RockSpringCluB-Hendricks Appraisal.pdf

Introduction There are four (4) basic types of golf courses within the United States, these include: Municipal Courses, Country Clubs, Resort Courses and Retirement Community Courses. The Analysis and Valuation of Golf Courses definitions are as follows: Municipal Course — "the simplest of courses, municipal golf courses are designed to accommodate heavy daily play throughout the year or season and to appeal to a wide variety of players. Typically a core design is used to create a course with playability and enough complexity to challenge a wide range of players, Municipal courses tend to be flat and have few rough areas where balls can be lost, Development and operating costs are typically low due to a concentrated irrigation system, easily mowed grounds, reduced landscape and maintenance costs, and few course obstacles. Municipal courses are shorter than most (approximately 6,000 to 6,500 yards) and fairways tend to be wide.” Country Clubs — “country clubs or private courses must appeal to a wide range of golfers, but they are typically more difficult than municipal courses. The level of play is less intensive and social interaction is emphasized at country clubs so playing time is a less important consideration. A great many of these courses have a core design and most exhibit more intensive maintenance practices. New country clubs are typically associated with a golf course community. These projects emphasize residential development and use a combination of single and double fairways so that many lots have golf course frontage views.” Resort Courses - "are the most complicated type of course. They are designed to appeal to serious golfers and to serve as a marketing tool to attract convention business to the course or residents in a related housing development. Resort courses have memorable holes, scenic beauty, a feeling of privacy or spaciousness, "signature" designers, lakes, and a variety of hazards. They usually feature a core or double fairway layout and have high construction and maintenance costs." Retirement Community Courses - "The typical player at a retirement community course is older, but plays often, so the course should not be situated in difficult terrain. These courses are shorter, have wide fairways for faster play, and are challenging in terms of visibility and the placement of hazards. Retirement community courses range from

ed in difficult terrain. These courses are shorter, have wide fairways for faster play, and are challenging in terms of visibility and the placement of hazards. Retirement community courses range from 5,500 to 6,500 yards in length. They may have a single - or double fairway layout to maximize the frontage of surrounding lots and simplify maintenance." Analysis and Valuation of Golf Courses and Country Clubs - Arthur E. Gimmy, MAI and Suddie A. Johnson. Published by The Appraisal Institute - 2003. - 45 - MEAL ESTATE APPRAIBALS r | & RESEARCH