It’s been two years since David Southworth made the decision to part ways with his namesake company, Southworth Development, after 30 years and venture out on his own.
This story was first reported by Golf Inc. magazine.
In December, his new company — David Southworth Co. — announced that it had acquired Balsam Mountain Preserve, a renowned community in the Blue Ridge Mountains 40 minutes west of Asheville, North Carolina.
“I’ve followed this development for several years, as I was struck by its vast size and jaw-dropping beauty,” Southworth said. “In 2016, the property was purchased by a couple that lived in the community, and they invested heavily into the revitalization of Balsam.
“When the opportunity to purchase the community materialized, I couldn’t resist. I felt the time was right for new ownership to revisualize the project and begin to develop it again.”
The Balsam Mountain Preserve community offers a variety of homes. The expected price range for estate homes is from $3.5 million to $5 million, while Village home prices will range from $2 million to $2.5 million. The majority of homesites will range from $500,000 to $1 million.
“Home buyers at luxury communities like Balsam want assurances that promises will be kept, that planned improvements will happen, and that their investment will be protected,” Southworth said. “My track record is one of providing that kind of stability, and the future I see for Balsam, its residents and club members is a very bright one.”
Balsam Mountain Preserve sits on 4,400 acres, 3,400 of which are protected by a permanent land trust. Plans call for 354 homes to be created on the site, which rises to 5,400 feet and offers stunning views of the Blue Ridge Mountains.
Balsam Mountain Preserve’s amenities include an Arnold Palmer Signature golf course and extensive equestrian facilities. There are stables, riding rings, and 40-plus miles of on-property riding and hiking trails.
The community also includes the Summit House restaurant and Mine Tavern, as well as fitness, spa, tennis and pool facilities, a nature center and private campsite, and 40 miles of Class A trout streams.
Resort Capital Partners, a real estate investment firm, served as investment adviser for the seller on this transaction.
“This was a rare opportunity to advise an ideally located, destination-resort-style community in a high-barrier-to-entry market,” said Rick Newton, founding partner of Resort Capital Partners. “Balsam Mountain Preserve is a unique property with great hospitality and residential potential.”