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jeffwarne

  • Karma: +0/-0
Re: Reynolds Plantation Financial Issues
« Reply #25 on: March 30, 2011, 11:11:44 PM »
Quote from: Mike_Young on March 30, 2011, 09:47:40 PM
This was some interesting and long reading I got today...

http://reynoldsplantationblog.com/?paged=2

sort of shows what is happening now across the country.....outcome will be interesting to follow

Lots of pain down there.....
One of the comments was very telling "golf as the loss leader for the lifestyle and real estate"
It's fine to lose money operationally as long as you're selling lots of lots.
Ginn Properties, Sea Island come to mind
sadly many people think golf and "white glove service" are joined at the hip.
ick
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"Let's slow the damned greens down a bit, not take the character out of them." Tom Doak
"Take their focus off the grass and put it squarely on interesting golf." Don Mahaffey

Mike_Young

  • Karma: +0/-0
Re: Reynolds Plantation Financial Issues
« Reply #26 on: March 30, 2011, 11:13:35 PM »
as you read the comments you realize that many of the homeowners feel they can buy it and save it...w/o owning the RE....golf makes people do stupid things....
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"just standing on a corner in Winslow Arizona"

Steve Kline

  • Karma: +0/-0
Re: Reynolds Plantation Financial Issues
« Reply #27 on: March 31, 2011, 05:15:15 AM »
Members always think they can buy the club and save it. I think most ofhem dont realize how much all the stupid stuff they demand actually costs.
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Tiger_Bernhardt

  • Karma: +0/-0
Re: Reynolds Plantation Financial Issues
« Reply #28 on: March 31, 2011, 07:42:44 PM »
I did not get anything out of this. Mike what is the skinny over in Deliverance land. Squeal Squeal like a pig.
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John_Cullum

  • Karma: +0/-0
Re: Reynolds Plantation Financial Issues
« Reply #29 on: March 31, 2011, 08:57:41 PM »
Quote from: Tiger_Bernhardt on March 31, 2011, 07:42:44 PM
I did not get anything out of this. Mike what is the skinny over in Deliverance land. Squeal Squeal like a pig.


This from the bayous of Louisiana. Please, you people screw alligators
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"We finally beat Medicare. "

Lou_Duran

  • Karma: +0/-0
Re: Reynolds Plantation Financial Issues
« Reply #30 on: April 01, 2011, 11:49:43 AM »
Quote from: John_Cullum on March 31, 2011, 08:57:41 PM
Quote from: Tiger_Bernhardt on March 31, 2011, 07:42:44 PM
I did not get anything out of this. Mike what is the skinny over in Deliverance land. Squeal Squeal like a pig.


This from the bayous of Louisiana. Please, you people screw alligators

Boy, I would pay to see that!

If I was a betting man, I would lay a few that the RP property owners will find a financially viable way to rescue their golfing community.  The money that's there is not of the hot variety that's subject to great volatility.
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Mike_Young

  • Karma: +0/-0
Re: Reynolds Plantation Financial Issues
« Reply #31 on: April 30, 2011, 10:33:58 AM »
AND..the vote is in:

and this re Reynolds AJC just now..    http://www.ajc.com/business/reynolds-plantation-members-reject-930558.html
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"just standing on a corner in Winslow Arizona"

Dan Byrnes

  • Karma: +0/-0
Re: Reynolds Plantation Financial Issues
« Reply #32 on: April 30, 2011, 12:23:36 PM »
Let the banks take it back and get a better deal from them.  Not sure how things are playing out at Sea Island but that was bought for 20 cents on the dollar debt wise, maybe even lower.  Home prices are down in Sea Island but not hugely, it mostly seems asking prices remain high and there are limited sales.

Dan
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Tiger_Bernhardt

  • Karma: +0/-0
Re: Reynolds Plantation Financial Issues
« Reply #33 on: April 30, 2011, 10:43:50 PM »
John, We eat gators from our bayous and beat the ones from Florida in whatever the game is, especially football. Go Tigers Oh by the by, smart homeowners. Mike how does this effect the other clubs and courses in the area. I understand not directly, but is bad news creating issues.
« Last Edit: April 30, 2011, 10:48:50 PM by Tiger_Bernhardt »
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Mike_Young

  • Karma: +0/-0
Re: Reynolds Plantation Financial Issues
« Reply #34 on: April 30, 2011, 11:11:05 PM »
Quote from: Tiger_Bernhardt on April 30, 2011, 10:43:50 PM
John, We eat gators from our bayous and beat the ones from Florida in whatever the game is, especially football. Go Tigers Oh by the by, smart homeowners. Mike how does this effect the other clubs and courses in the area. I understand not directly, but is bad news creating issues.

John,
I think most expected it to turn out as it did....it should be ok once the people realize what has happened....
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"just standing on a corner in Winslow Arizona"

Tiger_Bernhardt

  • Karma: +0/-0
Re: Reynolds Plantation Financial Issues
« Reply #35 on: May 01, 2011, 10:00:10 PM »
Thanks Mike, the best to you.
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Malcolm Mckinnon

  • Karma: +0/-0
Re: Reynolds Plantation Financial Issues
« Reply #36 on: June 07, 2011, 12:27:00 PM »
Update, Reynolds Plantation now in receivership. This article from the May 25th AJC...

http://www.ajc.com/news/atlanta/at-reynolds-plantation-a-953476.html

In a nutshell property sales were offsetting losses from operations. When sales dried up starting in 2008 cash flow to service debt wasn't there. Now hoping to find a buyer.

Clubhouse at Great Waters is closed, kitchen staff now at Cuscowilla. Homeowners very, very unhappy.

http://reynoldsplantationblog.com/


Sad.


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