Pursuits
Trump Post-Tiger Golf Bottom-Fishing Signals Rebound: Mortgages
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Investors from Donald Trump to luxury homebuilder Toll Brothers Inc. are wagering there’s money to be made buying golf courses after a building boom fueled by Tiger Woods’s popularity led to a glut.
Standalone 18-hole golf properties in the U.S. sold for a median price of $3 million through the third quarter of 2011, which is about the threshold for a luxury apartment in Manhattan. That’s down from $4.5 million in 2006, according to data from real-estate broker Marcus & Millichap.