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Golf course appraisal help

Discussion in 'Commercial/Industrial Appraisals' started by Brian Eubanks, Dec 6, 2011.

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  1. Brian Eubanks

    Brian Eubanks New Member

    0
    Jan 25, 2006
    Professional Status:
    Certified General Appraiser
    State:
    Louisiana
    I just started a new job with the state of Louisiana Tax Commission, and my first assignment has been to prepare for a "possible" appraisal of an high end golf course in North Louisiana. I am no golfer and have never done an appraisal on this kind of facility. I feel like I'm being feed to the wolves so and advice you can provide will be greatly appreciated.

    Some back ground....The course was built by a local multi-millionaire, ten years ago. It was built in hopes of attracting PGA tournaments ... but to date none have been held there. Residential development around the course is about 15-20%. It is located in an area of rural residential homes, pasture and timber land...no zoning...and its H&BU would likely be continued use as a golf course. The owner feels that he is the highest assessed course in the state, but he has not yet filed a grievance nor has he got his own appraisal...so this assignment is up in the air so to speak.

    From what I have gathered on AF, the income approach is difficult with no readily available income data and cap rates, there are no sales in Louisiana to speak of, and it would be hard to determine the different types of depreciation associated with this course.

    What kind of advice can anyone give me?
     
  2. CANative

    CANative Elite Member

    155
    Jun 18, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    I'm preparing three cases for golf course (for tax appeal purposes.) I've sent two of the three to the assessor's appraisers.

    PM me your email address and when I find get to see their methodology I might be able to share it with you.

    I used income and sales approaches and expressed value as a unit of comparison ($/hole.)
     
    Last edited: Dec 6, 2011
  3. ETex2

    ETex2 Sophomore Member

    0
    Dec 10, 2004
    Professional Status:
    Certified General Appraiser
    State:
    Texas
    As a certified appraiser who is still required to conform with USPAP, I would think that you would want to consider associating yourself with someone who has the experience to do this. Surely, you can find someone to assist you with this, right?
     
  4. CANative

    CANative Elite Member

    155
    Jun 18, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    In California you retire your state appraiser license and start using a designation specific to tax assessment. USPAP is not relevant.

    Louisiana Real Estate Appraisal Board:

     
    Last edited: Dec 6, 2011
  5. Caligirl

    Caligirl Senior Member

    0
    Jan 27, 2006
    Professional Status:
    Certified General Appraiser
    State:
    California
  6. Kali the Boston Terrier

    Kali the Boston Terrier Senior Member

    1
    Jul 7, 2003
    Professional Status:
    Certified General Appraiser
    State:
    Michigan
    Brian...PM me I have a friend who specializes in these things all over the world. He also happens to be in Houston not too far from you.
     
  7. Marion Rhodes

    Marion Rhodes Elite Member

    Top Poster Of the Month

    246
    Feb 26, 2006
    Professional Status:
    Certified General Appraiser
    State:
    Pennsylvania
    Most of our golf courses have been taken over by the township or county. This is a resort area where most of the major resorts took a dive over the past 10 years. But residential growth was tremendous and cleared land became a highest and best use issue. But, the townships did not want the courses plowed under so now the tax payers are supporting them.
     
  8. Tom Barclay

    Tom Barclay Senior Member

    0
    Apr 7, 2002
    Professional Status:
    Retired Appraiser
    State:
    Oregon
  9. Pittsburgh Pete

    Pittsburgh Pete Elite Member

    42
    May 6, 2008
    Professional Status:
    Certified General Appraiser
    State:
    Pennsylvania
    Golf courses are a pain. Just finished one a couple of weeks ago and continue to regret that I accepted the assignment. Income approach is problematic as it yields a going concern value including FF&E and goodwill. Sales data is usually so diverse (variety of building types, varying course quality, etc.) to make comparison difficult if not impossible. Ultimately, I just hope that I got close.
     
  10. PropertyEconomics

    PropertyEconomics Elite Member

    0
    Jun 19, 2007
    Professional Status:
    Certified General Appraiser
    State:
    New Mexico


    So its ok for someone to lack total competence and "appraise" something for taxation? SERIOUSLY???

    No matter the rules it borders on being totally unethical even when you say the ethics dont apply.
     
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