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Last Update :10/3/2017

GPA Chip Shots Newsletter

 

 

 

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After Harvey & Irma What's Next?

With many golf courses in Texas, Florida, Georgia and the Carolinas experiencing damage from the recent storms, now may be the time to consider re-positioning in the market while planning for repairs, renovation and re-opening.

One question that all clubs should be asking is how the market might change as a result of the storm.  While we certainly don't wish for closures, it stands to reason that some courses may decide not to re-open and consider re-purposing their properties for alternative use.  Some clubs may find that with a different market environment, their operating profile should change and an up to date market analysis would help.

 

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Pace of Play, Safety and Golfer IQ

Two items of particular interest to all clubs and golf courses are pace of play and player safety. Unimpeded pace of play makes for a more enjoyable experience for all golfers and player safety pretty much speaks for itself.  Nobody wants to get struck by errant shots.  Both also have an impact on the financial well-being of the club.

Last weekend, while visiting my son for a college football weekend, we went to play the public-access Penn State Blue Course.  Having played there numerous times during my time at Penn State, despite some changes, playing there is always nostalgic.  Jack and I were paired with another father-son tandem who were more than pleasant, relatively novice golfers.  Having played (like most of us) with golfers of all skill levels, what occurred to me more than anything was how limited many players’ “Golf I.Q.” can be.

 

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CLUB CULTURE

THE ECONOMIC IMPACT 

The culture of any club is critical to its success. Assume that you’re a member or in management of a private golf or country club. You’re probably a member in good standing, being up to date on all dues, fees and assessments.  Do you consider yourself an owner of that club, or just a customer? Think of your fellow members at this club: Do they act like customers or owners?

In consulting with private clubs all over the US for more than 30 years, and I’m convinced there are two kinds of clubs: those with owners and those with customers.  Though many clubs are member owned, even those members often act like customers. Let me give you an example: The golf course at private, residential club is now 30 years old and needs a major facelift — not just a redesign but better drainage, bunkers that actually drain after a rain event, a proper practice facility, and maybe a new banquet facility. If that club can’t gain majority approval for this renovation project, or it passes but the required assessment results in significant member exodus, that could be a club with too many customers and not enough owners.

 

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GOLF PROPERTY ACQUISITION OPPORTUNITY

PRICE REDUCED

 

 

 

E-Mail Larry

 
 
 
 

GPA PRACTICE TEE

Some of our current assignments include:

  • PA - Appraisal Private Club for possible acquisition
  • PA - Consultation with owner of Daily-Fee facility
  • FL - Consulting assignment for litigation support involving possible redevelopment of golf facility
  • NJ - Appraisal of Private Club for mortgage financing
  • NJ - Possible sale of private club facility
  • Multiple tax assessment valuations of private clubs and daily-fee courses
    GPA president Larry Hirsh recently moderated a panel at the Golf, Inc. conference 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

 


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