Atlanta’s Country Club of the South Foreclosure Sale Set
As the recession deepens, it is not just the unemployed or the under occupied office building owner that is feeling the wrath of the bank’s foreclosure department. The well off are also facing difficulty.
To accentuate this point, the Atlanta Country Club, which has many of the elite sport stars and businesspeople as members, has had their foreclosure date set for January 5th, 2010. The well heeled establishment has suffered losses that has it unable to pay the mortgage on the land and the golf course.
The fact of the matter is that every economic strata of the real estate market has been affected. Many top firms and large properties have been doing all they could to hold out against the tide.
The summer of 2009 was the date that most of these organizations thought things would turn around. Now that it has passed and the money has run out, expect more of these types of foreclosures to happen.
Country Club of the South, a private North Fulton country club with a golf course designed by golfing great Jack Nicklaus, is scheduled to be sold at a foreclosure auction on Jan. 5, 2010, operations manager Michael Ryan said Friday.
The property scheduled to be sold is owned by Country Club of the South Inc., and includes the golf course, clubhouse and other club facilities. The Bank of North Georgia is the club’s secured lender. via the AJC
Very funny comparison. However you don't need to pay property tax on Barbies 3 Story Dream House. With the unemployment ...
My wife has actually decided to study for and get her real eatate licence just so we dont ever have ...
I like your analogy in this article. The real estate economy really is like a patient who you cannot ...
Real Estate is hyper-local. Every market is different. Phoenix has already hit bottom and is starting to recover. We have ...
Great to hear that the big boys
are predicting recovery sooner than
most think.
Thanks for the value! 
I agree--good analogy. You have to crawl before you can walk. Right now, at least in Austin, many people would ...
I live in the Philippines and I am glad we are not on the lists... 
I have a few Litograghs of Presidents homes , made by Richard V. Sebring. yr. 1990 Do they have any ...
Comment by RWH on 26 December 2009:
Countryclub of the South has many millionaries. Loving their community was important to them. One thing we all must understand; everybody don’t play golf, many come to live in communities because they are well kepted, safe, pleasant amenities and well operated. Like all unemployed people; foreclosures are in our mist; somebody should have seen this coming! I visited the community on many occasions looking to relocate but the money it takes to live there is not what I want to do live from paycheck to paycheck and pay for something I don’t use and I think people who live there now know that Golf was not what got them there in the first place. Will people seek after Countryclub of the South or will it be left for the homeowners to bail themselves out of the hole they are in; even if many don’t play Golf there? What is best for the homeowners and the Countryclub is vie for a month-to-month lease until they can raise enough to pay off their debts and keep the Countryclub as is; but on a lower scale so that additional one time dues or some type of fund raising can be done! Let’s face it; our homes are not worthing nothing anyway and this might help as the future comes when the homes will perhaps start to gain some interests. Good Luck!
Comment by MJR on 29 December 2009:
Saw this coming six years ago when I was CEO. Told them not to invest any more money in the club until we started making money. The only year I managed the club is the only year they made money. Then they got greedy. If they had listened to what was told them back then they would not be in the position they are today. Its to bad so many are now suffering and won’t be paid back their intition fees of $50,000 grand they paid in as equity. Whats gong to happen to those who are still owed money on the sell list. All they needed was te smarts to listen to someone who knows who to manage a business correctly.