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Monday, July 2, 2012

Their losses your gain? Cliffs, Reynolds, Wintergreen surviving rough patches

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        Three huge southern golf communities, household names among those searching for high-end residential developments, faced the realities of the recession in the last couple of years -– and lost. But now they all may be on the path back, and that could spell bargains for buyers searching for luxury real estate at a bargain price.

        The Cliffs Communities, Reynolds Plantation and the Wintergreen Resort comprise more than 15,000 acres of real estate, golf courses and conservation areas. They feature a combined 261 holes of golf, marinas, equestrian centers, nature walks and virtually every other conceivable amenity an active retired couple would want. Between them, they probably

Should you consider buying into turnarounds at The Cliffs, Reynolds Plantation and Wintergreen?  We offer our observations in the July issue of our free newsletter, Home On The CourseSubscribe now.

spent more than $25 million on advertising and marketing programs in the early part of the roaring 2000s. They succeeded in driving thousands of well-heeled retirees and second-home buyers to their golf clubs and properties. And yet, for all their drawing power, two of them are in bankruptcy proceedings and the other may have survived thanks only to a billionaire with a penchant for saving resorts with the name Virginia in their mailing addresses.

         The Cliffs Communities and Reynolds Plantation are currently working their ways through bankruptcy proceedings, but things are looking up. Wintergreen, which is a bit less tony than the other two, was thrown to the brink by a capricious bank and then yanked back by Jim Justice, a 6 foot 7 inch West Virginian who enjoys owning and running well-known golf communities on both sides of the Blue Ridge Mountains. (He did the same with The Greenbrier Resort in his native state.) These golf communities all once were lost, but now they have found their sugar daddies. The question is whether you should find them as prospective places to live.

        We try to answer that question in the upcoming July issue of Home On The Course, our free monthly newsletter. Sign up today at the top of this page and we will be pleased to send you this issue and all others in the future.

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Larry Gavrich

This blog was conceived and is published by me, Larry Gavrich, a former corporate communications executive who founded HomeOnTheCourse, LLC, in 2005.  Our firm advises baby boomers and others seeking a lifestyle in which golf is a major component.  My wife Connie and I own a home in Connecticut (not on a golf course) and a condo at Pawleys Plantation in Pawleys Island, SC, on a Jack Nicklaus layout.  We began our search for our home on the course more than 15 years ago, and the challenges of the search inspired me to research golf communities and write objective reviews of them.

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