October. “The fact that so much of the country was in flux made it easier,” he mentioned. “I haven’t been to New York in a year. I used to be there several times a month.”
South Road, in shopping for again the excellent debt, together with some held by members, has been capable of take steps to reassert management over the complete property. Members have been relieved of the oversight tasks they’ve had for years — one thing that has made upgrades on the Cliffs significantly simpler.
Rob Duckett, president of the Cliffs and there daily, mentioned one of many first issues he did was to create a unified sense of what the Cliffs is immediately, not what it was greater than a decade in the past.