You can find the above-entitled article by the company that is acting as broker for the sale of the Oakmont Golf Club at the following link:
- Here is some noteworthy content from the article:
- Golf course real estate isn’t what it once was. At least not right now. Those in the industry will tell you that a golf course that was purchased for $5 million in 2006 would be worth about $2.5 million today.
- “…Harbin cautions not to get so caught up in the excitement of pursuing ownership that you make a bad decision.”
- “The buyers that do their due diligence up front, before they make the purchase, are the ones that tend to be successful afterward,” says Richard Singer, the NGF’s Senior Director of Consulting Services. “You can’t make these decisions based on emotion; you have to do it on proper data, facts, and inspection of property—like any other asset you might buy.”
- “There’s plenty of opportunity for people to make money in this business,” says Steven Ekovich, a co-founder of Marcus & Millichap’s National Golf & Resort Properties Group.“But you have to work with someone who understands the financials, the area, the competition, and what you have to change in the business platform to make money. Those who keep doing the same thing are going to keep getting the same result.”
- “Everybody wants a course they can convert in a major metropolitan area,” says Ekovich, “but….there are so many restrictions.” “…there are only a few such courses out there.”
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