It is a tough time for golf clubs all over the country and Central Massachusetts is no exception. In the last two years, Shaker Hills Golf Club will be the third golf club in Central Massachusetts to be sold at a foreclosure auction. According to this report, many clubs are struggling financially due to the weak economy along with the over building of golf courses in the region in recent years.
The foreclosure auction for Shaker Hills is scheduled for this week, according to the Boston Business Journal. A legal notice stated the club had received a $2.13 million mortgage from a Middlesex bank, however failed to meet its payment obligations for that mortgage. The club’s owners could opt for a bankruptcy prior to the auction, however the auction is still on schedule according to the owner of the auction company hired to conduct the sale.
In May of 2010, a foreclosure auction for Sterling National Country Club resulted in its sale to the Jan Company for $4 million. In November of that same year the owner of Highfields Golf and Country Club purchased the Pleasant Valley Country Club at a foreclosure auction for $5 million. Real estate auctions are a booming business as more and more residential homes and commercial real estate are foreclosed on and banks need to liquidate as much inventory as possible.
Today’s real estate market can be tricky, however for some it may be a great time to purchase a home, or a golf course. With the residential real estate mortgage rates at historical lows, per our last post, this may be an optimum time for some to find that dream home or a fixer-upper at a great bargain.
An experienced Worcester real estate attorney can be a great resource to learn about the local real estate auctions and the purchase procedures for foreclosure properties. He or she can also walk you through the financing options for your specific situation and get you started on finding the ideal home.
Luckily, the head golf professional at Shaker Hills was able to find another head pro job at a private club in Stow called Wedgewood Pines Country Club.
Source: Sports Telegram.com, “Golf: Shaker Hills to be sold at auction on Thursday,” Bill Doyle, April 10, 2012