Highlights: Seabrook Island Club Annual Meeting

ClubMeetingA standing room only crowd of only 350 people attended the Club’s Annual Meeting on February 13th in the Island House. Highlights for calendar year 2015 included:

  • Election Results:
    New Board Members: Robert Nerhood, Don Romano
    Returning: David Allen, Richard Marion
  • Caleb Elledge, GM/COO:
    “Club’s financial position continues to strengthen”;
    Shade structure will be added to open deck of Pelican’s Nest to replace umbrellas;
    Beach Club: Cap’n Sams Grill being relocated to pool area;
    Master Plan for golf courses will begin this year with renovation and expansion of tee area of driving range by 35%;
    “Gold is growing”–38 of 49 states experienced 3.4% in rounds and 2.7% in revenues;
    Golf lesson revenues at the Club were up 28%.
  • Joe Salvo, Broker-in-Charge, Seabrook Island Realty:
    Profits up 12% over 2014;
    155 properties sold; highest number in past 8 years; 6th straight year of increases;
    Blended average sale price for villas, lots, and homes up to $484,000 from $417,000 in 2014;
    First quarter 2016 sales trending ahead of last year;
    Active listings are down to lowest level since 2007; down to one-year supply at current levels, which is in line with other sea islands including Kiawah.
  • David Allen, Treasurer:
    Fifth straight year of beating budget; all time high membership of 1,784;
    Maintained emergency reserve target and kept combined total dues increase to less than 1%;
    On track for accelerated Horizon Plan loan repayment by September 2023;
    Last quarter of 2015 was exceptionally strong for real estate;
    Total cash position of $3.6 million at end of 2015 was greater by $400,000 than 2014–a desirable situation as maintenance needs on facilities will continue to increase over time.

—Tidelines Editors


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1 Response to Highlights: Seabrook Island Club Annual Meeting

  1. Linda McGuire says:

    I’m sure you’ve had many responses to the spelling, not Herhood……………but Robert Nerhood (board member)

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