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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 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 the 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 golf market, it is important for facility owners to recognize where they fit in the supply side of the market in order to maximize their revenue potential. Golf Course analysis pose difficult questions with regard to status of operations, 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 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, through SGA is also an affiliate member of the National Golf Foundation and has an extensive data base of information pertaining to the golf industry maintained in the office.
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