Plan For Wake Forest Golf Club Infuriates Homeowners
Posted March 14, 2006 9:40 a.m. EST
WAKE FOREST, N.C. — Plans to build luxury homes on the Wake Forest Golf Club have residents and golfers teed off. Centex Homes says the golf club is no longer turning a profit, and it wants to buy up the land.
The last time that the land was appraised several years ago, it was valued at $2.1 million. Centex Homes won't speculate on what the value of the property is now. However, several residents of homes around the golf course said that the course adds hundreds of thousands of dollars to the value of their own property, and that was part of the reason they located there in the first place.
"We bought here because of that reason, and now all of a sudden, there's not going to be that reason," said homeowner Lloyd Stone. "That's a disappointment."
Stone not only has the perspective of a resident, but as a Realtor. The picture from that view isn't any prettier.
"I can't see any way that this would help the property value," he said.
But Centex Homes disagrees. They are in talks with the owners of the golf club about buying the land for residential use. The club isn't talking, but Centex Homes said that the sale may happen because the golf course is losing money.
"We're not going to let it die down," said resident John Brewer. "We're going to stay on it until they show us their hand."
An appraiser said that residents' property values may decline as much as 25 percent. Collectively, they're fighting the move.
"It is going to be an uphill battle, fighting a formidable company such as Centex," said Wake Forest Town Commissioner David Camacho.
Camacho also lives in the area. He said that the most compelling argument from the town's perspective is the watershed. Forest Creek, which runs through the club, is part of the Falls Lake watershed, which is Wake County's largest water source. Supply is low, and drought concerns are already high.
"It's too early to know how this whole thing is going to play out," said Camacho.
Centex said that it would take watershed protection and the preservation of existing open space into consideration in its plans. The deal is in the initial stages, and it would have to go through several steps in the approval process before becoming reality.
Wake Forest residents say that the golf course has an important history in the community. It was built in the 1960's, and the first hole is the longest one in the United States.