Monday, May 31, 2010
Monday, April 26, 2010
A 4,440-acre private community between Sylva and Waynesville that includes an 18-hole Arnold Palmer designed golf course, BMP opened to rave reviews in 2008. The course, which offers spectacular views and demands golfers not stray far from fairways that provide punishing, steep resting places for balls that don't go straight, was named the state's Best New Course by the N.C. Golf Panel.
But the course, along with the entire development, shut down in Oct. 2009 and faced foreclosure proceedings when $19.8 million in loans came due, despite having sold 230 of its planned 354 homesites at an average price of $530,000. BMP laid off nearly half of its 80 employees and was in danger of joining the long list of casualties of a severely depressed financial market.
“It's rare for a development like this to be turned around and saved,” said Ken Costanzo, the new president of BMP. “It's remarkably rare to do it in six months, to go from foreclosure to being open again. “We had an investment bank and some property owners who had a huge desire to turn things around here, and they made it happen.”
The golf course is scheduled to re-open for play in mid-May and marketing and sales of the remaining 120 home sites will resume. Other amenities — including a sports camp with fitness center, tennis courts and swimming pool, horseback riding, camping sites, nature center, restaurant and lounge — will also be available.
Nestled within the Blue Ridge Mountains, BMP also has 3,000 acres of protected land, 34 miles of trails and 38 miles of streams. “This is a positive story that could have been a horror story for the property owners,” said Mark Antoncic, managing partner of the Vestlyn BMP LLC, which now owns and operates the development. “We don't have a financial partnership with the property owners, but the community support we received made it possible for us to make this work.”
Antoncic said BMP retained 120 of 150 golf memberships despite the upheaval.
“This community came together and decided there was no way we were going to fail,” home owner and property owner Harry Avant said. “This is a special place with special people. Our golf membership dues increased a little bit, but everybody stepped forward to help. “This is the prettiest mountain course I've ever played, and now our biggest worry is looking up too soon on my golf swing to enjoy the beauty of this place.”
Saturday, April 17, 2010
Ken Costanzo, the former president of Gary Player Real Estate, has been named President of Balsam, which features an Arnold Palmer golf course and 4,400 acres of nature preserve surrounding 354 home sites, seventy percent of which have already been sold. Costanzo will be accountable for all club operations, managing the community's extensive facilities, and the sale of its 123 remaining available homesites.
Announcement of Costanzo’s appointment was made here today by Mark Antoncic, the managing partner of TriLyn LLC, the institutional real estate investment company representing the residential community's owner, Vestlyn BMP LLC. “We’re extremely excited about Ken leading this project to its completion and realizing its promise as one of the country’s most desirable resort communities,” Antoncic said.
Costanzo said: “It’s a privilege to be involved in the Balsam community, which offers such exceptional resort amenities in one of America’s most beautiful and peaceful settings. I look forward to working with all our homeowners and our entire team as we bring this wonderful project to fruition. ”
Costanzo has 25 years of real estate and business operations experience, including the development and management of high-end residential properties around the world. He has successfully led and advised development teams, for major real estate projects in the U.S, Canada, the Caribbean, and South America. Costanzo has also served as the Chief Operations Officer of The Cliffs Communities where he managed all facets of operations spanning seven master-planned resorts in the U.S. and Canada.
In prior years, Mr. Costanzo held several general management positions with W. R. Grace & Co., a $7 billion corporation whose worldwide businesses included real estate construction, restaurants, retail, and manufacturing operations. He holds both a BA and Masters degree and resides in Greenville, South Carolina.
About Balsam Mountain Preserve:
A 4,400-acre private community nestled in the Western North Carolina Mountains near Asheville, Balsam Mountain Preserve features an Arnold Palmer Signature golf course, dining and resort lodging facilities, 32 miles of hiking trails, fishing streams and other amenities, all of which have been completed. Homes constructed at Balsam represent some of the finest examples of high-end mountain architecture in the country. Seventy percent of the property has been placed in a permanent conservation easement to protect its present park-like state. For more information visit: http://www.balsammountainpreserve.com/
Monday, December 14, 2009
Monday, November 9, 2009
The brand-new Balsam Mountain Trust website is on-line and waiting for your discovery at http://www.bmtrust.org/. No other community in the mountains of North Carolina offers its owners and the surrounding community such a life enriching resource. Check it out to see what we mean!!
Wednesday, October 21, 2009
Hemlocks were gathered on property and sent to a local saw mill for exterior reverse board and batten walls, and example of sustainability practices. An old bridge was reinvented and used for the staircase, bar top, and guest bathroom cabinet tops. The powder room barn door was built to continue the rustic elements of this well planned home. Poplar bark is used at the entrance and rear patio to offer texture to an already beautiful exterior. The kitchen is open but separate. Here you will find a Thermador oven and range, a warming drawer, and a microwave drawer which makes this a very efficient and easy to manage area in which to entertain. The entire home lends itself to entertaining all the new friends you will surely meet at Balsam Mountain Preserve.