Are you thinking of buying a second home on a golf course? You might want to think again after reading this Wall Street Journal article.
Quoting from the WSJ – Beware Golf Course Homes
“When Mitch Steller first moved into his house on a lush 117-acre golf course in Southern California, “this was like the Garden of Eden, having a golf course in my backyard,” he said.
Today, his Poway, Calif., home overlooks dry, dead grass in place of a once-verdant fairway. The golf club closed in 2017. “The fairways are brown, the greens are gone, the buildings are being vandalized,” says Mr. Steller, a 70-year-old maritime-management consultant.
Forty years after developers started blanketing the Sunbelt with housing developments built around golf, many courses are closing amid a decline in golf participation, leaving homeowners to grapple with the consequences. People often believe a course will bolster their property values. But many are discovering the opposite can now be true—and legal disputes are erupting as communities fight over how to handle the struggling courses.
“There are hundreds of other communities in this situation, and they’re trapped and they don’t know what to do,” says Peter Nanula, chief executive of Concert Golf Partners, a golf club owner-operator that owns about 20 private clubs across the U.S. One of his current projects is the rehabilitation of a recently acquired club in Florida that had shut one of its three golf courses and sued residents who had stopped paying membership fees.”
You may want to think twice.