Chip,
With sand you have good drainage and your halfway there to growing good turf. The ball will bounce in the future once the sand is compacted through irrigation and mixed with root mass. Water is a key issue and will depend on the outcome if you have the other winning half of the formula. Water problems can be overcome and normally in an economical fashion, one, though the use of increased salt tolerant paspalms if the site is in a warm season climate. Bermuda also adapts with time to salty water conditons up to a point and if you get some monthly rains that flush the accumulated salts from the sand root base, this too becomes a blessing. The least salt tolerant grasses are cool seasons grasses but there still are economical options and alternatives to explore that can overcome problems in relation to water. We did a project on the coast in sand, average three inches a year of rainfall and comes in a three month time span..and a quarter inch is a downpour for the area, so no flushing, soil cleaning rains and salty water only available. I remeber once visiting a site in Tahiti and the water table was twelve inces from the surface and the site was parallel to the ocean. Local natives were growing water melons. The surface water on these sites is salty but good enough to grow sweet watermelons, so why not turfgrass? What we did on the costal project in Chile was to make a manifold of shallow wells and draw the water slowly from the top and in various different areas throughout the project. We had to add a sulfur burning plant to inject sulfuric acid into the water to control the PH and to avoid the carbonates from building up the soil and causing the internal drainage of the sand to plug and gradually decline. Give me my choice between a rocky site, a clay or swampy site and a sandy site with water problems and I will take the sandy, salty water site everytime.(from a turfgrass standpoint and also overall devlopment cost) Investigate your water alternatives and test, investigate your climatic conditions, test the peculation rate of the sand and the particles size distribution and move forward without fear. All the negatives you are hearing on the thread, use them to negotiate a better price on the land if you have not closed on the property, thats what there good for, not much else! Checking also to what point previous storms have entered into the property is also great, valuable advice! Good luck!