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  #1  
Old 12-06-2011, 10:16 AM
Brian Eubanks Brian Eubanks is offline
 
Join Date: Jan 2006
Location: Monroe, La.
State: Louisiana
Professional Status: Certified General Appraiser
Posts: 1
Default Golf course appraisal help

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?
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  #2  
Old 12-06-2011, 10:30 AM
CANative's Avatar
CANative CANative is offline
 
Join Date: Jun 2003
Location: Hopland, CA
State: California
Professional Status: Certified Residential Appraiser
Posts: 46,059
Default

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.)
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Last edited by CANative : 12-06-2011 at 11:01 AM.
  #3  
Old 12-06-2011, 11:26 AM
ETex2 ETex2 is offline
 
Join Date: Dec 2004
Location: Texas (Dallas area)
State: Texas
Professional Status: Certified General Appraiser
Posts: 191
Default

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  
Old 12-06-2011, 11:41 AM
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CANative CANative is offline
 
Join Date: Jun 2003
Location: Hopland, CA
State: California
Professional Status: Certified Residential Appraiser
Posts: 46,059
Default

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:

Quote:
H. The provisions of this Chapter shall not apply to the following:

(1) A person, partnership, association, or corporation that performs appraisals of property owned by that person, partnership, association, or corporation.

(2) A court-appointed individual who conducts an appraisal pursuant to a judicially ordered evaluation of the specific real property under litigation.

(3) A director, officer, or salaried employee of commercial banks, savings banks, credit unions, and savings and loan associations, when engaged in appraisal or evaluation activities for and on behalf of such financial institutions, unless there is a fee charged for the appraisal or evaluation, provided that a federal statute, rule, or regulation does not require such appraisal or evaluation activities to be performed by a state licensed real estate appraiser.

(4) State, parish, or municipal public officers or their salaried employees while performing their duties as such, except when the intended use of the appraisal is for acquisition of real property.

(5) A person appointed by a sheriff to make an appraisal in accordance with R.S. 13:4364 or 4365.

(6) A person or firm contracted by a state, parish, or municipal tax authority to perform mass appraisal assignments.

(7) Employees of the Department of Transportation and Development; however, the provisions of this Chapter shall apply to such employees after June 30, 2010.

(8) A certified public accountant when engaged by a client to perform a business valuation under both of the following conditions:
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Last edited by CANative : 12-06-2011 at 11:49 AM.
  #5  
Old 12-06-2011, 12:36 PM
Caligirl's Avatar
Caligirl Caligirl is offline
 
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Location: West Coast
State: California
Professional Status: Certified General Appraiser
Posts: 4,416
Default You'll need this book.

Here's the gold standard:

http://www.amazon.com/exec/obidos/IS...rmaonbasicskA/
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  #6  
Old 12-06-2011, 01:56 PM
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Kali the Boston Terrier Kali the Boston Terrier is offline
 
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Location: Rochester
State: Michigan
Professional Status: Certified General Appraiser
Posts: 2,084
Default

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.
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  #7  
Old 12-06-2011, 02:42 PM
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Marion Rhodes Marion Rhodes is offline
 
Join Date: Feb 2006
Location: Poconos
State: Pennsylvania
Professional Status: Certified General Appraiser
Posts: 11,270
Default

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  
Old 12-06-2011, 05:09 PM
Tom Barclay Tom Barclay is offline
 
Join Date: Apr 2002
Location: Coos Bay, Oregon
State: Oregon
Professional Status: Retired Appraiser
Posts: 2,116
Default

You might check with these folks for a referral.
http://golfappraisers.org/
  #9  
Old 12-06-2011, 05:16 PM
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Pittsburgh Pete Pittsburgh Pete is offline
 
Join Date: May 2008
State: Pennsylvania
Professional Status: Certified General Appraiser
Posts: 10,778
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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.
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  #10  
Old 12-06-2011, 09:15 PM
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PropertyEconomics PropertyEconomics is offline
 
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Location: Central New Mexico
State: New Mexico
Professional Status: Certified General Appraiser
Posts: 18,854
Default

Quote:
Originally Posted by CANative View Post
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:


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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