Sierra Canyon, Somersett, Villages, The Vue – Your Community Forum

SGCC Agreement LOI Questions

Somersett UnitedAn update on BOD responses to homeowner questions on the Country Club Agreement Letter of Intent may be accessed via the following link:

Letter of Intent Frequently Asked Question1 (1)

Additional questions submitted by homeowners, which have not yet been responded to follow:

  1. Will the vote on the new Country Club Agreement be accomplished via ballot mailings to all unit owners? What will constitute approval?  That is, approval by a specified percentage of all owners, or a majority vote of a Quorum?  If the later, what will constitute a quorum?
  2. It has been stated that homeowners will get to see the finalized Country Club agreement and information meetings will be held prior to ballot mailings. Given that the BOD will most likely present a case for approval of the agreement in both the meetings and ballot mailings, will equal time and space be given to those who may want to present an alternate case for disapproval of the agreement?
  3. You have stated that hiring a golf club/course consultant to value the property is part of your due diligence process.  Has this person/firm been hired? Were any SGCC members involved in the selection process?  When will the report be available to all association members?
  4. You have identified that there is a risk that SGCC will fail with this new arrangement and SOA will end up with the property. How was that risk determined? Have you reviewed SGCC’s long-term financial plans?  What have you concluded from your analysis?
  5. The presentation states that SOA operation and maintenance of the golf course would require an immediate increase of $50-$70 monthly fees. Would you provide the detail behind these numbers including the working papers on the SOA website for SOA member viewing? Also who conducted the financial analysis?
  6. During the presentation you represented that Somersett property values would be negatively impacted if the golf course went “brown”. Please provide your analysis of the closing of Northgate on the value of adjacent Somersett homes pre and post-closing. Is there evidence, ceteris paribus, that the “browning “of Northgate decreased Somersett property values?
  7. Developments that require country club membership have lower property values than those where membership is optional, all other things equal. Prospective home buyers considering Somersett and who don’t want a golf club will buy a home elsewhere thereby limiting the potential demand for homes in Somersett. Since you have estimated the New Agreement will impact $750M of real estate, will you solicit an appraisal from a qualified independent (not currently specializing in Somersett) real estate appraiser on how the proposed New Agreement will impact Somersett property values both short-term and long-term? When will that appraisal be available to members of the Association?
  8. Have you reviewed the proposed New Agreement with the builders in Somersett? What is their feedback?
  9. Do the current CC&R’s allow the board to purchase or acquire property without homeowner approval – please cite the specific references?  If it does not, can you explain why it has been implied?
  10. The BOD has advised that the purchase and lease back of the SGCC real estate and water rights is permitted under the current SOA CC&R’s.  Please advise where in the CC&R’s this is permitted.  Has a legal opinion been obtained from the SOA Attorney?
  11. How is it that  “Developer” approval is required to annex property if, per SOA/SGCC presentation “Developer relinquishes control of the SOA board to homeowners as of Jan. 1, 2013; First Homeowner elected SOA board takes office immediately.”

If you have some questions you would like addressed, send them via email to soa@mysomersett.com.  BOD responses may be viewed on the association website www.mysomersett.com. Log-in is required.

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Comments on: "SGCC Agreement LOI Questions" (5)

  1. Where do you get some of this nonsense?

    #4) There is risk in ANY business that it could possibly fail and the BOD would be remiss if they didn’t point that out (even if the risk is extremely low), however the SGCC is in and will remain in good financial condition now and well into the future. Being that the SGCC is a private entity their financial plans are not and will not be made public.

    #6) where have you been? There are countless homeowners from both Northgate and D’Andrea with indisputable proof that their property values immediately went down when the golf course was either decided or voted to go brown.

    Again, one specific case that has been detailed here multiple times that is hard to dispute is one in which a realtor had a house in escrow in D’Andrea for $350k when the vote whether or not to increase monthly dues to save the course was going on. When the vote came in to not save the golf course, the buyer backed out of the deal. The house sold 3 months later for $300k. If that’s not direct proof that home values were negatively impacted, what is? In case you can’t do the math, that’s $50,000. It would take ~165 years to recover $50k by saving the approximately $25/month that the homeowners decided not to approve.

    #7) WHAT? Where did you get this from and why would prospective homebuyers that don’t want to join a country club be required to join SGCC? Where do you get this stuff?

    Again, for those of you who don’t know, there are a handful of homeowners in Somersett that are dead set against anything positive associated with the SGCC. Some are former equity members of the country club that decided to quit when the SDC and the SGCC agreed to transfer ownership of the golf course to the equity members, because they thought the SGCC would fail and add a financial burden to the Equity members. Since that has not happened they remain bitter about the equity loss they incurred and as such continue to hope the club fails. These handful of homeowners continue to try to undermine anything that might add to the SGCC’s long term success and continue to post false truths and exaggerations on this site, in SOA meetings, and in other forums that deal with Somersett or Real Estate.

    • Barry,

      In response to your comments “where do you get come of this nonsense”, “where have you been” and “What? Where did this come from”, please be advised that what was posted represents actual questions submitted to the BOD by Somersett owners (i.e., as solicited by the BOD at the CC&R homeowner information meetings). Since the BOD has not yet answered them on the SOA website, they have been republished herein for homeowner information

      Also, you need to be aware that as a 501 c non-profit organization, the SCGG financials are not private, rather they are publically available (albeit with some delay), Therefore, your premise that they are private and are nobody else’s business is just not true. Suggest you close with the SGCC’s financial counsel in this regard.

  2. Bruce Watkins said:

    These questions are valid. However, maybe your contributions to the SOA could be…. not only in asking these questions, but, you could contribute by assisting in looking for some of these answers. As I recall, our SOA Directors do not get paid for their contributions and that their participations are already time-consuming. As I review your very detailed questions, I am certain that your time could be well-spent in the discovery mode as well as in the question mode. I think we need many to contribute, not just the five SOA directors. Hoping you get involved in solutions, not simply in challenges.

  3. Geoffrey Brooks said:

    Bruce

    I have offered to help the board in looking into some of the issues. Others I know have offered to help in other areas. Sometimes, it seems to me that many of the practical suggestions we have made are not entirely welcome. I have tried to answer some of the questions pertaining to property values, which pertain to the future success of our community and shared my research with the Board. I believe they are relevant to the goal of persuading the Somersett voters to endorse Board objectives (for instance, finalizing the LOI to buy the Golf Course and a sucessful outcome).

    Believe it or not, my interests in securing the future of Somersett are similar to those of the Board. I think we all need to look forward to a vibrant future where the quality of our living is not only maintained but enhanced. As we move forward into the future we have have to accept that we will have to change things and must plan accordingly. We have to talk and listen to each other to be successful in making relevant change.

    Since the August 2012 agreement between the AG and the developer on the SGCC lease, the homeowner Board has had a lot of work to do. The proposed LOI has huge financial implications for the entire community – it has to be done right!

    Reading the comments on the SOA “mysomersett” site, it has been stated that the new proposed agreement to buy the Golf Course has to be voted upon as a separate issue, it is a part of the AG’s stipulation with the past developer board. As far as I can tell, it has nothing to do with the vote on the partial re-write of the CC&R’s.

  4. Bruce Watkins said:

    LOL. Even I have offered to assist….with a loud “NO Response” from this Board.

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