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  1. #1
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    Bank Forecloses On Glen Oaks

    Per KCCI...

    Court documents filed on Friday show that Glen Oaks Country Club and golf course are in foreclosure.

    West Bank filed the foreclosure papers on Polk County on Friday. The documents show that as of July 15 the golf course and owners association have missed payments in May and June on a $7.25 million loan plus accrued interest of $111,314 and on a $498,262 loan with accrued interest of $4,624 that was due in full on May 31.

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    Re: Bank Forecloses On Glen Oaks

    Does not surprise me in the least. I think we'll see a few golf courses go under before the economy recovers.




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    Re: Bank Forecloses On Glen Oaks

    This looks political to me.....

    Is this guy related to the caddyshack golf course?


    I also think the number of golfers have declined.

    Anybody know of new courses being built?


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    Cool Re: Bank Forecloses On Glen Oaks

    I worked in the Golf Industry from 2001 - 2006. Even during those years it was very rare to come across a golf course that was income positive and cash flow positive was a struggle for most. So, given the current economy I agree we will see more stories like this.

    Briarwood in Ankeny went private this year and I will be surprised if they make it. They just started renovating their bunkers this month and they promised that would start months ago. However, I've got to give them credit on building the new pool on schedule.

    It will be intersting what happens to Glen Oaks. They might need to turn it into a Legacy type course and go public. Not sure how that would work with the private gate and security guard thing though............


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    Re: Bank Forecloses On Glen Oaks

    Guarantee that they will be fine. When all is said and done they will be more exclusive than they are right now.



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    Re: Bank Forecloses On Glen Oaks

    Quote Originally Posted by jamesfnb View Post
    It will be intersting what happens to Glen Oaks. They might need to turn it into a Legacy type course and go public. Not sure how that would work with the private gate and security guard thing though............
    I sure hope so, even if it costs the same as TCI or Harvester I'd gladly pay that once or twice a year.


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    Re: Bank Forecloses On Glen Oaks

    Honestly, it's a shame. I was the original Controller there - started in '93 when the place was a pile of mud and the floods washed away the fairways every time we tried to seed. Somewhere down the Raccoon River there are some kick *** bentgrass riverbanks.

    I have to believe they've got some cards to be played yet. We'll have to watch this one unfold.


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    Re: Bank Forecloses On Glen Oaks

    I wonder if this isn't kinda what the Cubs are also talking about by filing for bankruptcy so the new owner can kinda start a new?



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    Re: Bank Forecloses On Glen Oaks

    Quote Originally Posted by hurdleisu24 View Post
    I wonder if this isn't kinda what the Cubs are also talking about by filing for bankruptcy so the new owner can kinda start a new?
    You hit it dead on...



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    Re: Bank Forecloses On Glen Oaks

    Anybody hear some low member numbers for Glen Oaks? Like really low? I heard a rumor, and couldn't believe the number I heard.


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    Re: Bank Forecloses On Glen Oaks

    Went golfing with my son at Otter Creek in Ankeny this weekend - $100 for the two of us to golf 18 holes with a cart. How are normal people supposed to afford to do that very often?



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    Re: Bank Forecloses On Glen Oaks

    Quote Originally Posted by joefrog View Post
    Anybody hear some low member numbers for Glen Oaks? Like really low? I heard a rumor, and couldn't believe the number I heard.
    Every private club in the city has had low numbers since last fall, but in their case they dropped an unusual amount of members. Probably close to 30% from what I know.



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    Re: Bank Forecloses On Glen Oaks

    Quote Originally Posted by ZJohnson View Post
    Every private club in the city has had low numbers since last fall, but in their case they dropped an unusual amount of members. Probably close to 30% from what I know.
    There is still a waiting list at Des Moines Golf...FYI.



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    Re: Bank Forecloses On Glen Oaks

    Quote Originally Posted by isuno1fan View Post
    There is still a waiting list at Des Moines Golf...FYI.
    As far as I know they are a couple short of that. But yes, doing much better than they were in the fall/winter.



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    Re: Bank Forecloses On Glen Oaks

    Quote Originally Posted by cyclonestate View Post
    Went golfing with my son at Otter Creek in Ankeny this weekend - $100 for the two of us to golf 18 holes with a cart. How are normal people supposed to afford to do that very often?
    They aren't. Leave the golfing to the fancy snobs of society - like the one that went golfing on father's day and left the kids at home.

    There is a reason golf courses are failing. They should be plowed up and corn planted on every one of them. That or condos.



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