Saturday, March 31, 2012

Foreclosure Update - 2 years and counting....

It has been over 2 years since Wachovia Bank (now Wells Fargo Bank) filed the civil lawsuit against the owners of the Ocean Breeze country Club property. The last item on the court docket was in January which was 9/30/11 accounting report by the receiver. Why hasn't the bank been more active in filing motions to move this foreclosure along?

The receiver, an affiliate of the Arnold Palmer golf management company reported that over 47,000 rounds of golf were played during the first 9 months of 2011. This is very impressive considering that they did not takeover until mid-January and the owners had let the course condition deteriorate significantly during their financial decline.

The course has improved significantly since the Arnold Palmer group has taken control, but the fairways still need a lot of work and the clubhouse needs to renovated or completely rebuilt. It appears that the receiver is maintaining the course sufficiently to attract 300-350 players "per day" during the season, but these numbers would be expected to decline by approx. 50% during the off-season soon approaching.