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Miniature Golf Course Appraisals

Discussion in 'Commercial/Industrial Appraisals' started by Texas Transient, Nov 16, 2011.

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  1. Texas Transient

    Texas Transient New Member

    0
    Mar 17, 2007
    Professional Status:
    Certified General Appraiser
    State:
    North Carolina
    Could someone out there give me some tips on appraising a miniature golf course? I need reliable publications or advice from anyone experienced with this type of report. Thanks!
     
  2. Howard Klahr

    Howard Klahr Senior Member

    83
    Oct 4, 2004
    Professional Status:
    Certified General Appraiser
    State:
    Florida
    Here is a link to the Miniature Golf Association

    However, from a valuation standpoint it would be like most other special/single purpose properties. I'm sure there is a significant component of business value associated with the value of the going concern.

    What is the intended use of your report and what type of value are you looking to derive?
     
  3. NorthTexValuation

    NorthTexValuation Senior Member

    0
    Sep 17, 2011
    Professional Status:
    Certified Residential Appraiser
    State:
    Texas
    This is a special use property that should be appraised by someone that has experience with these types of properties. If you have never appraised a miniature golf course, you should pass.

    And BTW, there is a huge difference between the value of a "Putt-Putt" brand course as opposed to non-franchised course.
     
  4. CBBoston

    CBBoston Member

    1
    Jan 27, 2008
    Professional Status:
    General Public
    State:
    Massachusetts
    Other than BEV issues what are the differences?
     
  5. David Wimpelberg

    David Wimpelberg Moderator Staff Member Moderator

    53
    Mar 30, 2005
    Professional Status:
    Certified General Appraiser
    State:
    New York
    The first thing that comes to my mind with these properties is Highest and Best Use. In my market area, there are very few instances where such recreational uses are the highest and best use of the property. These types of recreational properties used to be more common (mini-golf courses, go-cart tracks, etc.). The only ones that are left are the ones that have remained in the family for decades.
     
  6. skx172

    skx172 New Member

    0
    Mar 5, 2008
    Professional Status:
    Appraiser Trainee
    State:
    New York
    NTV, i don't think the OP was asking if he should pass the assignment up he said he is working on it. By your logic no one should ever take on any new type of property, some people feel like they are smart enough to "figure it out" and USPAP does allow that, right?

    OP - One way of looking at it :icon_idea:

    maybe land value plus the depreciated cost of the miniature golf build out


     
  7. ETex2

    ETex2 Sophomore Member

    0
    Dec 10, 2004
    Professional Status:
    Certified General Appraiser
    State:
    Texas
    There is a difference? So if two courses were identical except one was putt-putt and one was a local mom and pop operation, the value of the real estate is different?
     
  8. fractal7221

    fractal7221 Member

    0
    May 26, 2011
    Professional Status:
    Banking/Mortgage Industry
    State:
    Pennsylvania
    Play on a putt-putt course and then play on a mom and pop and I'm sure you will be able to tell the difference. Also, Putt-Putt is a trademarked brand. If the mom and pop course was exactly the same there is potential for legal matters.
     
  9. ETex2

    ETex2 Sophomore Member

    0
    Dec 10, 2004
    Professional Status:
    Certified General Appraiser
    State:
    Texas
    I posed a hypothetical situation. If the mom and pop was similar in quality, age, etc., any difference in value would not be attributable to the real estate but to the business operation and putt-putt name. That's a separate value, not to be confused with the real estate.
     
  10. fractal7221

    fractal7221 Member

    0
    May 26, 2011
    Professional Status:
    Banking/Mortgage Industry
    State:
    Pennsylvania
    That's true from a hypothetical standpoint. Though anecdotally I have not seen a mom and pop course have the same quality and condition as an offical Putt-Putt course. Though that is not to say such a course does not exist.
     
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