Courtesy of Balsam Mountain Preserve
The David Southworth Company announced that it has acquired Balsam Mountain Preserve, a renowned community in the Blue Ridge Mountains, 40 minutes west of Asheville, North Carolina. David Southworth, who developed acclaimed properties around the world as the founder and CEO of Southworth Development LLC, recently completed the purchase of Balsam Mountain Preserve.
“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.”
Balsam Mountain Preserve’s amenities range from the heralded Arnold Palmer Signature golf course to extensive equestrian facilities and hiking trails. The Balsam Mountain Preserve community offers estate home pricing from $3.5 million to $5 million, while Village home prices range from $2 million to $2.5 million. The majority of homesites 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 features 4,400 acres, 3,400 of which are safeguarded in a permanent land trust to protect their natural mountain habitat. Plans call for 354 homes to be created on the site, which rises to 5,400 feet and offers views of the surrounding Blue Ridge Mountains.
“The altitude here is significant,” Southworth said. “There are other mountain properties, but few have the kind of elevation Balsam offers. The community enjoys much lower summer temperatures than its neighbors, which allows residents to fully enjoy the great outdoors and the unique amenities we have here. The vast majority of our homeowners come from hot and sticky summer climates where the summers are nowhere near as user-friendly.”
Resort Capital Partners, a leading real estate investment firm, served as investment advisor 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 at Resort Capital Partners. “Balsam Mountain Preserve is a unique property with great hospitality and residential potential in the attractive North Carolina mountain region.”
The David Southworth Company is a Massachusetts-based development company specializing in the creation of luxury resort-style communities, including a few with a golf component.
