The following article posted by Geoffrey Brooks – Somersett Homwowner
A decade ago, Blake Smith creator of Somersett, had 220 acres of land carved out of the PUD and had Tom Kite build a Championship Golf Course, the Somersett Country Club (SGC).
There was no club house, but equity memberships were sold with the understanding that the membership fees, which reached a high of $42K, would be used to build a fancy club house. Once 360 memberships had been sold, all real property and club facilities would be turned over to the members. Members were happy to pay $425/month for exclusivity and championship golf experience par excellence!
In 2008 the evil, greedy bankers and hedge fund managers found a way to “take” all of our money, which caused the Great Recession of 2008-09. To pay for their excesses, ordinary people had their homes confiscated, property values in Somersett plunged to 40% of 2007 levels…nearly 2000 properties were affected, lives destroyed, savings lost…the future went down the toilet. ………
Read Mr. Brooks entire article by clicking on: Somersett and Golf