the drive`s featured article

Transcription

Golf Advisory Experts
www.sgagolfexperts.org
The Drive
T H E G O L F I N D U S T RY S O U R C E
NEWSLETTER
INSIDE THIS ISSUE:
SGA Members to
Speak at the 2013
Golf Industry Show /
NGCOA Conference
Featured Article:
Tom Bennison’s
Perspective,
Partner,
Fore Golf Partners
1
AN INDUSTRY PERSPECTIVE
AN INTERVIEW WITH EXPERT TOM BENNISON
FORE GOLF PARTNERS
1
The Industry Source:
2013 SGA Investor &
Lender Survey
1
The Investors’ Tour
3
The Lenders’ Tour
5
From The Back Tee:
SGA President
Terry Oetzel, SGA
7
The Leaderboard:
Member Profile
Members on
the Move (M&M )
THE DRIVE’S FEATURED ARTICLE
Recently, the SGA had the pleasure to speak with one of the golf industry’s most
prominent, experienced and knowledgeable experts and deal maker, Tom Bennison, a
Partner and Executive Vice President of Business Development with Fore Golf Partners (FGP), about his perspective on the industry. FGP added 27 courses to its portfolio of private clubs and daily fee golf courses during 2012 bringing the total to 41.
When asked about his outlook for the golf industry for the next few years, Tom believes that there will be
little change from 2012 without significant GDP or jobs growth. He notes that 2012 was fairly flat for many
course and club owners (when netted out for unusually favorable weather), dogged with an economy that
has struggled to fully recover; with continued high unemployment and weak job growth as well as an anemic GDP growth. He does not foresee much movement until these indicators improve and there is more
discretionary income available and increased golfer participation. Long term he’s very concerned about
declining golfer participation rates and the absence of enthusiasm for golf among those outside the baby
boomer generation. While encouraged by ongoing contraction of supply, Tom indicated it isn’t fast enough
and there needs to be more in the major metropolitan areas. Tom shared with the SGA that while the current state of affairs has made for challenging times, Fore Golf Partners and a few other owners are experi(Continued on page 6)
8
8
Industry Player: Meet 9
John Seeburger,
Partner,
Accord Golf Capital
The Transaction
Tee
910
Contact a Member
11
SGA 2013 Officers
12
The Suggestion Box
12
19th Hole Quote:
“The most important
shot in golf is the
next one.”
~ Ben Hogan
SGA 2013 Investor & Lender Survey
As part of the SGA’s commitment to the Golf Industry, the SGA would like to recap the findings of its
2013 Edition of The SGA’s Annual Investor & Lender Survey. The SGA
survey provides salient information relating to financing and investment criteria that are instrumental in the evaluation of investing and lending of proposed and existing golf courses, private clubs, resorts and golf & lifestyle
communities and assets. SGA survey contributors include owners, investors,
operators, life insurance companies, commercial banks, venture capital
groups, management firms, brokers, developers, appraisers, and consultants,
who are active in the golf industry.
(Continued on page 2)
SGA Experts
Speaking at the
2013 Golf Industry Show &
NGCOA Annual Conference
San Diego, CA
www.ngcoa.org/conference
www.golfappraisers.org
The SGA’s 2013 Financing & Investment Survey
(Continued from page 1)
THANK YOU!
to all of the
Participants
in the SGA
national survey that
include such notable
contributors as:
Affinity Golf Partners
Fore Golf Partners
Paradigm Golf
Clublink
US Bank
ClubCorp
Pacific Life
Marcus & Millichap
McConnell Golf, LLC
Wingfield Properties
Telischak & Company
Private Club Management
CB Richard Ellis - USA
Z. Gordon Davidson & Associates
Hilda W. Allen Real Estate
To contribute to the
SGA Survey contact:
Andy Hinds, SGA
[email protected]
Doug Main, SGA
[email protected]
Carl Schultz, Jr., SGA
[email protected]
Special thanks to
SGA Members Ron Carciere &
David Pope for their contribution
The SGA
“Mark of Excellence”
The SGA’s Investors’ Tour section of the
survey reveals that current or “going-in”
CapRates averaged 11.1%, reflecting a relatively flat trend since 2010. The SGA survey
reveals a typical “going-in” CapRate range
from 6% to 14.5%. The
results indicate that most
investors still focus returns
on recent historical financial
performance rather than just
a focus on “Proforma” or
potential performance,
which can affect the overall
cap rate selected (actual V
proforma). However, those clubs that are essential reposition opportunities vis-à-vis management and/or significant capital improvements, tend to focus on returns post reposition.
The 2013 SGA Survey reports the average
Net Income Multiplier (the inverse of the
CapRate) at 8.1, viewed comparable to the
2011 average of 7.9. This multiple is generally
applied to what is referred to as the “goingconcern” net income of the facility (typically
net of management fee and reserves, but can
vary on the specific transaction). However, it is
important to note that some investors and market participants defined net income or net earnings differently. In some cases net income may
simulate EBITDA (earnings before income tax,
depreciation and amortization) prior to a deduction for a management
fee and/or a capital
allowance / reserve.
