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Golf Course HOAs Should Carefully Consider Financial Security Options: The Appraisal Journal

July 14, 2020 08:00 AM
CHICAGO (July 14, 2020) – Homeowners associations should carefully consider all available methods for maintaining value in golf course communities, 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.
“Golf Course Communities as Multisided Markets: Ownership Implications,” by Bruce K. Cole, Ph.D., and David Hueber, Ph.D., explains the connection of golf courses to land value in golf course communities and the unique challenges that homeowners associations face as they try to reconfigure golf course operations and preserve property values within their communities. The authors’ study suggests that HOA ownership of a course may have a negative impact on sale prices in a golf community.
Read “Golf Course Communities as Multisided Markets: Ownership Implications” in the Spring 2020 issue of The Appraisal Journal.
“Is the Eiffel Tower Worth More Than the Statue of Liberty? Techniques for Determining the Value of Iconic National Landmarks,” by Richard J. Roddewig, JD, MAI, Anne S. Baxendale and J. Andrew Stables, is part one in a two-part series on the valuation of iconic national landmarks. It summarizes the valuation profession’s debate as to whether historically or culturally significant structures and land areas have a special type of value that is higher than their market value. The authors give a detailed look into the income and expense components of these special-purpose properties.
“They Paved Paradise: Appraising a Parking Lot,” by Barry A. Diskin, Ph.D., MAI, AI-GRS, and David C. Lennhoff, MAI, SRA, AI-GRS, discusses valuation of parking lots and the elements of a parking lot operation that are the subject of the real property appraisal; the article offers a streamlined case study to highlight the components of parking lot analysis.

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The Appraisal Institute is a global professional association of real estate appraisers, with over 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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