Homeowners face tough choice |
Article Courtesy of The Tampa Tribune By LAURA KINSLER Published July 5, 2010 SAN ANTONIO - Starwood representative David Ivin carefully laid out all the complexities and reasons why homeowners of Tampa Bay Golf & Country Club should buy their golf course and clubhouse, at a meeting Tuesday morning. Then he issued a warning. If the homeowners association doesn't approve the $3.75 million deal, things will get ugly. "There will be problems," Ivin said. "The bank is foreclosing on this property. I don't know what their track record is with running golf clubs, but I've seen plenty of houses that are bank owned and what kind of condition they're in."
16, when the clubhouse purchase is on the ballot. The developer agreed to lend the association $3.75 million to cover the golf club purchase and closing costs. The terms - a three-year, interest-only loan at 9.5 percent - raised some eyebrows, however. "We feel confident that the association will be able to refinance in the next couple of years," Ivin said. "If we can't get the financing, our worst-case scenario is that we have to do a special assessment to pay off the loan. That would come to about $3,000 per home." Golf community ready to move on |