BY REID WILSON, CHAIRMAN | WILSON CRIBBS + GOREN
America’s love affair with golf is waning. There are too many golf courses and not enough golfers. The average age of the active golfer is increasing…and the cost to maintain the courses is increasing as well.
Few people realize the golf courses periodically require significant capital infusion to upgrade their facilities in order to successfully compete with newer courses. Physical amenities age and must be remodeled. New high quality residential communities use lakes and other passive greenspace, and even urban farms, as amenities instead of the traditional golf course.
Buyers of golf course lots should be wary and conduct careful due diligence before purchase, so they accept the risk of the adjacent golf course terminating operation and changing use.
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