Last Update :5/18/2016

Market Survey, Is Any Club Bulletproof?, Conservation Easements and More


It's always interesting to review market indicators. In the golf course industry, we measure performance by cap rates, discount rates and Gross Revenue Multipliers.  As shown in the adjacent  and below graphs, courtesy of the Society of Golf Appraisers (SGA) 2016 market survey, the value of golf properties has improved slightly since 2009.  Cap rates have improved from around 12% at the height of the recession to approximately 10.5% on average now, with discount rates making only slight improvement.  Conversely, mortgage interest rates, according to the SGA study have remained between 7% and 8% since a high in excess of 8% in 2009.

Gross Revenue Multiples, how many buyers evaluate golf properties today, on average have remained steady around the 1.5 mark, however the range has varied from around .5 to in excess of 4.0.  It should be noted that these multiples are quite sensitive to a propety's net income levels and many buyers still seek propeties in the 1-1.25 range.

We often read surveys from some that values of golf courses are rising rapidly.  In some cases, where a property's financial performance has improved, it's value and potential sale price will react accordingly, however the risk level perceived in golf course properties appears to be steady with slight improvement.

For a copy of the complete survey, click below to email me and I'll send to you.

E-Mail Larry for SGA Survey


In recent times many clubs have increased membership, implemented improvement plans and generally feel better about themselves than a few years ago.  Accordingly, some clubs are stabilizing membership and moving forward confidently.

Somewhat surprisingly,  many clubs have steered away from the more member-friendly policies that helped them dig out of the hole.  Check out my latest contribution to Board Room Magazine to learn more, and remember to "like" us on Facebook by clicking below.

Read More



It seems as thought there's never a shortage of tax issues related to golf properties.  On the real estate tax front, courts in many states struggle to rule fairly on how properly to assess golf properties, as sh

own in this recent article posted on Golf Dispute Resolutions, which highlights 3 cases in New Jersey and New York.  Many golf and club properties are contesting asssessments and understanding how they need to be valued and how courts view the process is essential.

On the income tax front, it's no secret that the Internal Revenue Service (IRS) doesn't like conservation easments on golf course properties.  This is highlighted in the cases addressed in linked articles below that demonstrate how difficult it's becoming to place a conservation easement on a golf property.

National GC of Kansas City & Trump National


St. James Plantation (NC)




GPA has recently been retained for the follwoing assignments:

  • (VA) - Appraisal of private club for use in ad-valorem tax assessment appeal
  • (FL) - Appraisal of excess land for private club
  • (PA) - Appraisal of Private Club for mortgage financing
  • (NJ) - Litigation support for private club in membership refund dispute

(FL) - Appraisal of multi-course resort for ad-valorem tax assessment appeal  •  •  610-397-1818


[ More News ]

Join NGCOA Mid-Atlantic - Great Membership Benefits!

Save the Date NOW for Golf Business Conference 2023

Summer Issue of Mid-Atlantic Golf Business Newsletter Joint with North Carolina GCOA - Click Here to Read!

Golf Property Analysts - Private Club Planning, Golf as it was meant to be, Is It Time to Sell?

A Consumer/Culture Based Approach to Private Club Planning

Transparency at Private Clubs

The Golf Pro Crisis & Its Impact on Clubs

Golf Property Analysts - Your Club's Tax Assessment

Hilda Allen - the source for golf course sales and advising owners

NGCOA Mid-Atlantic Annual Meeting Set for Nov. 2 at Independence GC in Richmond

Fairfax County Park Authority seeks Golf Course General Manager

Announcing Facility BMP Virtual Workshop and Prize Contest

Another Beautiful Listing by Hilda Allen Real Estate!

Just Listed by Hilda Allen - The Frog GC in Georgia, a Fazio Design

National Golf Day 2022 - Information and Registration

Mattaponi Springs Golf Club in Ruther Glen, VA Seeks General Manager

Larry's Interview on TurfNet Renovation report Podcast

Golf Leagues - A Lightspeed Guide to Growing Business

Register your course for Women's Golf Day - June 7th

Download the Pellucid Presentation at the Annual Meeting

Golf Property Analysts - Time to Sell?

New Listings and Recent Sales from Hilda Allen Real Estate

Hanover Golf Club sold to unidentified local buyer

Club Master Planning - A Market Based Approach

January Abstract OtR: '21 Sol Scorecard is 6 birdies, 2 pars!

Damon DeVito Named the 2021 Mid-Atlantic Golf Leader

Golf Course Acquisition Opportunity - Maryland - For Sale By Auction

Sep Weather, Aug Util; steady, solid results against strong "20 comps"

Employee Retention Tax Credit May Save You Thousands $

Glenwood Golf Course redevelopment gets planning commission approval

Google's New "Local" Ads Provide Big Advantages to Golf Courses

The Appraisal Journal - Valuation of Private Clubs for Tax Assessments

Morning Read and Sports Illustrated Announce Editorial Partnership

Partner News: Richard Mandell Architecture "Form and Function" Summer 2021

‚ÄčWomen's Golf Day 2021 Sets New Global Records

Is it Time to Review Your Golf Property Tax Assessment?


Join Our Email List