I was there a few months ago and the fairways looked very good, even though they were still somewhat dormant.
As far a management companies go, they always make a difference. However, Olivas was a hat-trick in terms of the investment-to-bang ratio, so I cannot imagine any firm doing better given the limited budget and having to operate without a clubhouse. It has also been terrible timing with 9-11 and the recent economic troubles. Good news is that municipal, affordable golf is likely to come out very well.
I think the lack of a clubhouse, while problematic, is something that many golf courses in the U.S. would have benefited from during the past 20 years. How many times do we see the overbuilt or too-soon-built clubhouse siphon money away from the golf course? It happens a lot and I applaud the City of Ventura for their restraint. Of course, I would love to see it built, and I do realize that it will stimulate play and groups. Obviously it was a financial decision. And, by the way, it had nothing to do with funds spent on the golf courses as we were within budget on both courses for Ventura. It simply was a timing issue and the reality of rounds being reduced across golf as a whole.