Some people might still spell it golf course. But for many communities, owning golf courses has backfired and turned into a curse that creates even more havoc – considering the recent headlines in the media – nationwide. Golf courses are dragging down property values.
Latest after our economy failed, every homeowner living in a mandatory association with many amenities has realized that every amenity is an additional financial liability. Homes and units are collateral for debts incurred paying for these amenities. While many communities with barely any amenities seem to be able to survive even if many of the homes and units don’t pay their maintenance dues, communities with many amenities go flat broke, caused by the extra financial burden of clubhouse, pool, tennis court, marina etc. – and especially a golf course!
Don’t forget:
* Florida has too many golf courses already.
* The cost of maintaining an 18-hole golf course has nearly doubled in the last 7 (seven) years.
* The number of golf players in Florida is decreasing – according to the PGA.
* The new wave of retirees – who may or may not ever come back to Florida – is not as eager to play golf as the former generation.
The former sales incentive that caused buyers to pay extra has turned into a curse! And any board members and golf fanatics who are still gung-ho trying to buy a golf course for the community, offered by a near bankrupt developer, have either not learned one little thing or they want the neighbors to pay for their entertainment.
Still not convinced that a golf course is more a curse than a smart investment?
Read these two articles that were published last week in the media;
Teed-Off Residents Drive Developer to Brink of Ruin
[http://www.ccfj.net/HOAFLBBCgolfcourse2.html]
(Don’t forget to read the attached lawsuit that was filed!)
Golf community teed off over fees
[http://www.ccfj.net/HOAFLTBGCCgolfcourse.html]
And in case you still haven’t figured it out: Owning a golf course decreases the value of property within the community – not increases value! Homes and condos that come with golf-club memberships are not attracting buyers – the word of the GOLF CURSE is spreading real fast!
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