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Differences in Asset Quality Must be Considered When Valuing Golf Courses: The Appraisal Journal

July 21, 2021 07:59 AM

CHICAGO (July 21, 2021) – Valuation professionals should consider the differences in the business intangible property and real property of public golf facilities and of private golf and country clubs, according to an article published this week in The Appraisal Journal. 


The Appraisal Journal is the quarterly technical and academic publication of the Appraisal Institute, the nation’s largest professional association of real estate appraisers. The materials presented in the publication represent the opinions and views of the authors and not necessarily those of the Appraisal Institute. 


Valuation of Private Golf and Country Clubs for Ad Valorem Taxation,” by Laurence A. Hirsh, MAIexamines relevant issues in the valuation of private golf and country clubs, including business intangible property, golf club intangible personal property, and the issue of isolating real property value from the going concern. This article summarizes the widely known methods of estimating the value of intangible personal property. The discussion highlights the differences between the facilities’ real property components and business operations models of daily-fee, semi-private, private and resort golf facilities. 


Read “Valuation of Private Golf and Country Clubs for Ad Valorem Taxation” in the Spring 2021 issue of The Appraisal Journal.  


Land Values and External Obsolescence,” by Stanley D. Longhofer, Ph.D.looks at the challenge of addressing external obsolescence in a cost approach analysis. Loss due to external obsolescence is driven by factors outside the property, and it can be difficult to distinguish between external obsolescence of the improvements and a reduction in value of the land. This article provides guidance as to when such value loss is attributable to the land and when it is attributable to the structure. 


Environmental Dead Zones: The Evaluation of Contaminated Properties,” by Michael Tachovsky, proposes categories and classifications of contaminated properties based on the environmental land use restrictions. The article suggests that by categorizing environmental land use restrictions, comparisons of market data can be made and the condition of a subject property can be described, assisting in assignments involving environmentally contaminated properties. 



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The Appraisal Institute is a global professional association of real estate appraisers, with nearly 17,000 professionals in almost 50 countries throughout the world. Its mission is to advance professionalism and ethics, global standards, methodologies, and practices through the professional development of property economics worldwide. Organized in 1932, the Appraisal Institute advocates equal opportunity and nondiscrimination in the appraisal profession and conducts its activities in accordance with applicable federal, state and local laws. Individuals of the Appraisal Institute benefit from an array of professional education and advocacy programs, and may hold the prestigious MAI, SRPA, SRA, AI-GRS and AI-RRS designations. Learn more at



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