Golf courses are recreational enterprises that represent an investment in real estate, personal property, inventory, personnel, and intangibles.  To manage these complicated investments, golf course owners and managers often need assistance from real estate appraisers and analysts who can provide sound feasibility studies and accurate value estimates. Lending institutions require experienced golf course appraisers to assist in underwriting considerations and timely decision-making.  The appraisal reports provided by Joseph A. Dengel & Company will enable the lender/underwriter to calculate financial ratios and determine the bank's exposure in a golf course/real estate loan.  Prudent golf course investors enlist the services of independent valuation experts enabling them to make informed golf course purchase decisions and sound capital investments.

All three of the traditional approaches to value (cost, sales comparison and income capitalization) may be appropriate in the appraisal of golf courses and country club developments.  If properly applied, these approaches will indicate the value of the physical assets (real property and personal property or FF&E) as well as the value of the entire facility as a going concern or business enterprise. 

The professionals at Joseph A. Dengel & Company have conducted hundreds of valuations throughout the south, southwest and midwestern United States.  Clients include a wide range of national, regional and local financial institutions in addition to several of the largest golf owner/operators, appraisal districts, and individual investors.