The three area golf courses owned by the Bank of America are still unsold and the listing agent says that it’s very doubtful there will be action on the properties this year.
“There has been quite a bit of interest in all three,” said Roger Garrett of CB Richard Ellis commercial realtors in Phoenix, who handles the bank’s golf properties. “But, this will be a cash transaction. The bank wants to be out of the golf business, so any buyer must have financing in order.”
The highest-priced of the three is Hidden Hills at $3.7 million. Oak Bridge is listed at $3.5 million and St. Augustine Shores is at $2.4 million. All were financed by the Bank of America, which acquired them in bankruptcy proceedings.
Garrett specializes in golf courses.
“I’ve been doing this since 1989 and I imagine we’ve handled 20 courses in Florida,” he said. The list includes Deerfield Lakes and Eagle Harbor.
The area rumor mill has been active with potential buyers but, to date, Garrett says none have shown the most important indicator: cash.