What Rick Caruso's Sherwood Lake Club Purchase Means for Your Home Value

What does Rick Caruso buying Sherwood Lake Club mean for home values nearby?

Rick Caruso purchased Sherwood Lake Club in February 2026, and the deal became public in April. He's already broken ground on a clubhouse renovation, a new Italian restaurant and bar, and an upgraded gym, with industry insiders expecting a private-club concept modeled on his Miramar Club in Montecito. For homeowners near Lake Sherwood and throughout the Conejo Valley, his track record at The Commons in Calabasas suggests the biggest near-term impact is on buyer perception and demand — not an immediate jump in comps.

If you own a home near Lake Sherwood, or you've been watching the Westlake Village market waiting for the right moment to sell, you've probably seen the headlines. Rick Caruso — the developer behind The Grove, Palisades Village, and the current renovation of The Commons in Calabasas — bought the Sherwood Lake Club.

This is exactly the kind of question we're getting from clients right now: does a Caruso project actually move home values, or is it just noise?

What Caruso actually bought, and what he's building

Sherwood Lake Club is a private, Jack Nicklaus–designed 18-hole par-3 golf course tucked into the Santa Monica Mountains near Thousand Oaks, with an 18,000-square-foot clubhouse, tennis, swimming, and fitness facilities. Caruso acquired it in February 2026 through an LLC, and the purchase was first reported publicly in late April.

The plans that have surfaced so far include:

• A renovated clubhouse with a new Italian-themed restaurant and bar

• An upgraded, state-of-the-art gym
• A relocated pool designed to open up more outdoor space
• A possible rebrand — industry sources expect something closer to his members-only Miramar Club in Montecito than a traditional country club
  

Lake Sherwood is already one of the more exclusive enclaves in the Conejo Valley, with estates ranging from roughly $1.5 million to $20 million-plus. Caruso's history is to elevate whatever he touches — The Grove reshaped how people thought about the Fairfax district, and Palisades Village did something similar for the Pacific Palisades retail corridor.

Does this actually move the needle on price?

Here's the honest answer: not immediately, and not automatically.

What Caruso's involvement does reliably do is shift perception before the paperwork catches up. In luxury real estate, buyer interest often moves ahead of hard data — the moment a name like Caruso attaches to a property, it signals a coming lift in lifestyle, branding, and amenities, even before a single hole is regarded or a menu is finalized.

That's a meaningfully different thing than a guaranteed bump in your specific home's value. A few things to keep in mind if you're weighing a sale near Lake Sherwood, Westlake Village, or the broader Conejo Valley:

- Timeline Matters

Reports suggest stores and restaurants at The Commons — Caruso's other current Southern California project — could open by the end of 2026, with residential components following in 2027. Sherwood Lake Club's renovation is likely on a similar multi-year arc.

- Proximity matters more than city lines

The closer your home sits to the club itself, the more directly you're likely to feel any lift in buyer interest. Homes elsewhere in Westlake Village or Thousand Oaks will feel a softer, slower version of the same effect, if any.

- It's one input, not the whole story

Interest rates, inventory, and your home's own condition and pricing still do most of the work in determining what you'll walk away with.

Why we're paying attention to this pattern

Caruso's projects tend to follow a recognizable arc: acquire an underperforming or underused property, invest heavily in food, hospitality, and design, and let word-of-mouth do the rest before the wider market notices. The Grove did this for the Fairfax district in the early 2000s. Palisades Village did it again for the Pacific Palisades retail corridor. Now The Commons in Calabasas is getting the same treatment, with 80 new apartment homes and roughly 27,000 square feet of new retail and dining space joining the existing shopping center.

Sherwood Lake Club fits the same playbook, just applied to a private club instead of a retail center. The difference is that a club's influence on home values tends to be slower and more concentrated — it depends heavily on membership access, word of mouth among current owners, and how visible the renovations are to people driving through the area versus people who already belong.

That's worth sitting with if you're deciding whether to act now or wait. A retail renovation like The Commons draws foot traffic and visibility almost immediately. A private club renovation builds value more quietly, through the people who already live there and the buyers who hear about it from them.

What we're telling clients right now

If you're a seller sitting on a home near Lake Sherwood, this is a legitimate reason to at least run the numbers — not necessarily a reason to list tomorrow. We've walked clients through similar moments before, including watching how buyers respond to lake-adjacent amenities and lifestyle branding in that market.

If you're a buyer, this is worth factoring into your decision — but it shouldn't be the only reason you're looking at a property near the club. Buy the home and the lifestyle you actually want. If the Caruso effect materializes the way it has elsewhere, that's a bonus, not a plan.

And if you're 55 or older and weighing whether now's the time to sell and move within the area, it's worth understanding how when you buy a replacement home — a factor that can change the math on timing a sale around a development story like this one.

Caruso's other active Southern California project, the renovation of The Commons in Calabasas, follows a similar pattern: new shops, restaurants, and 80 apartment homes, with a real estate impact that's expected to be modest and positive rather than a sudden price jump. If you're curious how that project fits into the bigger picture of relocating to or investing in Calabasas, our [Complete Calabasas Relocation Guide] (https://kathleenrasmussen.com/blog/the-complete-calabasas-relocation-guide-2026-or-schools-neighborhoods-and-costs) breaks down schools, neighborhoods, and costs in more detail.

The bottom line

A Caruso project attached to your neighborhood is a real signal worth paying attention to — but it's not a substitute for knowing what your specific home is worth today, in this market, with its own condition and comps. That's where a local market analysis comes in.

Questions about your specific situation? Give us a call or text anytime at 818-468-4947 — we're happy to walk you through the numbers.

Frequently Asked Questions

Is Lake Sherwood in Westlake Village or Thousand Oaks?

Sherwood Lake Club sits in the unincorporated Lake Sherwood community, adjacent to Westlake Village and near Thousand Oaks in the Conejo Valley. It's part of the broader Conejo Valley luxury market that also includes Westlake Village and Hidden Valley.

What is Rick Caruso building at Sherwood Lake Club?

Caruso's team has broken ground on a renovated clubhouse featuring a new Italian-themed restaurant and bar, an upgraded gym, and a relocated pool. Industry sources expect the finished product to resemble his members-only Miramar Club in Montecito rather than a traditional country club.

Will the Sherwood Lake Club purchase raise home prices in Westlake Village?

It's likely to boost buyer perception and demand for homes closest to the club before it shows up clearly in sale prices. Homes further from the club in greater Westlake Village or Thousand Oaks may see a softer version of that effect, if any, and other market factors like rates and inventory still matter more.

How much do homes near Lake Sherwood cost?

Estates in the Lake Sherwood community currently range from roughly $1.5 million to more than $20 million, making it one of the more exclusive pockets of the Conejo Valley.

Should I sell now because of the Caruso project, or wait?

That depends on your own timeline, your home's condition, and how the project's construction timeline lines up with your goals — the clubhouse and amenity work are expected to take multiple years. The only way to know what makes sense for your situation is to run the numbers with someone who knows this market.