What to Do with All the Foreclosed Country Clubs?

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How’s this for a sign of the times: Clubs with 18-hole golf courses in overdeveloped central Florida are on the market for under $1 million.

Guess what happened when the economy went and Florida’s real estate market tanked in a major way? Quite a few Floridians and snow birds decided they no longer wanted to drop $21,000 a year to be a member of a country club. According to the Orlando Sentinel, there’s a lot less golf being played in the area: The number of rounds played dropped by 7% last year, compared to a 2.3% decline nationally.

As a result, the country club business just isn’t what it used to be, and a half-dozen or so clubs in central Florida are facing bankruptcy and foreclosure. To say it’s a buyer’s market is putting it mildly:

“I tell sellers: ‘You can expect offers to be half what you’re asking,'” said golf-course sales specialist Kathy Bissell of Jacksonville. “Plenty of bank-owned properties [are] selling for 20 to 30 cents on the dollar.”

Right now is the time to buy, added Bissell, who is marketing 18-hole courses with starting prices of less than $1 million.

Who would even think of buying a country club or a golf course now? Possibly, investors who wouldn’t use the facilities for golf—because, honestly, central Florida doesn’t really need more golf courses. One firm is considering turning country clubs into daycare centers or pizza-delivery operations.