Regardless of how net
earnings are defined
and calculated, the
take away is that any
analysis must ensure
the capitalization rate
or multiple selected is
properly associated with the earnings utilized.
The survey indicates an average terminal or
residual CapRate of 11.8%, 70 basis points
higher than the survey going-in rate. Compared
to 2011 survey results, the 2013 average terminal CapRate is generally similar.
As the golf industry continues to remain relatively unchanged and the overall economy continues to be a challenge (e.g. comparatively low
rates, nominal growth, relatively high unem-
THE
DRIVE
ployment, suboptimal employment growth, etc.), a
number of clubs struggle to improve operating margins to long-term norms. Accordingly, a number of
buyers and sellers give varying credence to the Gross
Income Multiple (GIM), the ratio of price or value to
a clubs gross income (actual or proforma). The
2013 SGA Survey indicates an average Gross Income Multiple (GIM) of
1.5x gross income. According to
interviews with industry participants,
it appears the GIM has added relevance for clubs experiencing persistent declining revenues and/or weak
or negative margins (e.g. GIM frequently is correlated with net margins). The market reveals a noteworthy dichotomy
regarding the GIM, where a number of net income /
cash flow based buyers tend to report GIMs generally in the 1 to 1.3 range for those clubs with nominal or negative net margins. The other end of the
spectrum seems to be covered by single owner /
business operators and/or partnerships, colloquially
referred to at times as “mom and pop” buyers / investors, small partnerships, etc. that tend to look
beyond a club’s weak or negative net earnings /
profit margin in their pricing algorithm, which helps
explain the variance in GIMs and the average.
From a discounted cash flow perspective, the 2013
SGA survey reveals an average discount rate (DR) of
14.6%, generally unchanged since 2010. The data
reveals DR range of 9.5% to 22.0%, which reflects
the varying types of clubs, operations, investor
thresholds, capital improvements, etc.
The 2013 SGA survey reveals projected annual income growth from
1.0% to 4.0%, averaging 2.3%, a slight
increase over recent trends. The 2013
SGA survey indicates annual expected
expense growth from 2.0% to 4.0%,
averaging 3.0%.
According to the Bureau of Labor Statistics (BLS) the CPI (All Urban Consumers) index was 1.8% (not seasonally unadjusted –
for the 12 month period Nov. 2011 to Nov. 2012),
which is lower than 2011 but similar to the 2010
index. The index for all items less food and energy
rose 1.9 percent over the same 12 month period
(Nov. 2011 to Nov. 2012). The food index rose 1.8
percent over the 12 month period (Nov. 2011 to Nov.
2012), and the energy index increased 0.3 percent.
According to the 2013 survey, operational indica(Continued on page 4)
PAGE
2
TheInvestment
Investor’s Tour
The
Tour
The Golf Advisory Experts
Salient Indicators
The following information provides data collected related to
2013
Survey Method:
Overall Capitalization Rate
1
Terminal / Residual Capitalization Rate2
Net Income Multiplier3
Gross Income Multiplier
Discount Rate
DCR & Band of Investment Method: 4
Overall Capitalization Rate
Discount Rate
Range
Average
Range
Average
Range
Average
Range
Average
Range
Average
7.0%
to
8.0%
to
2.0
to
0.5
to
9.5%
to
Range
9.2%
Average
Range
10.6%
Average
to
Range
Average
Range
Average
1.0%
to
2.0%
to
Range
Average
Range
Average
1.0%
to
2.0%
to
Range
Average
6 mos
to 18 mos
12.2
Range
Average
2.0%
to
to
14.0%
11.1%
15.0%
11.8%
15.0
8.0
3
1.5
22.0%
14.6%
n/a
11.5%
n/a
14.0%
Growth Indicators:
Income Growth Rate
Expense Growth Rate
4.0%
2.3%
4.0%
2.5%
Operational Indicators:
Management Fee as % of Gross Revenue
Capital Reserves as % of Gross Revenue
Transaction Indicators:
Marketing Period (Months)
Broker Sales Commission
1/
2/
3/
4/
Overall Capitalization reflects going-concern operations.
Terminal or going-out Capitalization rates also reflect going-concern operations.
Net Income Multiple (Price / Net Income) is the inverse of the Cap Rate.
Typical information (LTV, DCR, etc.) derived from a survey of lenders.
5.0%
3.6%
6.0%
3.0%
12.0%
3.5%
www.Golfappraisers.org
PAGE
3
The SGA’s 2013 Financing & Investment Survey
The Lenders’ Tour
“The SGA Speaks”
2013 Golf Industry
Show / NGCOA
Annual Conference
San Diego, CA
February 4-8, 2013
While the US economy remains
sluggish (moderate growth, slow
progress towards optimal employment and continued elevated
unemployment), the Federal Reserve continues to keep interest
rates at all-time lows. According
to the Federal Reserve, the current Federal Funds Rate (the
short-term interest rate that banks
charge each other for overnight
loans to meet these reserve balances) is zero or nominal, which
has kept commercial lending
rates comparatively low as well.
The SGA’s survey reveals that
the average interest rate on a golf
loan is 7.4%, effectively unchanged from 2012. According
to the Wall Street Journal (WSJ),
common indices like the Prime
Rate (3.5%) remain unchanged
from a year ago. The LIBOR
indicators (3 month, 6 month,
and 1 year) remain comparatively
low as well, showing a slight
decline from a year ago.
