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WHY ARE WE PLAYING LESS GOLF?
For those of you who follow my blog, it’s no surprise that I’m trying to identify why golf participation is down and the number of golf facilities is shrinking. We’ve talked about the loss of about 1,000 golf courses nationwide, about the game’s culture and apparent inability to attract the “3 M’s” and about the traditionally given reasons (cost, time and difficulty) for golf’s decline in participation.
One thing that is puzzling to me is why so many people seemingly leave the game. Just last week, I had an exchange with an old friend which included inviting him to play a round. This particular individual was quite a player, having qualified multiple times for the US Amateur, once making match play and winning numerous local and college events. He responded by telling me that he was playing his second round of the year in a few days in a scramble outing and that he hadn’t played a round on his own ball in 5 years.
CONSIDERATIONS WHEN SELLING
Selling a golf course or club is a big decision. It’s one that should be made for the right reasons and hopefully not under duress. Prudent planning and sound operational decisions can ensure that when the time to sell comes, the club will be in the best position to command the highest price possible.
The golf property market seemingly becomes more complex and more simple, all at the same time.
On the complex side, most golf courses have some deferred maintenance, or at the very least, upgrades that have been put off for one reason or another. While recently doing an appraisal of a prominent club in the Mid-Atlantic region, we encountered the question of what items required attention to prepare for the marketing and sale of the club.
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 discover 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:
Some of our current assignments include:
- AZ - Appraisal of Private Club for bankruptcy/foreclosure
- NJ - Appraisal of semi-private golf facility for matrimonial dispiute
- MD - Evaluation of management proposals for municipal golf courses and advisory
- MO, IN & NH - Market value appraisals of five (5) ski resorts for mortgage financing.
- NY - Appraisal of private country club for tax ceriorari matter
- MD - Consulting assignment for municipality seeking management services
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
www.golfprop.com • 610-397-1818 • Larry@golfprop.com