Redo. Why:
1. If its a redo, you probably bought the land for the correct price. Big advantage in making the place cash flow positive on an annual basis.
2. The ancillary facilites - CH, maint. yard, pump house, and irrigation pond are already in place. This generates great cost savings.
3. Permitting/Approvals - on a redo, your modifying or changing soemthing that already is a a developed parcel. permits are in place for irrigation draw-down, sanitary sewer flow for the clubhouse, stormwater etc. these permits perhaps would need modification, but it is much easier and less costly to modify these than start form scratch.