“...interest continues to
increase from various
sources regarding the
development of new
regional / national debt
sources.”
and averages 20.8 years.
According to the 2013 survey,
the average call period increased
again slightly to 6.7 years, up
from 6.5 in 2012. For the past
several surveys the average call
rate has increased marginally,
which may be a sign that lenders
are willing to sign up longer call
periods.
be a loan condition or covenant. The 2013 SGA Survey
reveals DCRs ranging from
1.2 to 2.1, and averaging 1.41,
which is an increase over
2012 at 1.34. The SGA Survey also revealed typical loan
points ranging from 1% to
2%, averaging 1.4%, effectively unchanged.
The debt coverage ratio
(DCR), also called debt service
coverage ratio (DSCR), is the
ratio of cash available for debt
servicing to interest and principal that can include or exclude
lease payments.
The DCR is
calculated by dividing the property's annual net operating income (NOI) by a property's annual debt service. This lender
benchmark is used to measure an
entity's ability to produce enough
cash to cover its debt payments.
The DCR in this context is expressed as a minimum ratio that
is acceptable to a lender; it may
While general lending
terms remain comparatively
favorable, the golf lending
industry continues to be in
limbo (lacking effectively all
the dedicated regional and
national industry lenders prerecession) and is highly fragmented. However, conversations and interest continues to
increase from various sources
regarding the development of
new regional / national debt
sources. Perhaps only time
will tell, if the economy and
conditions shift sufficiently to
a point that will induce the
development of substantive
industry dedicated, debt
sources. According to a
number of The Drive’s
readers, there appears to be
latent demand for such
capital sources. Stay tuned.
2.0% to 6.0%, averaging 3.0% of
gross income, slightly lower than
the 2012 average indicator of
3.3%.
Some other noteworthy transaction indicators reveal a marketing
period range of 6 to 18 months,
with a 12.2 month average, which
is a 2+ month decline when compared to the 2012 average of 14.5
months. It is uncertain if this
trend will continue; perhaps
indicating an improving market from a buyer / seller price
gap and transaction perspective.
The 2013 SGA survey
reveals a typical loan-tovalue (LTV) range of 50%
to 80%, averaging 63.0%,
generally comparable to
recent trends. Additionally,
the 2013 survey reveals the
typical amortization period
ranges from 15 to 25 years,
tors such as the average management fee and capital reserves or
allowance showed a modest decline. The 2013 survey results
reveal absolute management fees
ranging from 1.0% to 5.0%, and
averaging 3.6% of gross income.
The SGA 2013 reveals capital
reserves or allowances (excluding
equipment leases) ranging from
THE
DRIVE
The 2013 SGA survey indicates broker commissions averaged 3.5%, relatively unchanged from 2012 at 3.6
PAGE
4
The Lenders’ Tour
PAGE
XXXXX
Salient Indicators
LTV (Loan-to-Value)
2013
Range
50.0%
to
Average
Interest Rate
5
Range
80.0%
63%
5.0%
to
Average
10.0%
7.4%
Common Indices (January 11, 2013):
Prime Rate
3.25%
Libor 3 months
0.304
Libor 6 months
0.496
Libor 1 Year
0.821
Call Period (Years)
Range
2.0
to
Average
Amortization Period (Years)
Range
6.7
15
to
Average
DCR (Debt Coverage Ratio)
Range
Range
25
20.8
1.2
to
Average
Points
10.0
2.1
1.41
1.0%
Average
to
2.0%
1.4%
The adjacent chart shows the relationship
between the Federal Funds Target Rate
(FFTR), the U.S. Prime Rate, the 1-, 3-, 6and 12-Month LIBOR rate since
Dec. 1, 1999 to year end 2012 .
PAGE
www.Golfappraisers.org
5
AN INDUSTRY PERSPECTIVE: TOM BENNISON, FORE GOLF PARTNERS
“...that while the current
state of affairs has made
for challenging times, Fore
Golf Partners and a few
other owners are
experiencing revenue and
membership growth in well
located markets with
strong demographics
where appropriate amounts
of refurbishment capital
has been expended.”
~ Tom Bennison
Partner
Fore Golf Partners
“...employee base that
has a fresh, positive
outlook, and are eager to
serve the membership is a
win-win.”
~ Tom Bennison
Partner
Team
SGA
THE
DRIVE
encing revenue and membership growth in well
located markets with strong demographics where
appropriate amounts of refurbishment capital has
been expended. While the average age of golf
members is increasing, it’s refreshing to see some
pent up demand for membership in clubs priced
right and made relevant with refurbishment capital.
Tom discussed the value of recognizing repositioning opportunities. He said “Fore Golf Partners
prefers to own and self-manage a club, to control
quality and margins.” While FGP won’t shy away
from major renovations (one was undertaken in
2012), they often recognize that some clubs only
need a little TLC to generate enthusiasm, greater
participation and increased earnings.
