Tullymore launches home trade-in program
Monday, March 28, 2011
The owners of the Resorts of Tullymore & St. Ives want to make you a deal on a new home. Sound familiar? There’s a twist. The Stanwood, Mich., resort will buy your current home if you buy a home at Tullymore.
Tullymore (www.tullymoregolf.com) adopted the unusual trade-in program this month in an effort to sell about a dozen spec homes, most of which are finished construction. Terry Schieber, CEO of the resort, said a homeowner suggested the trade-in idea, which had been tried about a decade ago on a Detroit construction project.
“We’re trying to jumpstart our economy here at Tullymore,” Schieber said. “We have a strategic plan to do this because of our competitive advantage of not having any debt.”
The program allows for the possibility that a homebuyer could receive more for his existing home than he pays for a new home at Tullymore. For example, the buyer might pay $500,000 for a home at Tullymore, but receive $600,000 for his existing home if that is the property’s value.
He emphasized, however, that this is “not a bailout program” for homeowners whose existing mortgages are underwater.
“We don’t have to make any deal,” Schieber said. “If it’s in the neighborhood where we think we can sell it in a year, then we might look at it.”
Schieber said three potential buyers already had emerged.
The resort, located about 50 miles north of Grand Rapids, has 36 holes of golf – the Tullymore and St. Ives courses – and a $7 million clubhouse. The Tullymore course, a Jim Engh design, is ranked No. 4 on the list of Golfweek’s Best Courses You Can Play in Michigan.