If your property lost money last year and the previous two years were flat, you probably know the answer. But like the five stages of death (denial, anger, depression, bargaining, and acceptance) dealing with the reality can be hard. Discount mid term election “happy talk” coming out of recession free Washington. The cavalry was wiped out by the bank bailout.
Depending on your particular situation, you may recoup some of your investment or you will cut your losses. The market for golf courses resembles the market for apartments in the early nineties: the value of the property is based on a multiple of gross income and is typically less than replacement cost. Operators with economies of scale and foreign buyers are in the market and will pay cash. If you can afford to finance the balance of a sale after a sizable down payment we may be able to help you get a better price. Spring is the best time to sell a golf course and there is still time to get the property in good shape for buyers.
In this difficult environment we have had success with a marketing tool we call a Hybrid Sealed Bid Offering (HSBO). We can bring buyers to the table and close ninety days from the date the property is first advertised. Bids are confidential.
Your property is never publicly priced.
Due diligence occurs before bidding.
Earnest money is non refundable
Closings are normally ninety days from the date the property is first advertised.
Our work with this marketing tool is featured in a new book by the NGCOA, “How to Buy and Sell a Golf Course”. We are selective in the properties we work with and our track record has been close to 100% in closings. If you would like to investigate HSBOs further or some other strategy tailored to your specific needs, please contact us at www.hilda-allen.com