Many
straightforward cosmetic improvements can make
a world of difference. As an example, Tom mentioned one club where they replaced old compacted dark sand with brilliant white light sand and
made significant improvements to the golf practice
facility both, a marked improvement in playability,
function and aesthetics which was well received by
existing and prospective members.
Tom went on to share that a successful club is
frequently the result of passionate, enthusiastic,
well groomed, articulate employees.” He cites
how frequently “underwhelmed” he has been upon
entering a club and seeing employees that lack
proper training, pride in their position and have a
poor work ethic. While it is difficult to find a
“silver lining” given the state of the economy and
obstinate high employment, one benefit is access
to a comparatively larger, well-educated and
highly-motivated labor pool without breaking the
bank. A promising potential employee base that
has a fresh, positive outlook, eager to serve the
membership is a “win-win.” It is a no brainer that
employees can make or break the reputation of a
service business. It is crucial to get personnel that
project the club’s fresh image.
When asked about how FGP looks at potential
deals, Tom recommends close scrutiny of the market including demographics and competition, the
membership documents, member refund obligations and practices, availability and cost of irrigation water and deferred maintenance. Many of the
old full service clubs with extensive food and bev-
erage operations, fitness facilities, tennis courts
and pools come with significant occupancy costs
and large staffs, look tired and can be a drag on
earnings before income taxes depreciation and
amortization (EBITDA). This is an area in which a
club can see tangible opportunities that can change
the image of the club, enhance membership pride,
and increase the “bottom line.” By adding the latest equipment, keeping up with the current trends
in fitness, and perhaps a physical expansion where
needed in the club, the club keeps up with the current mind-set that focuses on living a healthy lifestyle.
The SGA also asked Tom to give some insight
into what Fore Golf Partners are currently aspiring
to achieve in terms of rates of return. His response
was a minimum unleveraged 20% IRR, which he
believes is consistent with that of other economic
buyers that they know.
Tom said that while he and his partners have
reviewed 200 deals (anything from a five minute
discussion to on site due diligence) the past 2
years, only 20% have met the company’s minimum revenue threshold requirement of $3.3M for
private clubs and $2.2M for daily fee golf courses.
For FGP, it just doesn’t make sense to invest the
time, effort, energy evaluating clubs and courses
with less revenue because the EBITDA, even in a
well managed property cannot be justified. During
the interview, Tom shared his observations on
Gross Income Multiples (GIMs), ratio of a price to
a club’s gross income. Based on recent sales of
deals he’s personally evaluated and which were
purchased by others, he indicated private clubs
seem to be trading at GIMs in the range of 0.5 to
1.3x. During the discussion Tom acknowledged
that GIMs and cap rates vary from buyer to buyer,
based upon a host of issues, which reveals why
GIMs occur at or above the average of 1.5x reported by the 2013 SGA Survey.
As we wind down this insightful interview, the
SGA wants to thank Tom Bennison for taking
time from his busy schedule to share valuable insight into the industry, trends, and FGP. For information about FGP, please reach out to Tom at
214.520.1039
or
email
him
at
[email protected].
PAGE
6
z
From The Back Tees: SGA President Terry Oetzel
“SGA members are
among the most
knowledgeable,
qualified and trusted
golf advisors...”
~
Terry Oetzel
The Drive is published by the SGA (Society
of Golf Appraisers), which is a non-profit organization formed twenty-one years ago dedicated to
the continued development, education and trusted
source of timely information on trends that will
impact golf & resort businesses. SGA membership has grown significantly from its humble beginnings, with its active membership located
throughout the United States. The SGA grants the
SGA designation to qualified golf experts by invitation only. Any candidate must be sponsored by
an existing SGA member and meet high
professional standards and various requirements (e.g. complete an candidate application, hold an active MAI designation by
the Appraisal Institute, complete at least
15 golf course appraisals and/or consulting
assignments in the past four years, complete an interview process by an existing
member, a peer review of work samples
and any other requirements that are listed
at www.golfappraisers.org.
Additionally, the SGA publishes the
industry’s most recognized source of information about current and historical
trends and indicators regarding golf club
investment (e.g. rates of return, management fees,
capital reserves, etc.) and lending criteria (e.g.
interest rates, terms, points, etc.). SGA continually examines the various trends and developments
in the golf industry allowing members to be perhaps some of the best-informed in the business of
golf. Our members participate in compiling empirical industry and club data including income
and expenses, golf, country club and resort sales,
and other industry information to allow members
unique insight into the business of golf.
“The SGA is a proud
supporting partner of the
2013 Golf Industry Show
in San Diego.”
~
Terry Oetzel
The SGA
“Mark of Excellence”
THE
DRIVE
The SGA is a proud supporting partner of the 2013
Golf Industry Show & NGCOA Annual Conference, San Diego (February 4th to 8th), SGA will
be an active supporting partner of the Golf Industry Show. The SGA and its membership will offer
seminars and other activities during the Show. We
hope you can participate and please stop by the
SGA Booth (#3947) and talk directly with SGA
experts.
Our members are available for counseling and
valuation services for golf courses, county clubs
and golf & lifestyle resorts. SGA members provide a variety of services relating to M&A, disposition, turn around, club and membership operation evaluations, tax appeals, reporting purposes,
transfers for family members, litigation support,
as well as many other advisory / valuation services for the golf, lifestyle and golf resorts industries. SGA members can be conveniently contacted
through
our
website
at
www.golfappraisers.org.
