The old Lochmoor Golf Course in NFM

[DennisDaMenace]

Well...the interesting thing with Lochmoor, is that there plenty of additional land that went with sale of the course. When the previous developer purchased the property, he planned on putting two high rise towers on the river, along with smaller condos around them. There is a fairly good sized tract of riverfront property behind the old marina and clubhouse.

I saw the plans the old developer had, it would have been beautiful, had it come to fruition. He had plans to rework the course and lengthen it substantially, along with the development project and rehabbing the marina.

I suspect that Brandenberg will do something similar when the time is right.

[MikeP]

Blueherons: Thanks for crushing my dreams! Just kidding, I appreciate the info. You clearly have more knowledge in this area than I do. Still a dream of mine, but one that will probably remain just a dream.

[Regisp]

Regarding the Lochmoor Golf Course in Cape Coral, Florida. I think that when the previous owners left the property they either took with them or sold off every nut and bolt. If, you drive by, you can see the broken concrete cart paths. Now, without an on-site inspection, the worst case scenario is that the entire irrigation system has to be replaced. That runs over $ 1,000,000. Granted, the contouring is still in place but cleaning up and re-grassing and financing the grow-in can run another $ 500,000. When you add in the re-hab of the parking lot, club-house and obtaining the equipment you need you can begin to see the picture.

My guess is that in order to bring this facility on-line to compete you are looking at close to two and half million or more. Why do that when you can purchase a facility that is already open, profitable for under three million?

[Regisp]

My family has owned, built, leased, sold golf courses for over (50) years. We live very close to this facility. We heard, but don't know for sure that the irrigation system was really busted up. If, the piping was still intact that would save thousands. But, if in the process of tearing up the concrete cart paths the irrigation system was torn up, you could add $ 200,000 to renovation. Being conservative, the property has little value for housing because of deed restrictions. When you bought a home on the golf course it was because it was on the course. So that is another can of worms.

The best use for the land is golf. We know we can bring it back into playing condition for around
$ 2,000,000 (give or take a couple of hundred thousand) depending on the irrigation system. Most of the earthwork is done but the clean up and re-grassing are the big items. Clubhouse? Tear down or rehab?

Now the magic question and answer. How much profit will it generate? Our guess is that it will play (40,000 - 45,000) rounds. At a weighted average we would estimate that to be $ 30.00 per round. So, a golf course gross of $ 1, 350,000 would not support a debt in excess of $ 3,500,000. Can the property be purchased and brought up to current standards within that range? I think not but that is our opinon.

Sauger Family

[rikoshaprl]

I wonder if the county would negotiate with a potential developer to rezone a potion of the land to allow the construction of about 20 new homes. That might generate a profit of about $2M that could make the golf course rehabilitation cost effective. Just a thought.