Ryder Cup ‘Landlords’ Are Left Out Of Pocket

[The Masked Tulip]

HOMEOWNERS hoping to cash in on the Ryder Cup by letting their houses out for thousands of pounds may have actually lost money.

Thousands of amateur landlords had hoped to rake in five-figure payouts from the world’s press, sponsors and fans keen to hire private homes close to the course.

But with less than four weeks to go before the tournament tees off, demand for private accommodation has been virtually non-existent.

In fact many local residents, some of whom priced their homes at a staggering £40,000 for a seven-to-10-day stay, have lost hundreds of pounds in letting agents fees and advertising.

Interesting - worth a read. I wonder how much of a success the event will be?

http://www.walesonline.co.uk/news/wales-news/2010/09/05/ryder-cup-landlords-are-left-out-of-pocket-91466-27203344/

[evictee]

Interesting - worth a read. I wonder how much of a success the event will be?

Well as it's not on proper tele any more it's a complete non event as far as I'm concerned, even if it is happening just up the road.

[Sir Sidney Ruff-Diamond]

Interesting - worth a read. I wonder how much of a success the event will be?

http://www.walesonli...91466-27203344/

Forget that. This is salutary lesson to all those BTL landlords hoping to cash in on the Olympics.

[Sir Sidney Ruff-Diamond]

I've played Celtic Manor and from memory just as you exit the motorway, isn't there a spectacularly large hotel just up on the hill? Plus, Celtic Manor itself has about 500 rooms.

Yes there is - owned by Mr Douglas and Mrs Jones. The spectacularly large hotel is the manor house. That's not exactly a glamorous stretch of Wales down there next to the M4 either if I remember correctly.

[The Masked Tulip]

You have to wonder just how many of these people were hoping to make a killing renting out their homes and then, once the golf was over, putting their houses on the market?

Mal Volio may find a sudden surge of properties coming on the market in the Newport to Monmouth to Usk areas in the coming weeks.

[Mal Volio]

That's not exactly a glamorous stretch of Wales down there next to the M4 either if I remember correctly.

Newport's not, but that bit of the Usk Valley where the golf course sits is beautiful. Spoilt only by the road and, erm, the golf course

I must say I was startled at some of the rental prices being demanded - even as far out as Monmouth. As others have said, there's no shortage of hotel accommodation round there, and even if you had to stay in Cardiff or Bristol it's not very far down the M4

This is an interesting bit of news indeed.

[South Lorne]

Well as it's not on proper tele any more it's a complete non event as far as I'm concerned, even if it is happening just up the road.

....agreed ...even with the subscription channel I don't watch it now.... a non event since it left the national channel....

[otters]

Interesting, and I see someone mentioned the Olympics. I live not too far from Weymouth and Portland, where the sailing Olympics are due to take place. Sailing is not much of a spectator sport, and most of the laser, and wind surfers have motor homes. The massive development at Osprey has been dormant for about a year, with only 1 of the three blocks finished, and it doesn't look like many of those are occupied. Is it any wonder though when the asking price for a studio flat was £185k. They used to be flats for naval personnel, maybe the council will buy them and use them for affordable housing, by my reckoning that would value a studio flat at about £35K

[GreenWarwick]

....agreed ...even with the subscription channel I don't watch it now.... a non event since it left the national channel....

Totaly agree. when it was in Ireland a few years ago it was totally overhyped. Was living in vicinity of K Club in Co Kildare then in 2006. Palpable lack of interest in the end, with only the golfies and the property pornites the only ones to get animated about it. Being on satellite telly also killed off any popular appeal. Anyway, can you really imagine Tiger giving a damn about it?

see below from:http://archives.tcm.ie/irishexaminer/2006/09/05/story12463.asp

Irish Examiner

"Economic impact of RyderCup overhyped, claims report "

THE Ryder Cup might still be almost three weeks away but there are already fears that the only thing “epic” about the competition’s first staging in Ireland is the hype.

A new report by independent consultants has suggested that official estimates made by Fáilte Ireland about the value of the competition to the economy are massively inflated.

A study by Anderson Economic Group in conjunction with Amárach Consulting states the true amount of extra revenue generated by the Ryder Cup being staged at the K Club in Straffan, Co Kildare will be around €43 million compared to Fáilte Ireland’s estimate of €130m.

However, the State tourist authority last night stood over its figures saying it was satisfied with its calculations about the potential economic benefits of the tournament.

Fáilte Ireland said an economic impact study on the Ryder Cup at the Belfry in 2002 found the area had benefited by €100m.

“Taking into account inflation over the past four years and the attraction of the Ryder Cup in Ireland, €130m is a reasonable figure, especially given the value of media exposure and legacy benefits to Ireland,” said the spokesperson.

However, the AEG study claimed many such official estimates are published “largely for public relations purposes” and do not use consistent or conservative evaluation methods.

“As a result, the reports mislead the public and investors as to the true economic impact of an event,” it observes.

The €130m estimate by Fáilte Ireland has also been quoted by Tourism Minister John O’Donoghue and the Irish Hotels Federation.

However, the new report said it seemed unreasonable to believe that a three-day event like the Ryder Cup could generate the same amount of revenue as the 138,000 overseas golfers who visited Ireland throughout 2004.

The AEG report estimates that the competition will generate 137,700 new visitors days based on 25% of visitors to the K Club being overseas tourists in addition to 2,000 foreign media personnel. It believes every visitors will spend an average of €220 per day.

