5/3/2010
This project involved marketing 600 acre Bedico Creek Golf and Country Club, the largest residential development in Louisiana, which was a failed golf course and country club development, foreclosed on by the seller and in disrepair, in the middle of the deepest real estate recession since the Great Depression.
We started marketing the property August 25, 2008, and the sale occurred May 3, 2010. We marketed the site using our Sealed Bid Deadline Strategy and received 45 inquiries and 6 offers. We negotiated through several problems with the highest bidder who required eight extensions due to complications including a revoked wetlands permit. We negotiated several meetings with the Army Corps of Engineers to reinstate the wetlands permit. Meanwhile, the seller, who was a bank that foreclosed on the property, was taken over by the FDIC and our contact at the bank changed three different times.
We also assembled a team of Forestry Consultants, Wetlands Consultants, Surveyors and Engineers to provide the buyer with information to move forward. The day before the scheduled closing, the buyer terminated the offer and we immediately remarketed the property and delivered another buyer within two weeks.
