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  #1  
Old 11-16-2011, 09:19 AM
Texas Transient Texas Transient is offline
 
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Default Miniature Golf Course Appraisals

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!
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Old 11-16-2011, 02:32 PM
Howard Klahr's Avatar
Howard Klahr Howard Klahr is offline
 
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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  
Old 11-16-2011, 02:53 PM
NorthTexValuation NorthTexValuation is offline
 
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Originally Posted by Texas Transient View Post
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!
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.
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Old 11-18-2011, 11:51 AM
CBBoston CBBoston is offline
 
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Other than BEV issues what are the differences?
  #5  
Old 11-29-2011, 06:33 AM
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David Wimpelberg David Wimpelberg is offline
 
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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  
Old 11-30-2011, 09:31 AM
skx172 skx172 is offline
 
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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

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


Quote:
Originally Posted by NorthTexValuation View Post
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.
  #7  
Old 11-30-2011, 05:54 PM
ETex2 ETex2 is offline
 
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Quote:
Originally Posted by NorthTexValuation View Post
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.
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  
Old 12-01-2011, 12:17 PM
fractal7221 fractal7221 is offline
 
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Originally Posted by ETex2 View Post
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?
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  
Old 12-02-2011, 02:35 PM
ETex2 ETex2 is offline
 
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Quote:
Originally Posted by fractal7221 View Post
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.
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  
Old 12-05-2011, 12:03 PM
fractal7221 fractal7221 is offline
 
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Quote:
Originally Posted by ETex2 View Post
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.
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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