Cliffs’ Jim Anthony not deterred by sluggish economy
The news hasn’t been good for high-end golf communities in Western North Carolina.
Palm Coast, FL – October 24, 2009 – New of high end golf course communities in North Carolina.
By: Bob Berghous — Ashville Citizen-Times Oct. 20, 2009
The news hasn’t been good for high-end golf communities in Western North Carolina.
The lead story in the Citizen-Times last Wednesday was about foreclosure proceedings at Balsam Mountain Preserve in Jackson County and how the golf course designed by Arnold Palmer has been shut down.
Two days later there was a story about Seven Falls Golf & River Club in Etowah, which also is in financial turmoil. The golf course, another Palmer design, is on hold and the facility is under partial foreclosure.
In July, a Phil Mickelson-design planned for Cullowhee Mountain in Jackson County received foreclosure notices.
Despite all this gloom and doom Jim Anthony, owner of The Cliffs Communities, is still pushing ahead with his projects.
Toby’s Commentary: Golf Course anchored residential developments can no longer rely on revenue from real estate sales to subsidize their courses. Many are struggling. All are trying to adapt. Jim Anthony faces the same issues. Lot sales are sluggish at the Cliffs at High Carolina. Will the Tiger Woods name be enough to make the venture a success? Only time will tell.
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