"If the clubs aren’t operated correctly, your property isn’t going to increase in value," he says.

Sugarman, a Beverly Hills businessman, recently bought a few oceanfront lots in the Los Angeles–based Discovery Land Company’s new resort in Cabo San Lucas (a recent purchase since he last spoke with Worth; see "The Private Resort Home Market"). He did so in large part after enjoying his experience as a homeowner in the company’s Iron Horse development in Whitefish, Mont. At Iron Horse, he says an owner can count on Discovery’s attention to detail, and recommends that buyers gauge whether management companies fulfill promises ranging from construction timelines to restaurant openings, and consider everything from how well they maintain greens on golf courses to how they greet you upon arrival.

Sugarman prefers resorts that protect wildlife and are environmentally sensitive. He also believes limited future development helps protect property values. "You don’t want to have them triple the amount of lots all of a sudden," he says.

Illustration by C. J. Burton.

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