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Golf Industry Outlook
Golf at 3 pm Thursday? Sure, It’s the Afternoon Fun Economy (The New York Times, Mar. 16, 2023)
“A new study from Stanford shines a light on the rise of afternoon leisure. Using geolocation data near golf courses in the United States, the study found there was 278 percent more people playing golf at 4 p.m. on a Wednesday in August 2022 than in August 2019. And there were 83 percent more golf games being played on a weekday in August 2022 than in August 2019, according to the researchers, Nick Bloom and Alex Finan, who studied data, from the company Inrix, at more than 3,400 golf courses.”
8 Ways Golf Has Changed for the Better Post Pandemic (Golf Monthly, Dec. 7, 2022)
“People have seen the benefits of being a member of a golf club and many of those clubs have waiting lists once again. Most clubs saw a boost in membership numbers post-pandemic. The cost-of-living crisis will likely have a negative impact on those numbers as we go into 2023, but the fact that many were either introduced to club membership, or were reminded of the great things about it, may just see more clubs survive this period of financial challenge.”
How Fast Are Golf Courses Vanishing? Developers Have Gobbled Up Nearly 20 in the Last Five Years (South Florida Sun Sentential, Apr. 2, 2022)
“A little under 20 golf courses have been or are in the process of re-development in Palm Beach and Broward Counties over the past five years, signaling a growing trend as developers sniff out that rarest of commodities, open land. South Florida’s booming housing market has left developers hard pressed to find plots large enough for single-family home developments, making golf courses an optimal option to re-develop.”
Can Golf Courses and Nature Coexist?
Why Desert Golf Courses and Artificial Lakes Remain Untouched by the Colorado River Crisis (Los Angeles Times, Jan. 29, 2023)
“From La Quinta to Palm Springs, the area’s gated communities, resorts and golf courses have long been promoted with palm-studded images of green grass, swimming pools and artificial lakes. The entrepreneurs and boosters who decades ago built the Coachella Valley’s reputation as a playground destination saw the appeal of developments awash in water, made possible by wells drawing on the aquifer and a steady stream of Colorado River water.”
Audubon International Initiative Allowing Nature, Courses to Coexist (The First Call, Jan. 2, 2023)
"I have been an advocate for the principles of the Audubon Sanctuary program for decades as the former director of design services with Arnold Palmer Design," Minchew says. "Preservation and enhancement of plant and animal habitat, and selection of drought tolerant grasses to minimize water consumption are essential to the environmental viability of a golf course. Also promoting best management practices that minimize application of fertilizers, herbicides and fungicides, not only enhance the environment of a course, but at the same time, allow it to be economically viable."
Earth Day and Golf (Golf Course Industry, Apr. 6, 2022)
“A person driving by a golf course might think of many other ways that land could be used, but what they don’t understand is there are tangible and intangible benefits they are receiving from that course. I would even argue that a community that’s subsidizing a public golf facility might be spending the best money they can spend, because they are preserving green spaces as well as access to the services the community receives from it.”
Impact on Property Value & Appraisals
The Owners of a 1,900 Square Foot House Next to the Masters Golf Course Keep Turning Down Millions of Dollars to Sell (Insider, Apr. 7, 2023)
“According to The Wall Street Journal, Augusta National spent over $200 million purchasing over 100 properties covering 270 acres since 1999. Those additions have nearly doubled the size of the course and made many property owners instant millionaires. Off the northwest corner of the club sits a free parking lot, Gate 6-A, a stretch of empty land that was once a fully lived-in neighborhood. The club spent $40 million to buy and bulldoze the homes, offering the residents prices too enticing to turn down. One family, however, refuses to sell — even as the offer increases.”
Golf is Helping Drive the Real Estate Surge Around Milan and Lake Como (The New York Times, Mar. 31, 2023)
“According to Ms. Giorgolo Spinola, Italy Sotheby’s International Realty saw a 131 percent increase in buyers from the United States in 2022, compared with 2021, partly because of the strong dollar. The number of homeowners from other countries also increased. Ms. Giorgolo Spinola said that the top request five years ago among international buyers who were interested in property in Lombardy was to live near Lake Como; today, proximity to a golf course is equally in demand.”
Finding the Balance Between a Golf Course and a Golf Community (The New York Times, Apr. 1, 2022)
American Society of Golf Course Architects
Audubon Cooperative Sanctuary Program (ASCP) for Golf
Golf Course Builders Association of America
Golf Course Superintendents Association of America
National Golf Course Owners Association
National Golf Foundation
The Society of Golf Appraisers
United States Golf Association
eBooks & Other Resources
Books, Videos, Research Reports & More
As a member benefit, the following resources and more are available for loan through the NAR Library. Items will be mailed directly to you or made available for pickup at the REALTOR® Building in Chicago.
Analysis and Valuation of Golf Courses and Country Clubs (Chicago, IL: Appraisal Institute, 2003). GV 975 Ap6
Golf Course Development in Residential Communities (Washington, D.C.: Urban Land Institute, 2001) GV 975 M91
Golf Course Development and Real Estate (Washington, D.C.: Urban Land Institute, 1994) GV 975 Ur1
Guidelines for Financing a Golf Course (Jupiter, FL: National Golf Foundation, 1994) GV 975 N21g
Golf Course Developments: Selected References (Washington, D.C.: Urban Land Institute, 1992) GV 975 UrL
Planning and Developing a Golf Range Complex (Jupiter, FL: National Golf Foundation, 1992) GV 975 N21p
Guidelines for Planning, Building and Operating a Golf Range (Jupiter, FL: National Golf Foundation, 1992) GV 975 N21g
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