I think the property is a steal for what they have in it. Golf courses are in demand anywhere, the fact that this one was mis-managed is why we got a deal on it. I don't think it is a good idea to scrap the golf course and build homes on it, just put in management that can promote it and increase the membership, then build homes and we have a profitable venture.
Actually, what we're probably looking at is an opportunity to build a gated community. There is one less than a mile from the house I grew up in, with $500K+ homes sprouting up all over it. The lots there were sold out by the time the first couple of houses were built. Rosswood is only about five miles from there.
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