Luxury Golf Development Struggles to find Buyers

The Cliffs, a luxury golf development near in High Carolina near Asheville is suffering from the slowdown in golf community sales. We have covered a number of similar developments recently and many are running into difficulties, including the Cherokee Run Country Club in Georgia, and the Laurel Cove in Tennessee. Relatively speaking, I feel The Cliffs is one of the stronger developments, but they are still facing the same issue as the rest of the industry.

At the release back in November last year, CEO Jim Anthony claimed they had sold more than 50 units at a sale price of more than $40 million. According to the County property records office, only 25 sales have actually gone through – with a total sales value of $25 million. Hopefully, this will be sufficient to keep the lenders at bay until such times as the market returns to a more positive outlook. I suspect that, like many developers, their potential customers are having trouble raising financing or selling existing properties. Tiger Woods did the course design – his first in the USA. Mr. Woods seems pretty prolific recently, although I suspect that trend will not continue. The Tiger Woods Dubai is still unfinished, and a number of surrounding developments in Dubai have been canceled although the developers still claim smooth sailing.