On the final 3rd day of the 37th Ryder Cup
hosted in the USA at Valhalla Golf Club in Kentucky
, the Ryder Cup victory returns to Team USA for the first time after nearly 10 years. The celebrated golf tournament got off to a stormy start with the famous golf course catching the force of a watered down hurricane Ike at the weekend. Television towers were blown over, trees were uprooted and there was general mayhem in the hospitality area which saw the roof ripped off many tents and debris strewn across the hallowed turf. It seems the USA property market is in a vulnerable position not only as a result of the credit crunch and currency fluctuations but despite the full force of Mother Nature, Kentucky property owners close to the golf course were cashing in on their investment enjoying some lucrative rental returns.
The Jack Nicklaus designed course
at PGA Valhalla Golf Club is situated close to the Southern cities of Louisville and Cincinnati, where the cost of your average property seems very reasonable compared to many other areas of the US and definitely the UK. A quick glimpse at the facts and figures related to average US real estate prices shows that the average home in Georgetown will cost you in the region of $175,000, Richmond will set you back $168,000, Jeffersontown $300,000, Versailles $168,000 and Lexington around the $170,000 level.
The Ryder Cup is unlike any other sports event in the world, a golfing shoot out between teams from the US and Europe and it has a real time impact on local property prices, despite the location of the event is being rotated from year to year. Hotel room reservations in proximity to the Valhalla Golf Club were available from $279 to over $800 a night whilst the self catering option of renting a property to catch a glimpse of the main event would have set you back in the region of $4,250 a week.
While the credit crunch may be punishing the US housing market, there is no doubt that the 2008 Ryder Cup has brought at least a short term ray of sunshine to the real estate rental sector of Kentucky. The eyes of the world are on the main event but many in the property sector are thanking their lucky stars for this little ray of sunshine! Here's hoping for a similar Ryder Cup effect in 2010 when the 38th Ryder Cup takes place at the Welsh Celtic Manor course in Newport.