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Last Update :6/14/2017

Golf Property Analysts - June Newsletter

 
 
 
 
 

FATHER'S DAY & THE US OPEN - GOLF'S GREATEST WEEK

What’s your favorite time to play golf?  Some like the temperate fall days when the course isn’t crowded. Others play only between Memorial Day and Labor Day, or starting right after the conclusion of April’s Masters Tournament.  Others play sporadically, and maybe only when on vacation.

Throughout this week, we read, watch and listen about all the relevant US Open news and learn about the unique Erin Hills layout, the first time the Open has been played in Wisconsin, Phil Mickelson choosing to attend his daughter’s graduation and more.  I probably spend more time watching golf on television this week than any other and certainly all the negative news from around the world can take a break.  It’s a great week to become immersed in this great game, both watching the Open and playing in what is typically some of the best weather and best conditions in many parts of the country.

One of the great things about Open Week is that it culminates on Father’s Day.  Like most dads, Father’s Day is special to me.  Playing golf with my two sons is always near the top of my “to do” list.  Not only do we typically participate in a father-son event at our club on Father’s Day (and several more throughout the year), but when she’s home, my daughter Ali (a non-golfer) sometimes agrees to some Daddy-Daughter golf :).

 

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HOSTING A MAJOR GOLF EVENT

IS IT WORTH IT?

Recently, Adam Schupak penned a most informative piece for Links Magazine  on the cost of hosting a USGA event.  What occurred to me was the question of whether it’s a good investment or not.  Does the notoriety gained by hosting a USGA, PGA Tour (including Web.com and Champions) and LPGA events provide a return on the investment to the host club?

Of course, this can be measured in many different ways.  To the for-profit club or resort, if hosting an event can be converted into higher fees or additional members or play, the hosting might be worth the investment.  If the club is a non-profit, the considerations focus more on club reputation and prestige and doing their part for the good of the game.  Some not-for-profit clubs seek to host events for the notoriety and potential shot in the arm to membership development.  What is the cost?

 

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TIMING IS EVERYTHING

One of the functions Golf Property Analysts typically provides clients is a review of their tax assessment and sometimes appraisals to support appeals of same.  Recently, on three (3) separate occasions, we were contacted by clients seeking to contest their assessments only to learn later that it was past the filing deadline and they’d have to wait for another year.  This is a costly mistake!

Each jurisdiction has its own deadlines and procedures for filing assessment appeals.  The information and necessary forms are usually readily accessible online.  At GPA, we advocate identifying that deadline and preparing to review your assessment annually.  Assessments do change and it’s the property owner’s burden to not only stay on top of managing the assessment but proving that the existing assessment is inaccurate.

Some of the more pertinent questions that require consideration include

 

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PRACTICE TEE

Some current assignments include:

  • NY - Appraisals (2) for private clubs for tax certiorari matters
  • NY - Appraisal of Private Club for tax certiorari matter
  • PA - Private club appraisal for bank financing
  • PA - Appraisal of Daily-Fee golf course and airstrip for tax assessment appeal
  • NJ - Appraisal of semi-private golf facility for matrimonial dispiute
  • VA - Appraisal of Private Club for bank financing
    GPA president Larry Hirsh will be moderating a panel at the upcoming Golf, Inc. conference September 25-27 at Lake Oconee, GA, entitled "Your Golf Facility's Future - Repurposing and Repositioning"

To order our recently published, award winning book, Golf Property Analysis and Valuation - A Modern Approach, click on the graphic above.

 


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