January 1, 2019
Peter Nanula, Chairman of Concert golf Partners, recently contributed to Wall Street Journal article detailing the plight of some homeowners living in golf and country club communities.
Home values are dropping in hundreds of housing developments across the country because the community’s golf and country club either closed or is struggling to keep its doors open. To raise the club’s revenue, boards will sometimes implement mandatory membership fees for all residents in the development. This well-intentioned move often has the perverse effect of depressing home prices, since homeowners have a large new monthly expense and they can only sell their home to buyers willing to pay these membership fees.
The Wall Street Journal details how the Fountains Country Club in Lake Worth, Florida got rid of mandatory membership fees, and now homeowners are seeing values rise again – thanks to a partnership with Concert Golf. In the article, Peter Nanula describes other positive news from the Fountains Country Club after the board and its members recapitalized with Concert Golf in 2018.
Read the full Wall Street Journal article including an interview of Peter Nanula.