Golf Market Analysis Bella Vista POA Benton County, AR
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Bella Vista Golf Market Analysis Bella Vista POA Benton County, AR CONSULTING REPORT DATE OF INSPECTION: MAY 9, 2018 REPORT DATE: July 3, 2018 Mr. Tom Judson, Chief Operating Officer Bella Vista Property Owners Association 98 Clubhouse Drive Bella Vista, AR 72715 By: Golf Property Analysts 925 Fayette Street Conshohocken, PA 19428 Laurence A. Hirsh, CRE, MAI, SGA July 3, 2018 [email protected] WWW.GOLFPROP.COM TABLE OF CONTENTS SCOPE OF THE APPRAISAL ....................................................................................... 4 SUMMARY OF IMPORTANT FACTS & CONCLUSIONS .............................................. 5 STATEMENT OF LIMITING CONDITIONS .................................................................. 6 GLOSSORY OF GOLF PROPERTY TERMS ................................................................... 8 LOCATION ANALYSIS ............................................................................................. 11 REGIONAL ANALYSIS ............................................................................................. 12 NEIGHBORHOOD ANALYSIS .................................................................................. 22 WEATHER .............................................................................................................. 24 GOLF MARKET ANALYSIS....................................................................................... 27 COMPETITIVE MARKET SUMMARY ....................................................................... 43 COMPETITIVE MARKET MAP ................................................................................. 45 SUBJECT PROPERTY ANALYSIS .............................................................................. 51 ANALYSIS, CONCLUSIONS AND OPTIONS .............................................................. 67 QUALIFICATIONS ADDENDA A division of hirsh valuation group LAURENCE A. HIRSH, CRE, MAI, SGA RACHEL B. THOMPSON JUDITH G. HIRSH, ESQ. CLYDE A. MEASEY RENEE CLARKE July 3, 2018 Mr. Tom Judson, Chief Operating Officer Bella Vista Property Owners Association 98 Clubhouse Drive Bella Vista, AR 72715 Via E-Mail: [email protected] Ref: Consulting Services: Bella Vista Competitive Golf Market Benton & Washington Counties, AR and McDonald County, MO Dear Mr. Judson, At your request, we have performed a golf supply and demand market analysis for the Bella Vista Community. Among the items analyzed included: Location Analysis Demographics Analysis Golf Market Analysis Golf Demand Analysis Laurence A. Hirsh inspected the Bella Vista golf courses and community on May 9, 2018, with the assistance of Tom Judson, General Manager of Bella Vista Property Owners Association (BVPOA). Laurence A. Hirsh with the assistance of Rachel Thompson, personally prepared the analysis and formed the opinions presented in this report. As part of our inspection, it was not possible to personally observe conditions beneath the soil. The boundaries of the POA are limited to an area south of the Arkansas/Missouri border, contained within Benton County, AR. 925 Fayette Street Conshohocken, PA 19428 610-397-1818 www.golfprop.com Mr. Tom Judson, Chief Operating Officer P a g e | 2 Bella Vista Property Owners Association July 3, 2018 However, it is further noted that a small portion of the defined market area is in MO so demographic information will be included. The authentic copies of this Report are bound in covers bearing the Golf Property Analysts firm name and contain original signatures and digital photographs. Any copy of the report that does not have our standard binding and/or original signatures and photographs is unauthorized, may have been altered, and is considered invalid. The acceptance of this assignment was not conditioned upon our opining a specific (dictated) value, nor was the acceptance of the assignment conditioned on any pre-determined conclusions. The following is a report of data and analysis and opinions for the above referenced property. Respectfully submitted, Golf Property Analysts Laurence A. Hirsh, CRE, MAI, SGA, President Rachel B. Thompson, Associate www.golfprop.com since 1980 “we wrote the book” ACKNOWLEDGEMENT P a g e | 3 Golf Property Analysts wishes to acknowledge the contribution made to this report by Ms. Renee Clarke. Ms. Clarke assisted in research and assemblage of data; however, the consultants signing this report have developed the conclusions reported and assume full responsibility for such conclusions. www.golfprop.com since 1980 “we wrote the book” SCOPE OF THE ASSIGNMENT P a g e | 4 The scope of this assignment involved an inspection of the subject property -the six Bella Vista Community golf courses and improvements, a review of market and financial