Deeds and WeedsFebruary 27, 2009

Putting The 'Fore' In Foreclosure

ASSOCIATED PRESS

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Apologies for the headline. I just couldn't bring myself to call this post "weekly foreclosure roundup," which I suppose is what it really is.

The continuing saga of Hasentree is probably the biggest story in golf foreclosures this week. On Thursday the high-end North Carolina club (with a Tom Fazio-designed course) had its foreclosure sale postponed for the third time. The new date is March 13. Perhaps, the Charlotte News Observer opines, this will give potential bidders time to consider the property. Where these bidders are coming from is not clear.

  • Down on the southern edge of North Carolina, near the Georgia line, The Ridges at Mountain Harbor golf community and the bank holding its mortgage now have another 30 days to negotiate. Otherwise the $25 million-plus property could end up in foreclosure, reports the Clayton County Progress.

  • West Virginia's Beaver Creek Golf Course, described as "once-thriving" by the Beckley Register Herald, has defaulted on its property payments and is carrying some federal tax liens as well. It's going to be sold on the Raleigh County Courthouse steps. "It's tough to turn a profit as a stand-alone golf course," Beaver Creek owner Bill Ward told the Register Herald. "Most today are in gated communities or have restaurants and other amenities with them."

And as we know, even those clubs aren't finding it so easy these days...

-- P.F.