In addition, it calculates that an extra €16.1m will be derived in indirect economic benefits through such measures as various employers hiring additional staff.

The report said Irish people attending the Ryder Cup do not have an economic impact on a national scale as their spending is “simply a shift in economic activity away from another local activity, like seeing a movie or going to another sporting event”.

A similar AEG report for the 2004 Ryder Cup in Oakland Hills near Detroit, Michigan claimed its economic impact would generate €39.1m for the area, even though “official” estimates were over twice that figure at €77m.

Fáilte Ireland also said that Deloitte had been commissioned to carry out an economic impact assessment of the Ryder Cup, which will be published in early 2007.

[Snugglybear]

Newport's not, but that bit of the Usk Valley where the golf course sits is beautiful. Spoilt only by the road and, erm, the golf course

I must say I was startled at some of the rental prices being demanded - even as far out as Monmouth. As others have said, there's no shortage of hotel accommodation round there, and even if you had to stay in Cardiff or Bristol it's not very far down the M4

This is an interesting bit of news indeed.

According to a story in the trade press, there were still hotel rooms available in 'South Wales' (though I don't know what area they meant by that) at that date, four weeks before the first day of the competition.

Can't find the story now, obviously, but I did read it, honest.

[The Masked Tulip]

According to a story in the trade press, there were still hotel rooms available in 'South Wales' (though I don't know what area they meant by that) at that date, four weeks before the first day of the competition.

Can't find the story now, obviously, but I did read it, honest.

BBC Wales did some story about tickets being still unsold - think it was a quarter. Could be wrong. Not interested really.

[TylerDurden]

Ive heard so much bull talked about this whole ryder cup thing. people in work were saying they've rented there homes out for 20k and the guy round the corner got 40k for a week. Even a story of a chap in Newport who's house is visible from the course. Apparently Orange payed him 1 million pounds so they could paint his house totaly orange then paint it all back original 2 weeks later.

I guess some people will win with this but i got the impression most of these storys were made from fantasy.

[Harry Monk]

Ive heard so much bull talked about this whole ryder cup thing. people in work were saying they've rented there homes out for 20k and the guy round the corner got 40k for a week. Even a story of a chap in Newport who's house is visible from the course. Apparently Orange payed him 1 million pounds so they could paint his house totaly orange then paint it all back original 2 weeks later.

I guess some people will win with this but i got the impression most of these storys were made from fantasy.

I used to work for a woman who lived in Sandwich in Kent, and whenever the Open was on there she used to rent our her house, which was fairly modest, and go on holiday to the USA for the duration, and she used to say that renting it out paid for the holiday.

[kilroy]

Ive heard so much bull talked about this whole ryder cup thing. people in work were saying they've rented there homes out for 20k and the guy round the corner got 40k for a week. Even a story of a chap in Newport who's house is visible from the course. Apparently Orange payed him 1 million pounds so they could paint his house totaly orange then paint it all back original 2 weeks later.

I guess some people will win with this but i got the impression most of these storys were made from fantasy.

I wonder if these "rents" will be put on tax returns? WHat's the tax-dodger hotline number again?

Edited September 8, 2010 by kilroy

[ShedDweller]

A friend in Henley rents out her house every year to rowers .. Big house 10 rowers .. She makes about £1000 but it's a fullweeks work .

I can't see that anyone would pay a huge ammount more than that to go and see a golf tournament ..

[ccc]

I used to work for a woman who lived in Sandwich in Kent, and whenever the Open was on there she used to rent our her house, which was fairly modest, and go on holiday to the USA for the duration, and she used to say that renting it out paid for the holiday.

People do it around the courses in Scotland for the Open. However it only happens once every 5+ years. They seem to make pretty good money, and most as you say spend it on a nice holiday. I think much of the anecdotes you hear are just made up.

Ive heard so much bull talked about this whole ryder cup thing. people in work were saying they've rented there homes out for 20k and the guy round the corner got 40k for a week. Even a story of a chap in Newport who's house is visible from the course. Apparently Orange payed him 1 million pounds so they could paint his house totaly orange then paint it all back original 2 weeks later.

I guess some people will win with this but i got the impression most of these storys were made from fantasy.

That orange house story must be taking the piss. Most people would do that for 10k. You would barely even notice it. I mean - how often do you spend looking at the outside of your own house !? Not much.

[ShedDweller]

Heres a buisness idea ...

About a year before a sporting event you advertise in the local paper for Landlords during the event .. Suggest that for the right property a pretty large rent could be attracted ..

Then people phone you up .. you go round and look at the house .. Yes lovely sir/madam We will list this property at £5000 a week .. Just £250 to list your property on our database .. returned if the house is not rented .. Explain that the costs of people pulling out is too high to list property for free ..

sign up 300 people ..

RUN !!!!

[HPCatlast.]

I used to work for a woman who lived in Sandwich in Kent, and whenever the Open was on there she used to rent our her house, which was fairly modest, and go on holiday to the USA for the duration, and she used to say that renting it out paid for the holiday.

Agreed, same stories around Cheltenham for gold cup week.

Plenty of home owners move into the smallest bedroom for that week, provide B and B for remaining bedrooms (and some 'reception' rooms), earn loads of dosh.

I just returned from the Isle of Man (MGP race week) it's getting the same there now, huge shortage of hotel rooms (not like it was 20+ years ago).

regards