August 16, 2016
More than 800 golf courses closed nationwide since 2006, due to declining interest in the sport, as well as increasing competition. Though such courses might seem to be prime pieces of real estate, they aren’t. Rather, they might be built on land that can’t be redeveloped due to local zoning codes. Others could be hamstrung by deed restrictions from homeowner associations, whose members paid a great deal to live near a golf course.
Homeowners aren’t happy; shuttered golf courses near their homes reduce housing values. This has been exacerbated in recent years with fires breaking out in abandoned clubhouses. Golf course owners aren’t happy either. They can’t make any money operating the courses, nor can they sell them.
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Tags: golf course