Nearly 20 years after PGA golfer and Austinite Rich Beem stunned the golfing community with an upset win over superstar Tiger Woods in the 2002 PGA Championship, the 51-year-old once again found himself pitted against the pro—this time, with his 18-year-old son Michael Beem in tow.
The Beem father-and-son duo joined some of the world's best golfers—and their most athletic relatives—in the PNC Championship over the weekend.
Rich and Michael Beem finished in 10th in the father-son PNC Championship. (Rich Beem/Twitter)
While Rich is no stranger to competitions against top-notch athletes, the invitation from the tournament director still came as a complete surprise.
"He said, 'How would you and your son like to play in the father-son tournament this year," Rich Beem told Austonia amid a post-tournament celebration. "I said 'Yes.' I couldn't come out with it quick enough. It was so out of left field, I can't even explain it."
Rich and Michael, who is currently a senior at Westlake High School, jet-setted to the Ritz Carlton Golf Club in Orlando, Florida on Thursday night and were treated to a formal dinner and a chance to play against the pros.
The all-star lineup included John Daly, who dressed as Santa Claus for the tournament and called the victory with his 18-year-old son John Daly II one of the "highlights of (his) life," LPGA golfer Nelly Korda and her former pro tennis player father, and Woods and his 12-year-old son Charlie. It was a surprise appearance for Woods in his first showing since he suffered open leg fractures in a February car accident.
But the real highlight of the tournament was the youngest Beem's first shot, which happened to be the first shot of the tournament.
"We have that golf ball and the ball that he made an eagle with on last hole on Sunday," Rich Beem said. "Just getting a chance to hit the opening tee shot, to me is pretty remarkable. I'll never forget it. I know Michael was nervous, and I was probably equally as nervous if not more."
This is what life is all about. Thankful that Team Beem was invited to @PNCchampionship this year, what an amazing experience. Thanks to my wife and daughter, as well as @CallawayGolf @gfore and @hsbresort. Much love to all!! pic.twitter.com/2hIXAv4fVV
— Rich Beem (@beemerpga) December 19, 2021
Team Beem finished in the top ten of the tournament, tying for 10th alongside legendary golfer Gary Player and his grandson Jordan with a tournament total of 18 under 126 to win $44,250 of the $1,085,000 purse. Daly and Daly Jr. won big ($200,000) and set a tournament record with a total of 27 under 117, while Team Woods dished out 11 birdies in a row in the final round to finish two strokes under the new record.
Aside from pride and the cash prize, the elder Beem took the tournament as an opportunity to show his son the mental strength it takes to play in front of the cameras and fanfare, something he learned as a three-time PGA Tour champ.
"For me, it was trying to get him to understand exactly what it's like living life inside the ropes as a professional golfer, because you have to hit shots under pressure," Rich Beem said. "You have to hit shots when you're not comfortable."
Michael, who is looking to continue his golfing career in college, said the tournament has prepped him for anything coming his way.
"It doesn't really matter how good your swing is, it's more about how you're able to handle it," Michael said. "I think having the crowd and all the cameras kind of makes all other events seem a little bit more minuscule. It kind of showed that I was able to play through all that and makes me a lot more excited for future tournaments."
And after a whirlwind weekend and plenty of celebrations, both Beems hope their future tournaments include a chance to take on Woods, Daly and all the other greats once again this time next year.
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A theory that’s been swirling around lately is that the web as we know it is on its way out and something called Web3 will take over.
It’s hard to know what Web3 is without first understanding the original versions. The first web is the 90s Internet where people had their own random websites that didn’t link together, making it decentralized. In Web2, we saw the rise of Google, Facebook and other major players who configured standard ways for people to share and receive information.
Ethereum co-founder Gavin Wood and other blockchain developers say a decentralized version of the Internet, Web3, is on the way. Web3 can be thought of as synonymous with cryptocurrency, meaning it is based on the blockchain. Platforms and apps built on Web3 won’t be owned by a central gatekeeper, but rather by users. Those in the Austin crypto community believe to see a growing presence of Web3 in Austin.
Pujaa Rajan, an engineer at financial software company Stripe and adviser for startups, describes herself as a “digital nomad.” She has traveled all over from Hawaii to New York and San Francisco, looking for the crypto community in each place.
Having been in Austin for the past month, Rajan organized a Web3 meetup this week at Cosmic Coffee + Beer Garden in South Austin open to folks working in crypto or the crypto-curious. About 30 people showed up. "Compared to a lot of other cities that I went to, it is a lot more open and community-oriented here, which is what Web3 is all about,” she said.
Pujaa Rajan, an engineer at financial software company Stripe, organized a Web3 meetup in Austin during a visit. (Andrea Guzman/Austonia)
ATX DAO member Roberto Talamas, who stopped by the event, talked about the crypto group’s expansion. Web3, in Talamas’ view, expands on the previous versions which allowed people to read, then read and write. Now, he says, people can read, write and own. To Talamas, blockchain technology has powered that ownership aspect, and it can be utilized through groups like a DAO, a group that pools together capital and goes on to make investments or take on blockchain-based projects.
“The ecosystem of work with (Web3) companies here in Austin is still relatively small,” Talamas said. “And that’s one of those things that we’re trying to deal with at ATX DAO is to do all the advocacy work needed to make Austin the best Web3 city.”
