Golf Related Stories
Are Golf Communities A Thing Of The Past?
A MUST read article regarding golf communities.
A Mississippi Golf Course Under Threat
St. Andrews homeowners fed up over potential plans to build on golf course. It’s a golf course destroyed by Hurricane Katrina. Homeowners don’t want to lose the golf course as it’s threatened by developers.
Home Owners Association Bought Golf Course, Restaurant; Property Owners Liable For Deficit
Who will end up paying the bill?
The Failing Backyard Golf Course
If you have a home in a golf course neighborhood, you want the golf course to be there looking beautiful forever.
A well-manicured golf course by your home enhances the value of your property, which means you have a personal stake in the golf course whether you play golf or not.
As a homeowner on a golf course, you’re only one of five stakeholders who stands to lose when the golf course closes.
Glenmary Country Club: May Seem The Exception To The Property Loss Rule
Residential home prices in Glenmary appear to have held but that was after at least ten years of uncertainty about the future of the golf course. The fate of the golf course was pretty well ignored by many in the the community. The non-golfing sector of the neighborhood went on with life more or less as if the golf course was already gone.
Glenmary is an 840-unit residential neighborhood that basically refused to get drawn into a responsibility to support the golf course. In fact, there were tales of fist fights at HOA board meetings over golf course issues. Eventually, they sat back and allowed the golf course to fade away. Conduct your own research on the Zillow website and you’ll see that residential prices and tax actually went up 14% since 2011- after the uncertainty of the golf course settled and life resumed without it.
Glenmary was an ‘original’ in the troubled neighborhood golf course dilemma, as its troubles began before 2010. It is evidence that residential properties may decline when the golf course fails, but may eventually recover, although they may not have caught up to residential properties that did not have a failed backyard golf course..
As a home owner, your property value could drop up to 40% in value over night. As a golf course neighborhood homeowner you have got to be proactive immediately.
As soon as you hear the rumor that your backyard golf course may be failing, your home owners association (HOA) needs to inform separate feasibility or information-gathering committee immediately. It should be made up of homeowners - golfers and non-golfers. Their job is to gather information. Only with the facts laid out can your HOA adopt any kind of strategy.
You will essentially have three choices:
1) Raise enough money from the homeowners to buy the golf course and, therefore, control its future
2) Agree to participate in the golf course buy each homeowner becoming a social member of the club, therefore adding sufficient additional cash flow to keep the course afloat.
3) Sit back, do nothing, and see what happens.
With our experience, we can help.