Golf Consultation Services include market analysis, feasibility analysis, and investment analysis.

 Market Analysis

• The Appraisal Institute defines Market Analysis in The Dictionary of Real Estate Appraisal, 1993, 3rd edition, pp.220 as:
• (1) The identification and study of the market for a particular economic good or service.
• (2) A study of real estate market conditions for a specific type of property. (USPAP, 1992 edition)
• Our Market Analysis is a study of the supply and demand characteristics for the play of golf in a particular market. It begins with a demographic breakdown of the market, growth rates, and economic influences on the area. The population within the market area is analyzed in terms of its propensity to play golf and a projection is made as to the number of golfing rounds the market can support for various types of golf courses.

Feasibility Analysis

• The Appraisal Institute defines Feasibility Analysis in The Dictionary of Real Estate Appraisal, 1993, 3rd edition, pp.134 as:
• (1) A study of the cost-benefit relationship of an economic endeavor. (USPAP, May 1992)
• (2) An analysis undertaken to investigate whether a project will fulfill the objectives of the investor. The profitability of a specific real estate project is analyzed in terms of the criteria of a specific market or investor.
• Our Feasibility Analysis begins with a Market Analysis. After the number of rounds for a particular market are projected, the number of rounds the subject should capture is estimated. Cash flow projections are made based on revenues associated with the proposed facility and operating expenses are deducted to arrive at a net operating income. These future cash flows are discounted to a net present value including the sale of the golf course (reversion). The construction budget of the proposed golf course is cross-checked with the costs of recently constructed similar golf courses.

Once the cost of the golf course and the future cash flows are estimated, the cost benefit relationship is described in terms of an internal rate of return. (Irr)

Investment Analysis

• The Appraisal Institute defines Investment Analysis in The Dictionary of Real Estate Appraisal, 1993, 3rd edition, pp.189 as:
• A study that reflects the relationship between the acquisition price and anticipated future benefits of a real estate investment (USPAP, 1992 edition). Any study of the performance of a capital investment See also fundamental analysis; technical analysis.
• An Investment Analysis incorporates all of the cash flows associated with a golf project, including the cost and ultimate sale, in terms of their ability to meet investment criteria.