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February, 2018 - In this issue

PGA SHOW - 2018 

Just back from the PGA Merchandise Show in Orlando last week.  “The Show” as it’s referred to by most in the golf industry has certainly become much more than golf equipment and apparel.  While much fun for the golf fanatic in me, the show is also a time to conduct meetings with clients, network and meet new friends and find out what’s going on in the golf business.  All that I observe impacts the golf course business, the value of golf courses and how we advise and market properties for our clients.
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When Capital Improvements are Truly NEEDED
Among the challenges we encounter with golf property valuation is the determination of when various capital projects are necessary and impart a significant impact on value.

During the past few months, we’ve been asked to provide appraisal services on several properties with dated irrigation systems and other components like cart paths, bunker drainage and even greens.  The question always comes up about whether these systems require replacement or simply repairs, and when a buyer would presume that replacement were necessary, whether some repairs are necessary or whether the new buyer assumes he or she can “get by” with the equipment as-is. When the client is seeking a low value, like in a tax assessment appeal or if they’re buying, they suggest full replacement.  When they want a higher value, like when they’re selling or refinancing,they say the system is “functional” and has lots of years left.

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Over the years, I’ve observed the interesting dynamic of club cultures and their evolution.  When I was a young boy, my family belonged to the local “Jewish” club in a small/mid-sized market and I recall that in those days there was only one non-Jewish member.  As in many communities, most of the other clubs didn’t welcome Jews or other minorities and clubs typically took on a particular culture of their own.  While the exclusive nature of many clubs was something of a black mark on society and contributed to the elitist image of golf, it did serve to create a financial foundation for many clubs, as some members (like my grandfather) joined simply to support any institution in their particular community.
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