Our members are also available for speaking engagements. Many of our members are instructors
for various organizations. SGA members are
among the most knowledgeable, qualified and
2013 Golf IdustryIndustry Show
Come See SGA Experts Speak
trusted golf advisors and valuators the industry
offers. We encourage you to take advantage of
the many resources that the SGA offers. Please
consider contacting an SGA member for your
consulting and appraisal needs.
Go to www.appraiser.org, and sign up today to
receive The Drive, industry updates, and access to
leading industry experts in your market(s) and
publications (e.g. SGA Investor & Lender Golf
Industry Survey).
THANK YOU!
“The SGA Members
are grateful to
Frank Keenan, SGA
for hosting the
SGA Semiahmoo,
WA Meeting &
Education Program.”
PAGE
7
“Accord Golf Capital s executive
team: John Seeburger,
Rick Nekoroski, Paul Mauk and
Chris Crovatto are golf
industry notables.”
Next On the Tee:
John Seeburger, Partner - Accord Golf Capital
John Seeburger, along with industry notables: Rick Nekoroski, Chris Crovatto,
and Paul Mauk recently announced the formation of Accord Golf Capital. Accord Golf Capital has entered into a joint venture with a New York based institutional capital partner to create a comprehensive golf capital platform that will
invest in golf course properties, acquire golf debt and provide debt and equity
capital to existing owner/operators throughout the United States.
The Accord Golf Capital management team brings 80+ years of combined golf
and real estate industry experience and relationships. Collectively, the group has
sourced and reviewed over 2,500 golf opportunities in all 50 states from a proprietary network and
closed on over 200 golf transactions in 35 states totaling $2 billion+ in volume.
“Over the course of his career,
John Seeburger has made debt
and equity investments totaling
over $1 billion in the
United States.”
Prior to partnering with Accord Golf Capital, John played an integral role in launching specialty
real estate lending platforms at three financial institutions – Heller Financial, GE Real Estate and
GMAC Commercial Mortgage (later renamed Capmark). Over the course of John’s career, he has
made debt and equity investments totaling over $1 billion in the United States.
John’s diverse experience in debt and equity investing includes origination, deal structuring,
credit/underwriting, asset management, servicing, private equity fundraising, participating and mezzanine debt, senior first mortgage financing, tax-exempt bond financing, commercial mortgage back securities (CMBS), tenants in common (TIC), and collateralized debt obligations (CDO). He has been a
frequent speaker at real estate and golf industry events and conferences. To learn more about
Accord Golf Capital contact John Seeburger, at 949.682.5650 or email him
at [email protected].
For more information on Accord Golf Capital contact:
John Seeburger
949.682.5650
[email protected]
Accord Golf Capital recently
acquired Ford’s Colony Country
Club (www.fordscolonycc.com), a
As part of our commitment to the golf industry, The SGA members track golf industry informa54-hole semi-private golf property
tion, including transaction activity. While sales activity in 2012 has remained comparatively steady,
in Williamsburg, Virginia
the make up of deals still includes a number of transactions that involve auctions, REOs, and distressed assets (e.g. Club at Cordillera, Country Club of Whispering Pines, Foxfire Golf Resort , etc.).
The Transaction Tee
The following table presents some information about various transactions during 2012, which
includes two large acquisitions involving lifestyle golf communities and resorts like Reynolds Plantation (e.g., 251-room, Ritz Carlton Lodge, six championship golf courses, four full service marinas,
5,000-acres of undeveloped golf and waterfront property and 250 single family home lots) and the
world famous Doral Resort & Country Club (e.g., 700 hotel rooms, four golf courses, 86,000 square
feet of meeting space, ballroom, a 50,000‐square‐foot spa with 33 treatment rooms, etc.). The SGA
would like to caution readers that the statistical data presented is informational only, and is not intended to be all-inclusive.