data, and all other pertinent data supplied to us concerning the subject property. We have researched and visited competing golf facilities, as well as conducted personal interviews and telephone interviews. Data gathered also included demographic data from Site To Do Business (stdb.com). In addition to the research described above, we have met with leadership for their input and requested certain information from the Bella Vista Property Owners Association. The scope is summarized below: SCOPE OF WORK Tom Judson, Chief Operating Officer Client: Bella Vista Property Owners Association Intended User(s) of Opinions Rendered: Bella Vista Property Owners Association To assist the property owner in determining the Intended Use: optimal number of golf courses for Bella Vista Community Type of Assignment Observations, recommendations and cash flow analysis Results: Date: May 9, 2018 Bella Vista Community, Bella Vista, Benton County & Washington County, AR & McDonald County, MO. The Identification of Bella Vista Community currently has seven operating Market: golf course facilities (five 18-hole courses and two 9- hole courses, all located in Benton County, AR). The market is identified as within a 20-mile radius of Bella Vista. Extent to which The property has been identified by a site inspection as property is identified: Bella Vista Community. Laurence A. Hirsh personally inspected the subject Extent to which property on May 9, 2018. The inspection included a property is inspected: tour of the six operating golf facilities with the assistance of Tom Judson. www.golfprop.com since 1980 “we wrote the book” SUMMARY OF IMPORTANT FACTS & CONCLUSIONS P a g e | 5 Location: The Bella Vista Community’s seven golf course facilities are in Bella Vista, Benton County, Arkansas. The golf facilities are as follows: Bella Vista Country Club (18 holes) Highlands Golf Course (18 holes) Scotsdale Golf Course (18 holes) Dogwood Golf Course (18 holes) Kingswood Golf Course (18 holes) Berksdale Golf Course (9 holes) Brittany Golf Course (9 holes) Tanyard Creek Practice Center Ownership: The Bella Vista Property Owners Association owns the seven golf facilities that make up the “subject property”. Purpose of the Report: The purpose of this report is to communicate the results of our analysis of the market for golf supply and the demand in the Bella Vista Community. Function of the Report: The function or intended use of this consulting report is to serve as assist the client in determining the optimal number of golf courses for Bella Vista Community. Intended User(s) of the Report: The intended user of the report is the client, Bella Vista Property Owners Association Report Date: July 3, 2018. www.golfprop.com since 1980 “we wrote the book” STATEMENT OF LIMITING CONDITIONS P a g e | 6 This report is to be used in whole and not in part. No part of it shall be used in conjunction with any other report. Neither all nor any part of the contents of this report shall be conveyed to the public through advertising, public relations, news, sales, or other media, without the written consent and approval of the authors, particularly as to valuation conclusions, the identity of the appraisers or firm with which we are connected, or any other reference to the American Society of Real Estate Counselors or to the CRE designation, the Appraisal Institute or to the MAI designation, or the Society of Golf Appraisers or the SGA designation. Possession of this report, or a copy thereof, does not carry with it the right of publication. Nor may it be used for any purposes by anybody but the client, without the previous written consent of the authors or the client; and in any event, only with proper qualification. Use of this consulting report is contingent upon fulfillment of the consulting contract, whether written or oral. Upon payment of all sums due Golf Property Analysts, this consulting report becomes property of the client subject to all restrictions upon disclosure and use included herein and made a part hereof. The report and its conclusions will not be released to a third party by the consultants without the client’s consent. This limitation on release does not apply to market data or other information obtained by the consultants for use within the report. The consultants for matters, which are of legal nature, assume no responsibility nor is any opinion on the title rendered. Good title is assumed. This property has been analyzed as though free of liens and encumbrances, except as herein described. The consultants herein, by reason of this report, are not required to give testimony in court with reference to the property analyzed, unless arrangements have been previously made. Unless otherwise noted, it is assumed there are no encroachments, zoning violations or other restrictions existing that