Wednesday, January 27, 2010

It's the economy, stupid:
The Wall Street Journal reports a story that is stunningly obvious -- a new high-end luxury golf course community is struggling to get off the ground in North Carolina's Blue Ridge Mountains and, oh yeah, Tiger Woods is supposed to be designing the course.
The Great Recession had already sucker-punched The Cliffs, a 3,200-acre community in the Blue Ridge Mountains. Only 39 of the 1,200 lots (in the $400,000 to $3 million range) planned for development over the next decade have been sold. Then came the Tiger Woods scandal, which you may have heard about.
The developer, Jim Anthony, is standing by Woods (not that he has much of a choice) and optimistically sees the market about to turn. (Guess he hasn't tried to borrow $2 million from a bank for a second home lately.) Regardless of several regrettable comments Woods made about idyllic family life in the sales brochure, the story is worth reading for its priceless quote about Woods at the bottom from one Cliffs homesteader, Francie Black: "The good twist on it would be, it's not likely he's going to be doing another course anywhere. It will probably make this a more scarce product, which in turn increases its value."
Pass the lemons, please. The Flogger is thirsty.

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