News Article
4 views
Skip to first unread message
Belinda Augustus
Oct 26, 2006, 1:22:35 PM10/26/06
to hah...@googlegroups.com
Not that this relates specifically to HAH, but here's a current news
story of a golf course community in Boston buying out their
developers. Sound familiar? It's a mini HAH in her
infancy.
Members of Exclusive Golf Club Bail Out Development
Members of an exclusive golf course near Boston raised $21 million to buy out a failing residential development project that could have resulted in bankruptcy and a potential loss of exclusivity for the club.
A total of 169 Bay Club at Mattapoisett club members pooled their money to buy the 650-acre, gated project on Buzzard’s Bay from its developers.
The project would have had 175 residences, half with views of the golf course. Only 60 residences have been sold to date.
Learning the development and the course were in trouble and would be sold, club member John O’Connor, a PricewaterhouseCoopers vice chairman, and several partners began meeting with other golf club members who had paid up to $120,000 to join; annual dues are $9,000. They also found investors among home owners, who had paid as much as $3 million for the houses.
Bay’s Club buyout “is another sign of the times,” says Susan Curtin, who stepped down this month as executive director of the New England Golf Course Owners Association. “They’re trying to protect their property values,” she says.
Source: The Boston Globe, Kimberly Blanton (10/25/06)
Members of Exclusive Golf Club Bail Out Development
Members of an exclusive golf course near Boston raised $21 million to buy out a failing residential development project that could have resulted in bankruptcy and a potential loss of exclusivity for the club.
A total of 169 Bay Club at Mattapoisett club members pooled their money to buy the 650-acre, gated project on Buzzard’s Bay from its developers.
The project would have had 175 residences, half with views of the golf course. Only 60 residences have been sold to date.
Learning the development and the course were in trouble and would be sold, club member John O’Connor, a PricewaterhouseCoopers vice chairman, and several partners began meeting with other golf club members who had paid up to $120,000 to join; annual dues are $9,000. They also found investors among home owners, who had paid as much as $3 million for the houses.
Bay’s Club buyout “is another sign of the times,” says Susan Curtin, who stepped down this month as executive director of the New England Golf Course Owners Association. “They’re trying to protect their property values,” she says.
Source: The Boston Globe, Kimberly Blanton (10/25/06)
Belinda Augustus
HER Real Living
Http://Hide-A-WayHillsRealEstate.Com
740-569-9815 (HOME OFFICE)
740-438-1364 (CELL)
740-205-6127 (FAX)
Reply all
Reply to author
Forward
0 new messages