Amenities giveth and they taketh away.

Photos by JOHN F. RHODES/DMN

Chandlers Landing Yacht & Tennis Club, an anchor to a Rockwall gated community since 1973, awaits an end to the former owners' lawsuit against lenders who foreclosed Sept. 1.

Country clubs and yacht clubs attract high-end homes, and they are selling points in good times. But they are not immune to market forces or human error, and homeowners who have "bought in" are left to worry about their property values.

About 200 who live near The Shores Country Club in Rockwall turned out Thursday for a special City Council meeting to vent about IRI Golf Group, the California-based owner and operator of The Shores. That morning, the power was cut off at another IRI property, Oakridge Country Club in Garland.

Residents near The Shores have complained of a lack of upkeep at the club, which they say has become so bad it's driving down property values.

A standing-room crowd at The Center in Rockwall applauded 23 speakers who voiced complaints about the clubs. Bob Blesi brought the house down when he called IRI Chairman Jeff Silverstein "the slumlord of the golf world."

Mayor Bill Cecil and council members agreed there is a long-running problem at The Shores and promised to do all they could to solve it, including litigation if necessary.

In San Diego, Silverstein sounded as though he's pretty fed up too.

"The homeowners are nice people, but we have irreconcilable differences," he said. "Long-term, we don't want to be there."

Silverstein said The Shores is for sale but the friction between IRI and homeowners has scared away a couple of buyers. He's offering to take a multimillion-dollar loss on his investment, he said, and willing to carry the note because "there is no financing available in the golf industry today."

He said that IRI, "like more than 50 percent of golf operations these days," is in financial trouble.

Real estate agent and longtime Oakridge member Jeff Stone said the trouble in Garland started about five years ago after IRI bought the club and started offering long-term memberships.

"People came in and instead of paying monthly dues, they paid a one-time fee of $10,000 or something, and that money was not put back into the course or capital improvements," Stone said. "With 400 members but only about 50 paying monthly dues, you can't operate."

According to Stone, the course is not in good shape and the clubhouse is understaffed.

"It's sad to see anything deteriorate when it's been such a part of your life for so long," he said.

Garland Power & Light cut off power to the clubhouse in January, reportedly because of overdue bills. Silverstein said people were making too much of that.

"It was a problem of checks passing in the mail," he said. "Power was disconnected for an hour or so."

The lights were off at the clubhouse again Thursday morning.

"I don't think it's really hurting home values," Stone said. "Does it have that potential? Yes it does, dramatically.

"In good shape, the club is a selling point."

Silverstein still sees Oakridge as an asset.

"Oakridge is not a problem for us," he said. "We're not in default on any loans. Both clubs are going to survive."

Elm Grove Golf Course in Lubbock is one IRI-managed club that didn't survive. The owner closed the course in November, citing a list of problems, and put it up for sale last month, according to press reports.

In a case that doesn't involve IRI, a Rockwall landmark remains in legal limbo.

Chandlers Landing Yacht & Tennis Club, anchor since 1973 to one of Rockwall's gated communities, awaits an end to the former owners' lawsuit against lenders who foreclosed Sept. 1.

Boats still rest in the slips and tennis pro Chris Hill offers lessons and hosted a tournament in December. He tries to keep the swimming pool blue and the grass mowed, but the clubhouse sits empty and he reports no news of progress on the suit.

Tax appraisal samples show that several homes in Chandlers Landing and The Shores logged 1 percent to 2 percent value dips in 2009 over 2008.

In the past, assessments either stayed the same or went up year to year. But samples from other Rockwall neighborhoods show similar first-time dips.

Debbie Brown of Keller Williams Realty in Rockwall blames the recession and the economy and said she hasn't seen a direct impact on home values from the problems at the yacht and country clubs.

"We're hearing a little buzz about it," she said. "Obviously, if they're meeting about it that's going to make even a bigger buzz."

But there is a potential for loss when home prices are based on location and access to amenities.

"Will it lower values if they don't get something squared away? Absolutely," she said. "If that falls apart it's going to hurt, especially those premium-price houses sitting on the golf course or with a golf course view. And golfers want a nice course."

Judy Harris, manager at Ebby Halliday Realtors in Rockwall, said there have been foreclosures in the area and that can lower comparable prices when appraising a home for sale. But Harris hasn't heard of buyers low-balling offers because of problems at the yacht club or The Shores.

She said Rockwall is better off than most areas and still a place where people want to live.

"I think the yacht club and the golf course would definitely affect values over time," Brown said. "We as agents hope and feel that the city is going to do the right thing and make sure they don't deteriorate, that someone comes in here and buys these things and fixes them up and makes it even better.

"We may have to take a short hit but eventually the outcome will be better than what it was."