THE
DRIVE
PAGE
8
Transaction Tee - Sample 2012 Sales Activity
Facility
City / Area
The Club at Cordillera (2-Reg 18-hole, 1-Short 18-Hole)
Tree Links Golf Course
The Jackal Golf Course & Mt Brighton Ski Resort
Tiger Point Golf and Country Club
Meadow Creek Golf Course
Serenoa Golf Club
Bermuda Run Country Club
Beachview Golf & Tennis Club
Palencia Club
Country Club of Whispering PinesFoxfire Resort & Golf Club
Tanglewood National Club
Radisson Green Golf Course
Martin Downs Country Club
Seagate Country Club(aka Hamlet Country Club)
Venetian Bay Golf Course
Bougainvillia
Eagle Ridge Country Club
Virginia National Golf Club
Stonecrest Golf Club
Binks Forest Golf Course
Oak Ridge
Falcon Ridge Golf Course
Hunters Point Golf Club
Reynolds Plantation *
Scottish Meadow Golf Club
Baneberry Golf Course
Magnolia Point Golf & Country Club
Potholes Golf Resort 9 -holes
The Easton Club
Carnation Golf Course
Locust Hills Golf Course
Golf Club at Amelia Island
Bella Collina Golf Club
Bent Tree Golf Club
Royal American
Willow Creek Golf Course
Silver Lake Golf Resort & Spa
Doral Golf Resort & Spa **
Whispering Pines Golf Course
Blue Heron Pines Golf Club
Sky Valley Golf Course
Pine Valley Golf Resort
Cypress Lakes Golf Club
Olympia Country & Golf Club
Hidden Valley Golf Club
Broad Run Golf Club
Stonewall Golf Club
Blue Ridge Shadows Golf Club
Blue Ridge Country Club
Siasconset Golf Course
Oakbrook Golf & Country Club
Western Skies Golf Club
Carrington Golf Club
Hartfeld National Golf Club
Shaker Hills Golf Club
The Point Lake & Golf Club
Whitney Oaks Golf Course
Tahoe City Golf Course
Green Garden Country Club
Makaha East Golf Club
West Hills Country Club
Crestview Country Club
Mountain Springs Golf Course
Paradise Preserve
Orange County National
Hickory Ridge Country Club
Bull Valley Golf Club
Ocean Dunes Golf Links
The Golf Club at South Hampton
The Ridge Club
Hawthorne Country Club
Hampden Country Club
Southern Hills Plantation
Boston Golf Club
Northville Hills Golf Club
Chestnut Ridge Country Club
River Towne Country Club
The Preserve at Spruce Creek
Heritage
Oak Lane Country Club
Village Green Golf Course
Edwards
Bellefontaine
Brighton
Gulf Breeze
Dracut
Sarasota
Advance
Sanibel
Saint Augustine
Whispering Pines / Foxfire Village
Chagrin Falls
Baldwinsville
Palm City
Delray Beach
New Smyrna Beach
Laveen
Summerfield
Bluemont
Summerfield
Wellington
Garland
Mesquite
Lebanon
Greensboro
Warrant
Baneberry
Green Cove Springs
Othello
Easton
Carnation
Lebanon
Fernandina Beach
Montverde
Columbus
Columbus
Greer
Buffalo
Miami
Annandale
Atlantic City
Sky Valley
Louisville
Houston
Olympia
Raleigh
Philadelphia
Washington DC Region
Washington DC Region
Philadelphia
Nantucket
Seattle Region
Phoenix
Detroit Metro
Philadelphia
Boston
Charlotte
Sacramento
Lake Tahoe
Chicago
Hawaii
Camillus
Hartford
Little Rock
Fort Myers
Orlando
Boston
Chicago
Portland
Jacksonville
Cape Code
Lima
Hartford
Tampa
Boston
Detroit Metro
Baltimore
Charleston
Ocala
Nashville
Westchester
Sarasota
State
CO
OH
MI
FL
MA
FL
NC
FL
FL
NC
OH
NY
FL
FL
FL
AZ
FL
VA
FL
FL
TX
NV
TN
GA
MA
TN
FL
WA
MD
WA
IL
FL
FL
OH
OH
SC
NY
FL
MN
NJ
GA
KY
TX
WA
NC
PA
VA
VA
PA
MA
WA
AZ
MI
PA
MA
NC
CA
CA
IL
HI
NY
MA
AR
FL
FL
MA
IL
OR
FL
MA
OH
MA
FL
MA
MI
MD
SC
FL
TN
CT
FL
Date
Dec-12
Dec-12
Dec-12
Dec-12
Dec-12
Dec-12
Dec-12
Nov-12
Oct-12
Nov-12
Oct-12
Oct-12
Oct-12
Oct-12
Oct-12
Oct-12
Sep-12
Sep-12
Sep-12
Sep-12
Sep-12
Aug-12
Aug-12
Aug-12
Aug-12
Aug-12
Jul-12
Jul-12
Jul-12
Jul-12
Jul-12
Jul-12
Jun-12
Jun-12
Jun-12
Jun-12
Jun-12
Jun-12
Jun-12
Jun-12
May-12
May-12
May-12
May-12
May-12
May-12
May-12
May-12
May-12
Apr-12
Apr-12
Apr-12
Apr-12
Apr-12
Apr-12
Apr-12
Apr-12
Apr-12
Mar-12
Mar-12
Mar-12
Mar-12
Mar-12
Mar-12
Mar-12
Mar-12
Feb-12
Feb-12
Feb-12
Feb-12
Feb-12
Feb-12
Feb-12
Jan-12
Jan-12
Jan-12
Jan-12
Jan-12
Jan-12
Jan-12
Jan-12
Low
High
Median
Mean
$ Price
No. of Holes
$ per Hole
14,200,000
940,000
20,000,000
2,780,500
4,700,000
2,000,000
3,650,000
6,657,000
2,600,000
3,400,000
850,000
1,600,000
3,161,800
11,289,220
5,500,000
800,000
3,000,000
1,000,000
950,000
3,000,000
675,000
2,800,000
2,050,000
160,000,000
1,600,000
1,975,000
1,900,000
540,000
492,000
