Bonita Bay Club Members May Force Developer’s Hand
If they don’t strike a deal to buy their golf club soon, members at Bonita Bay may resign in mass, putting more financial strain on its developer.
Palm Coast, FL – December 2, 2009 – Struggling golf courses, especially those tied to real estate development, continue to struggle. Bonita Bay in Naples is just an example.
By: Laura Layden – Naples News.com
If they don’t strike a deal to buy their golf club soon, members at Bonita Bay may resign in mass, putting more financial strain on its developer.
Golf members may resign or downgrade to sports or social memberships to force a turnover from their community’s owner and namesake developer, Bonita Bay Group, according to a posting on BayWatchNews.com.
Even if golf members choose only to downgrade their memberships, the developer would lose a chunk of money from monthly membership dues.
Toby’s Commentary: The Great Recession has uncovered the fragile financial foundation on which some really exclusive golf courses were built.
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