A golf course property appraisal assignment, whether the subject is a stand-alone daily-fee course or part of a planned-unit development, is a complex appraisal assignment. It is a mix of a real estate and business. Golf courses are not only sensitive to the local real estate market, but also to local income demographics, current golf participation and frequency rates. A thorough understanding of the appraisal process as well as an understanding of this specialized property type and typical golf operations is necessary for accurate, timely, and cost-effective decision making.
Golf demographics revealed a growing number of participants in the sport through the early 1990s and substantial demand for additional golf facilities. Substantial new construction occurred in the late 1990s and many markets were overbuilt. Because of the competitive nature of the golf market, it is important for facility owners to recognize their position on the supply side of the market in order to realize their maximum revenue potential. Golf course analysis poses difficult questions regarding operational status, highest and best use analysis, and operating projections.
With increased demand for expert appraisal and feasibility services pertaining to golf properties, specialization in this area has resulted in higher quality appraisals and feasibility analysis prepared by appraisers. Alan Pursley is extensively educated and experienced in this specialized area. He is a charter member and past officer of the Society of Golf Course Appraisers (SGA), a nationwide organization of real estate appraisers that have earned MAI designations from the Appraisal Institute and are experienced and educated in the valuation and analysis of golf courses and related property. Mr. Pursley maintains extensive database of information pertaining to the golf industry in the office and has actively engaged in appraising golf course facilities across the United States for more than 20 years.
Whether you are underwriting a loan, making a purchasing or disposition decision, contemplating a renovation or change of operations, contact ASI and we will be glad to assist in your financial decision.
The following is a sample of our experience of various golf property types.
- Planned Unit Developments
- Market Analysis and Feasibility Studies
- Equipment Appraisal