580,000
1,400,000
4,900,000
6,250,000
2,000,000
1,000,000
2,200,000
1,260,000
150,000,000
558,400
2,750,000
900,000
1,200,000
2,435,000
2,250,280
1,016,000
1,850,000
4,500,000
2,500,000
1,650,000
8,700,000
2,335,000
3,380,000
1,275,000
3,750,000
3,400,000
3,000,000
3,950,000
4,530,000
5,900,000
5,559,900
1,425,000
1,700,000
3,500,000
3,000,000
7,000,000
1,050,000
1,525,000
5,000,000
2,194,100
3,000,000
1,414,000
1,400,000
2,200,000
6,525,000
3,650,000
5,300,000
2,600,000
1,325,000
2,800,000
1,450,000
1,800,000
54
18
18
36
18
18
18
18
18
72
18
18
18
18
18
18
18
18
18
18
18
18
18
108
18
18
27
9
18
18
18
18
18
18
18
18
18
90
18
18
18
18
18
18
18
18
18
18
18
9
18
18
18
18
18
18
18
9
45
18
18
18
18
18
45
18
18
18
18
18
27
18
18
18
18
18
18
18
36
18
18
262,963
52,222
Golf & Ski Resort
77,236
261,111
111,111
202,778
369,833
144,444
47,222
47,222
88,889
175,656
627,179
305,556
44,444
166,667
55,556
52,778
166,667
37,500
155,556
113,889
1,481,481
88,889
109,722
70,370
60,000
27,333
32,222
77,778
272,222
347,222
111,111
55,556
122,222
70,000
1,666,667
31,022
152,778
50,000
66,667
135,278
125,016
56,444
102,778
250,000
138,889
91,667
966,667
129,722
187,778
70,833
208,333
188,889
166,667
219,444
503,333
131,111
308,883
79,167
94,444
194,444
166,667
155,556
58,333
84,722
277,778
121,894
166,667
52,370
77,778
122,222
362,500
202,778
294,444
144,444
73,611
77,778
80,556
100,000
$558,400
$150,000,000
$2,435,000
$5,910,577
9
90
18
20.8
$27,333
$1,666,667
$122,222
$192,870
* Reynolds Plantation consis ts of the 251-room, Ritz Carlton Lodge, six champions hip golf cours es, four full service marinas, 5,000-acres of undeveloped golf and waterfront property and 250 single family
home lots.
** 800‐acre Doral Country Club includes 700 hotel rooms across 10 lodges; four golf cours es; more than 86,000 square feet of meeting space, including a 25,000‐s quare‐foot Ballroom; a 50,000‐square‐foot
s pa with 33 treatment rooms; six food and beverage outlets; extensive retail; and a private members’ clubhouse.
THE
DRIVE
The SGA
PAGE
9
The Leaderboard: Contact an SGA Member
Member Name
Company Name
City / State
Laurence A. Hirsh
Golf Property Analysts
Conshohocken, PA 800 775-2669 [email protected]
Sam Hines (Retired) Shines Realty Advisors LLC
Carl Schultz, Jr.
Integra Realty Resource
Alan Pursley
ASI Golf
Winter Park, FL
Atlanta, GA
Phone
E-Mail
407 701-4020 [email protected]
Fort Worth, TX
Ronnie L. Galloway Galloway Golf Appraisers
Louisville, KY
Andy Hinds
Hotel & Club Associates
Greensboro, NC
Marty Benson
Benson Realty Advisors
Corte Madera, CA 415 927-7442 [email protected]
David J. Yerke
David J. Yerke, Inc.
Gardnerville, NV
Jeffery Dugas
Wellspeak Dugas & Kane
Cheshire, CT
Stephen R. Hughes Hughes & Company, Inc.
Leawood, KS
Gerald A. Teel
Houston, TX
Denton, TX
Gerald A. Teel Co., Inc.
Stephen F. Fanning Fanning & Associates
Richard Marlow
Real Estate Consultant
James ‘Sam’ Powers U.S. Realty Consultants, Inc.
Wilkesboro, NC
Columbus, OH
Frank J. Keenan
GVA Kidder Mathews
Des Moines, WA 206-601-3661 [email protected]
Ralph J. Brekan
Brekan-Nava Group
Tempe, AZ
Kenneth Hopper
Real Property Analysts
Fresno, CA
Scott Stephens
HREC Investment Advisors
Tampa, FL
Terrell R. Oetzel
Terrell R. Oetzel, Inc
East Lansing, MI
Doug Main
Deloitte
Atlanta, GA
John E. Evans
GE Capital Real Estate
Columbus, OH
James E. Agner
CB Richard Ells
Ron Carciere
Golf Market Advisors
James T. Hartman
The Oetzel-Hartman Group
East Lansing, MI 517 336-0001 [email protected]
David G. Pope
Hotel & Club Associates
Greensboro, NC 336 379-1400 [email protected]
Miami, FL
Auburn, CA
The SGA
Leaders in Advisory Services.
~ www.golfappraisers.org ~
THE
DRIVE
PAGE
10
The Leaderboard: Larry Hirsh
Member Player Profile - Larry Hirsh, SGA
“Larry , a broker and qualiIn this section of “The Leaderboard,” the SGA has the privilege of profiling
fied expert witness, has
Larry Hirsh, a prominent SGA member, one of the founding members and prior
more than 33 years
President. Larry has over thirty-three years of real estate appraisal, consulting
of experience”
and brokerage experience throughout the United States, Caribbean, and Canada.
