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December 19, 1997     Cape Gazette
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December 19, 1997

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CAPE GAZETTE, Friday, December 19 - December 25, 1997 - 47 BUSINESS REAL Midlength golf course under construction near Rehoboth Golf park to feature par 60, putting and pitching courses By Dennis Forney A Wisconsin construction firm started moving earth this week to transform a Sussex County corn- field into a landscape more remi- niscent of a Scottish hillside. The game of golf originated several centuries ago in Scotland and the hills and vales being creat- ed on the outskirts of Rehoboth between the private courses of Kings Creek and Rehoboth Beach Country Club, the Golf Park at Rehoboth will also include a light- ed 9-hole pitch-and-putt course known as The Wee Course; a lighted 36 hole natural grass putting green; a golf school known as the Rehoboth Short Game Academy; and the Re- hoboth Golf Outlet, which recent- ly moved from the Rehoboth Out- let Mall. "We think this will appeal to renters in the summer," added Tom Keogh, another partner in the venture. "According to a study in Beach will become home to 1che Ocean City [Md.], there's not area's first midlength golf course. Known as Creekside, the public, par 60 course, according to one of its developers, answers a need identified in recent years by those in the golf industry. "According to the Urban Land Institute," said Tony Wiles of Vestra Realty and Development, "people are looking for a game of golf that is more economical and time-friendly. A full-length course often takes five hours to play - when everything's consid- ered - and $100. This course will take two to three hours and will cost somewhere around $25 to $35." The 18-hole course is being built on 77 acres' of land - former- ly the Rehoboth Range - along Sussex 273 across from the Re- hoboth Park and Ride. Tucked much repeat play at full-length golf courses by weekly renters. We think they will play this course two to three times. The whole setup will be oriented to the family and people will get more golf for their money. Serious golfers will use our facilities to sharpen their short game and women and children can learn the game or enjoy different aspects of the game here." Steve Smith, who has been the teaching pro at the Rehoboth Range and who has worked with Keogh at the Golf Outlet, is also a partner in the venture along with Wiles' sons. Wiles and his sons are the principals of Vestra Realty and Development in Reston, Va., which is serving as the umbrella organization for the Golf Park at Rehoboth. :::::::::::::::::::::: ::::::::::::::::::::::::::::::: Dennis Forney photo Shown reviewing plans on the site of their new midlength golf course known as Creekside are (I-r) Steve Smith, Tom Keogh and Tony Wiles. Partially complete in 1998 Tony Wiles said this week that the pitch-and-putt course and the grass putting course will be com- plete in time for the 1998 summer season. "It's possible that the Creekside course will be ready for play by August or September of 1998, depending on how quickly the grass seeds. But we feel cer- tain it will be ready for play by the 1999 season." The Creekside course, designed by golf course architect Bill Love, includes four par-four holes and the rest will be par threes. "The par-three holes will vary from i 10 to 200 yards and will require dif- ferent shots and different clubs. The greens are oversized; about 6,000-square feet, which is the same size as full length courses and each hole will be a different test of golf. This will be a great course to play and walk." Wiles said the course will be similar in length to the Salt Pond course near Bethany Beach. Bill Love, according to Wiles, Continued on page 48 Year in review and an outlook on 1998 terms. It is notable for two rea- sons, however. First and foremost is the calm with which individual investors viewed the decline. Most in- vestors maintained the long-term FINANCIAL FOCUS Anthony Egeln view toward their investment as a mode of building wealth over time, rather than yielding to the frenzy of the moment. In fact, many investors took advantage of the opportunity to buy additional shares of high-quality stocks at lower prices. No doubt this was a significant cause of the rapid snap back in our markets. As 1997 approaches the history books, there will be a few finan- cial footnotes of interest to look back upon. Certainly high on the list will be the October market correction. Coming 10 years and one week after the 1987 debacle, it's as though an alarm clock had been set. Although experts bad been warning for several years of a pullback as the market continued higher, the events that led to the October correction were actually somewhat underwhelming. Our minimeltdown had its roots in Thailand, where local structural economic problems prompted the Thai government to devalue its currency. This prompted other countries in Southeast Asia to do the same as a measure to protect the competitiveness of exports within the region. As the 'currency devaluations "spread, a domino effect quickly followed. This eventually caused stock markets to sell off in Hong Kong, Europe and then in the United States. The U.S. sell-off, while impres- sive in terms of points off the Dow Jones Industrial Average, is far less so when viewed in percentage The second interesting aspect of the decline is that it triggered trad- ing halts on the New York Stock Exchange for the first time since its inception after the 1987 crash. Oddly enough, the halts may have added some momentum to the de- they should have only a modest effect onthe U.S. economy. Ex- porters will feel the pinch the most. Early estimates are that eco- nomic growth for 1998 will be re- duced by less than one-half of 1 percent. cline as traders rushed to the exits Thetg market appears to be before the halts kicked in. :. ,higlii ;alued based on, historical The New York Stock Exchange is currently reviewing these mar- ket "collars" to assess their effec- tiveness. The Taxpayer Relief Act of 1997 is another major event of the past year. The act lowers the capi- tal gains tax and is structured to encourage long-term investing. These provisions should incre.ase investors' flexibility in managing their portfolios. The 1997 act also reduces estate taxes and increases the features and flexibility of individual retire- ment accounts. Combined, all of these provisions are very encour- aging for individual investors, With these events framing the end of 1997, it's worthwhile to note some looming developments that couldshape the markets in the early days of 1998. Asia's problems are expected to worsen before they stabilize, but standards because of the current low-inflation environment. How- ever, the economy is still expected to increase 2 percent to 2.5 per- cent in 1998. Third-quarter corporate earn- ings wero, sckled with downside surprises fro gora;companies, and their stocks sold off dramati- cally in response. Expect more surprises with fourth-quarter re- suits. Short-term earnings surprises should not derail investors' long term goals if the companies they own are fundamentally sound. In fact, such surprises work to the advantage of long-term investors who have done their homework because they offer an opportunity to add quality companies at lower prices. Many investors make a habit of reviewing their portfolios at this time of year. In doing so, try to maintain a long-term perspective toward your investments and the ifivestment process. This has proven over and over again to be a far more successful approach than trying to time short-term market swings. The new tax laws make this approach even more com- pelling. : : If you are not currently using a dollar-cost-averaging program to invest, consider starting one. Dol- lar cost averaging allows an in- vestor to commit a fixed dollar amount to his or her investments at periodic intervals in order to take advantage of market gyra- tions. Regardless of your personal ap- proach, maintain an emphasis on investing in financially sound, well-managed companies in busi- nesses you believe in. Mutual funds that share this emphasis are an ideal means to build a diversi- fied portfolio of such companies as well. Best wishes for the new year. Anthony Egeln is an investment representative with Edward Jones in Lewes. Edward Jones has been serving individual investors since 1871. Member, SIPC and NYSE.