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Golf Courses Valuation Guide > Download Complete Valuation Guide (1.05 MB PDF)
INTRODUCTION
1.0

SCOPE OF THIS VALUATION MODULE
2.0

HIGHEST AND BEST USE CONSIDERATIONS
2.1

Restrictions on the Land Value

2.2 Ownership Issues
3.0

TYPES OF GOLF COURSES
4.0

DATA COLLECTION
4.1

Sources of Information
4.2

Information from Owner/Manager
4.3

Information on the Property
4.4

Assessment Records
4.5

Property Inspections
4.6

Golf Course Market
4.7

Golf Course Sales Data
4.8

Actual Development Costs
5.0

CLASSIFICATION OF GOLF COURSES
6.0

ANALYZE THE DATA AND SELECT THE VALUATION PROCESS
6.1

Valuation Parameters by Class of Course
7.0

APPROACHES TO VALUE
7.1

Steps in the Valuation Process
7.2

Relevant Legal Guidance
8.0 THE COST APPROACH
8.1 Estimating Replacement Costs
8.2 Land Valuation
8.3 Improvement Valuation
8.4 Estimating Replacement Cost New of Course Improvements
8.5 Methods of Estimating Replacement Cost New
8.6 Depreciation Schedules
8.7 Other Forms of Depreciation or Obsolescence
8.8 Cost to Cure
8.9 Entrepreneurial Profit
8.10 Indicated Market Value
9.0 INCOME APPROACH
9.1 Developing Economic Rates
9.2 Establishing Economic Number of Rounds and Average Green Fees
9.3 Establishing an Economic Overall Expense Ratio
9.4 Income Approach Overview
9.5 Calculation of Golf Course Gross Income
9.6 Stabilizing Actual Golf Income
9.7 Clubhouse/Pro Shop & Other Income
9.8 Operating Expenses
9.9 Capitalizing the Net Income
9.10 Valuation of Private and Non-Profit Golf Courses
9.11 Establishing Capitalization Rates
9.12 Capitalization Rate Guidelines
9.13 Gross Income Multiplier
10.0 DIRECT COMPARISON APPROACH
10.1 Units of Comparison
10.2 Adjustment Process
10.3 Reconciliation
11.0 INCOME ATTRIBUTABLE TO FEE SIMPLE INTEREST
11.1 Non-Real-Estate issues
12.0 ADD/DEDUCT OTHER COMPONENTS OF VALUE
12.1 Excess Land
12.2 Deductions for Non-Assessable Items
13.0 MARKET VALUE OF PROPERTY
14.0 VALUATION OF RESULTS
ADDENDA (All Addenda files are in PDF format)
SELF TEST QUESTIONS
VALUING A PARTIALLY COMPLETE GOLF COURSE
HOW TO USE A COURSE'S INCOME TO CHECK
THE COST APPROACH VALUE
SAMPLE COST APPROACH VALUATION
SAMPLE INCOME APPROACH VALUATION
SAMPLE DIRECT COMPARISON APPROACH VALUATION
    SAMPLE SALES ANALYSIS
LEADING ASSESSMENT CASE LAW
GOLF COURSE RELATED MGB DECISIONS
GOLF COURSE INVENTORY AND VALUATION FORMS
    Form GC1 Golf Data Entry
    Form GC2 Golf Course Improvements
    Form GC3 Cost Approach Information
    Form GC4 Cost Approach Valuation Summary
    Form GC5 Income and Expense Year-by-Year Analysis
    Form GC6 Income Approach Valuation Summaary
    Form GC7 Direct Comparison Approach Table
    Form GC8 Sale Analysis Form
REQUEST FOR INFORMATION FORMS
    GCRF11 Income & Expense Data Request Form
    GCRF12 Golf Course Sale Information Request Form
    GCRF13 Golf Course Construction Cost Request Form