Larry is founder and president of Golf Property Analysts (GPA), an independent consulting firm established in
1988 that works with lenders, golf course owners and developers, and other golf industry professionals.
In addition to the prestigious SGA designation, Larry also holds professional designations with the Counselors of Real Estate
(CRE) and the Appraisal Institute (MAI) as well as a Fellow of the Royal Institute of Chartered Surveyors (FRICS)). He is also a
member of the Urban Land Institute (ULI), National Golf Foundation (NGF), USGA Green Section, National Golf Course Owners
Association (NGCOA), Donald Ross Society, and the Golf Course Superintendents Association (GCSAA). Mr. Hirsh has distinguished himself and his firm as a leading provider of high quality consulting and appraisal services to the golf course indus try. Larry
received a Bachelor of Arts in Real Estate/Liberal Arts from Pennsylvania State University, and has served as past president of the
Central Pennsylvania Chapter of the Appraisal Institute.
Over Larry’s illustrious career, he has been involved in the development, appraisal, consulting and brokerage of golf course properties across the United States, Caribbean, and Canada. Among his many professional accomplishments, Larry holds real estate brokerage licenses in Pennsylvania, Maryland, New York, Delaware, Virginia and Florida and is responsible for the sale of over $ 100 million in golf property sale transactions. He has general certification appraisal
licenses in 11 states. Larry has lectured at seminars and universities and has
frequently served as an expert witness or litigation support consultant in golf
property related matters. He is also a widely published author on the topic of
golf property valuation and economic matters in both professional and industry
Larry Hirsh, SGA
Founder & President
publications. Larry, a lifelong golfer who maintains a single-digit handicap, has
Golf Property Analysts
competed in many local, state and regional championships. Larry is also a Golf10 East 6th Avenue, Suite 300
week Magazine Course Rating Panelist. Larry is also a licensed commercial
Conshohocken, PA 19428
pilot and certified flight instructor.
For more information visit
Tel: 610.397.1818 Fax: 484.344.5186
www.golfprop.com, email Larry at [email protected] call him at
Toll Free 800.775.2669
610.397.1818 or 800.775.2669.
www.golfprop.com / [email protected]
Members-Players On The Move
In this section The SGA highlights member news, events, speaking engagements, publications, etc.
à
The SGA Speaks - 2013 NGCOA Annual Conference, San Diego, CA, February 4-8, 2013, “Know the Score: Deals,
Lending and Tax Savings,” Larry Hirsh, SGA, Terry Oetzel, SGA, Ron Carciere, SGA & Doug Main, SGA.
à Steve Fanning, SGA - Speaker at the Texas Association of Appraisal District’s 32nd Annual Conference, Dallas, TX,
February 24-27, 2013, Appraisal of Golf Courses”
à Ron Carciere, SGA - Speaker at the International Association of Assessing Officers (IAAO), Los Angeles, CA, April 17,
2013. The topic will be on Appraising Golf Courses for Tax Purposes.
à Terry Oetzel, SGA and Larry Hirsh, SGA - Speakers at Golf Industry Show, San Diego, CA, February 7, 2013. “When You
Should Consider Appealing Your Real Estate Tax Assessment.”
à David Pope, SGA - Speaker at the Clubsoft sponsored private country club managers event, “Property Taxes.”
à Stephen Hughes, SGA - Speaker at the 2012 North Central Regional Association of Assessing Officers (NCRAAO) conference “Golf Course Valuation-Market Rent Method of Income Approach.”
à Doug Main, SGA - Speaker at the Appraisal Institute Southern California Chapter’s Special Purpose Properties Seminar,
“Trends in Golf & Country Clubs.”
à David Pope, SGA - Speaker at RMA, The Appraisal Institute, “Real Estate Market Conditions.”
THE
DRIVE
PAGE
11
The Drive
THE GOLF INDUSTRY SOURCE
The SGA
Leaderboard
2013 President: Terry Oetzel, SGA
Past President: Ralph Brekan, SGA
Vice President: Richard Marlow, SGA
For more information about SGA Members, Publications,
Speaker Bureau, Investor & Lender Survey
and other information,
visit our web site.
www.golfappraisers.org.
Treasurer: Jim Agner, SGA
Secretary: Doug Main, SGA
Member
Liaison:
Richard Marlow, SGA
Branding &
Marketing: Marty Benson, SGA
Ron Carciere, SGA
Jeff Dugas, SGA
David Yerke, SGA
See you at the
2013 Golf Industry Show /
Education: Steve Fanning, SGA
SGA Benchmark:
David Pope, SGA
Andy Hinds, SGA
SGA Survey:
Andy Hinds, SGA
Doug Main, SGA
Carl Schultz, SGA
Newsletter/Web Site: Doug Main, SGA
The Golfers Suggestion Box
We welcome your input & contributions
to future editions of The Drive.
Contact us at [email protected].
www.golfappraisers.org
SGA The Golf Advisory Experts
19th Hole Quote:
“I went to play golf and tried to
shoot my age, but I shot my
weight instead.”
~ Bob Hope
PAGE
12

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