Rents won't be on par with last Open.

• Author: Moriarty, Matthew
• Position: Tar Heel Tattler

The 1999 U.S. Open at Pinehurst played to big crowds and rave reviews, especially after a dramatic final-hole win by Payne Stewart. It prompted the fastest repeat visit ever for the Open, which will return to Pinehurst No. 2 in June 2005.

The tournament's return has inspired dreams of big profits from people hoping to lease their homes for the week of the tournament. Reg Jones, championship director for Pinehurst Resort, says the dreams might be too big. Stories about people leasing their homes for exorbitant prices have abounded since 1999. One had Tiger Woods paying $100,000 to rent a house in Pinehurst. He actually stayed at one in a gated subdivision for between $5,000 and $8,000, Jones says.

Still, some are seeking a huge tax-free score. But their asking prices might be scaring away customers. Charlotte Hagan, who--along with her husband, Jim--owns Hagan and Hagan Realty in Pinehurst, says that by this time in 1998 she had secured several rentals. As of late March, she had none. She has only heard of one home rented so far. "I'm really having a hard time getting the corporations to commit."

Hagan believes some corporations committed quickly for 1999 out of fear that there would be a shortage of rental properties. They know better this time. Others have ditched the idea altogether. Charlotte-based Bank of America rented four houses in Pinehurst at Country Club of North...