M Club Takes Over at Stone Canyon

A deal that has been in the works for awhile was finally completed last week as the group headed by PGA Tour star Phil Mickelson took over The Stone Canyon Club. A private golf club and community in Oro Valley, Stone Canyon’s club had been in voluntary bankruptcy as its previous ownership had run into financial difficulty. This takeover by the M Club should help stabilize the community moving forward and Phil Mickelson’s name recognition should bring some additional exposure. However, while some are hoping for real estate values to climb after this news the likelihood of that is very slim. There remains a surplus of inventory in the luxury market throughout Tucson and Oro Valley which will likely keep pricing at the highest end soft. What this news may do is spur some activity from those who had been holding off a purchase in Stone Canyon until the club’s future was resolved.

Another possible impediment to real estate sales in Stone Canyon may be one of the required conditions in the M Club’ acquisition. This term was an amendment to the CC&Rs which now mandates any new transfer of property ownership (lots and homes) will necessitate the buyer joining the club as at least a Sports Member. This means an expense of currently a $5,000 initiation fee up front with a monthly obligation of $275. Now those planning to join anyway won’t be affected but it is another barrier to ownership for some as the HOA fees of $427/quarter to the Stone Canyon Association and $72/quarter to the master Rancho Vistoso Association are still in place. That means even those looking just for a lot to build on later will need to pay the $5,000 initiation and $5,296 a year. This mandatory membership is in an effort to stabilize the club and make it at least break even. All existing owners were “grandfathered” in and not required to join.

Overall this news is very positive for the club since the last owners were set to turn off the water and effectively shut down the club. In fact a voluntary fund was collected from the members months ago to raise $600,000 to pay the outstanding water bill. Ironically while Mickelson’s ownership of the club was hoped to bring publicity to the club that will benefit it, the first piece of news to break almost immediately after the closing was Phil being questioned by government officials into a potential insider trading case. Assuming that news is past in short order the future for Stone Canyon should be brighter. Several new developments are being planned within the community which should further help establish positive momentum.

If you have any interest in Stone Canyon real estate contact Team Woodall for an in-depth review of all the available options.

Stephen Woodall
REALTOR, GRI @ Long Realty Company

Stephen has made real estate his full-time career and passion since 2008, primarily specializing in the Foothills & the Northwest Tucson areas of Oro Valley and Marana. He is a multi-million dollar producer, representing both sellers & buyers. Stephen has tremendous experience in new home sales, listing & selling primary residences, listing & selling vacant land, listing & selling luxury homes, investment properties, rentals, and real estate development parcels.


Leave a Reply

You can use these HTML tags

<a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>

  

  

  

Time limit is exhausted. Please reload CAPTCHA.