Part of that community, however, has gotten a bad rep for being “crypto bros.” Rajan acknowledged that Web3 involves both finance and technology, which are fields women have historically been excluded from. But, she says the decentralization aspect creates a clean slate and a new means to form groups. “I feel like we can kind of take back the power or create a world for ourselves,” Rajan said.
The meetup at Cosmic brought together crypto users to talk about the prospects of Web3. (Andrea Guzmán/Austonia)
Meetup attendee Jonathan Hillis also talked about the idea that Web3 creates an opportunity to start over and how this could be something that grows in Austin. Born and raised in the capital city, Hills has left his Bay Area Web2 Instacart job behind to live in a cabin outside Dripping Springs last year. He and his wife, along with a group of internet friends formed a DAO called Cabin, and he's now writing on the Web3 version of Medium, known as Mirror.
When it comes to the state of Web3, four cities stand out. “The dam broke in Covid,” Hillis said. “Everybody no longer had to live in the Bay Area for tech.”
San Francisco is still rooted in Web2 traits with Big Tech and software as a service venture. New York is financial technology. Miami is another major player. But with Austin, Hillis sees a lot of potential.
“Austin is great at being a place for independent online creators of many types—musicians, but also artists,” Hillis said. “What excites me about Web3 is the opportunities for putting creators at more of the center of the value capture.”
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Once a bargain-hunter's paradise, Austin's reputation as a cheaper California seems to be dissipating. But does money have more value in Austin when compared to other U.S. metros?
For Carson Stanch, who moved to Austin from Brooklyn, New York, to be near family, Austin's lower cost of living was just an added bonus. According to the latest data from the U.S. Bureau of Economic Analysis, a $100 bill is worth $98.20 in Austin when compared to the national average in 2020, while it's worth just $84.53 in New York.
Houston native Carson Stanch moved from Brooklyn, New York to Austin just before the pandemic. (Carson Stanch)
Stanch soon realized she was a trendsetter—or perhaps a fortune teller—as the pandemic hit a few months after her move. No longer willing to spend extra money on their more expensive apartments, Stanch said many of her friends and other New Yorkers left the city amid COVID lockdowns.
"It's so expensive to live there (and) all of the reasons why you live in New York, you couldn't really do anymore," Stanch said.
Garrett Watson, a senior policy analyst with the Tax Foundation who wrote a 2018 report on the value of $100 in U.S. metros, told Austonia the report factors in the costs of goods and services with residents' incomes and compares them to the national average. The result is price parity, a number that varies drastically across the country—for instance, a $100 bill won't get you near as far in Austin as it would in more rural parts of the Hill Country.
While a Ben Franklin note was worth $4 more in New York in 2020 when compared to 2018, a $100 bill decreased by $1.60 in value in Austin. Austin's cost of living also saw the 12th-highest increase among U.S. metros from the 2010 to 2020 census.
And as the pandemic's nationwide housing boom gained extra momentum in Austin, peaking at a median home price of $575,000 in June 2021, Watson said the value of $100 could have dropped even further.
"There's just been a chronic hunger for building houses on the coasts and in certain cities in the heartland," Watson said. "Especially this year, we're seeing more and more discussion about that in Austin, and so that is a big, big factor."
Price parity bleeds into other factors as well—in San Francisco, where the value of $100 sits at $82.63, residents are nearly 18% poorer than their higher incomes suggest. But with higher incomes than the U.S. average, they may find themselves more flush with cash when moving to a cheaper city like Austin.
Many out-of-towners have used that extra change to make housing offers much higher than the asking price, Redfin chief economist Daryl Fairweather told Fox7 Austin.
"All those migrants are bringing with them high-paying jobs who are used to much more expensive housing and they’re willing to pull out all the stops to win these homes and move to Austin," Fairweather said.
But Austin is catching up to those traditional hotspots: the area was predicted to be the most expensive metro outside of the Golden State by the end of 2021.
In just two years, Stanch said she's seen some signs.
"I feel like I look around certain areas of Austin (and) they do feel more similar to downtown Brooklyn," Stanch said. "Some businesses I see might tend to cater to folks who have a little more income."
I cannot believe there’s a Hermès (an Hermès?) store opening around the corner from where I live. Oy vey. The scrappy, cheap, charmingly dusty locals-only South Congress of yore is receding into the past so very quickly. 😭 pic.twitter.com/sUHxI4pX8F
— Cari Marshall (@CariMarshallTX) August 3, 2021
So why not move to, say, Florence, Alabama, where money is almost 20% more valuable?
Watson said the difference comes down to the value of amenities—something the study can't track.
"Part of the value in New York City is all the amenities that you're near, the value of Broadway, the value of being able to get food delivered to your door," Watson said. "So that may be reflected in people's willingness to pay higher prices... there's a lot of really great reasons why people may want to be in Austin from an identity perspective that you can't get in other parts of Texas."
In Austin, tech salaries rose 5% from 2020-2021 as big-name corporations like Oracle and Tesla—alongside Tesla's billionaire owner Elon Musk—flocked to the nation's new "boomtown." With an ever-increasing job market, eclectic culture and reputation as one of the world's best cities for move-ins, Austin's appeal might still offset its price.
But for Stanch and many others, there may still come a time when price wins over location.
"If I was to the point where homebuying was more important than being near friends and family, then I would move to get the home," Stanch said. "I think that's kind of part of my plan."