Last Update :3/14/2013

Golf Property Analysts Partners with NGCOA - makes "Chip Shots" newsletter available

Golf Property Analysts, headed by President Larry Hirsh, CRE, MAI, SGA, FRICS, has joined NGCOA - VA as a partner. GPA is making its newsletter, Chip Shots, available to NGCOA members.
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Recent Assignments

- (PA) Appraisal of Daily Fee course for tax assessment appeal
- (KY) Appraisal of Private Club for financial planning of non-profit owner
- (PA) Appraisal of Daily Fee course for sale to employees
- (NJ) GPA working with owner to assist refinancing of private club
- (FL) GPA working with owner to assist with refinancing of private club
- (TN) Consulting and Appraisal with Private Club for real estate tax assessment


Click above to learn more about how we can help with mortgage financing

10 East Sixth Avenue
Suite 300
Conshohocken, PA 19428
717-648-4653 (c)

New Format - CHIP SHOTS
We've decided to change our format for CHIP SHOTS. In the ever changing world of golf courses, it seems as though there are more an more things to discuss. So, in order to avoid wearing out our welcome in your inbox we've established a blog that you can visit anytime you want and read, research or peruse any of the topics you may find of interest. We will continue to publish CHIP SHOTS, but it will come to you with less frequency (about once per month) and will introduce the topics on the BLOG, which can be accessed at

Life Cycle of a Golf Course
One blog item discusses the life cycle of golf course components and utilizes a chart provided by the American Society of Golf Course Architects, which highlights the issue of golf course items wearing out. Many courses we appraise do NOT have adequate reserves for replacement and this can be devastating as greens, tees, bunkers and irrigation systems need to be replaced. Take a look and see if this can be helpful to your club.

SGA Golf Investor Survey
Last month, at the GIS in San Diego, the Society of Golf Appraisers, of which GPA President Larry Hirsh is a founding member, presented its annual Golf Investor Survey. A summary of this survey was recently published on NGF Dashboard. Generally, indicators have remained relatively flat for the past few years with golf property selling prices continuing to be a function of gross and net revenue performance. GPA has followed these trends since 1997 and notes modest change in investment criteria for golf properties during that time.

Golf Courses & Energy
There are a variety of resources available to golf courses today to better manage energy usage and reduce energy costs. Whether solar, wind or simply purchasing electricity from a different source, energy management affords multiple opportunities for golf courses and clubs. Visit this blog to learn more.

A "RIGHT" Way to Appraise Golf Properties for
Tax Assessment Appeals
Is there a "right" way to appraise golf properties for tax assessment appeals? Many jurisdictions are subject to case law which sometims restricts the appraiser from using the most updated and applicable techniques in golf property valuation. We've developed a white paper which has been submitted for publication. If you're a club, attorney, or even a judge this discussion will provide food for thought for your next golf property ad-valorem tax assessment case and we welcome the opportunity to discuss with you. We also invite you to review our list of golf property tax assessment considerations.
10 East 6th Avenue, Suite 300
Conshohocken, PA 19428

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