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References
NAR Library & Archives has already done the research for you. References (formerly Field Guides) offer links to articles, eBooks, websites, statistics, and more to provide a comprehensive overview of perspectives. EBSCO articles (E) are available only to NAR members and require the member's nar.realtor login.
Golf Industry Outlook
Golf Industry Trends: What to Expect in 2024 (Lightspeed, Feb. 28, 2024)
While it’s entirely justifiable for operators to raise prices to keep up with demand and inflation, it’s also important to monitor the continued impact of rising green fees to ensure that encouraging golf industry trends around participation aren’t derailed by economic factors.
Golf’s State-of-Industry in 3 Minutes (National Golf Foundation, Jan. 18, 2024)
Total participation – counting both green-grass and off-course play (like that at Topgolf or in indoor simulators) – climbed to 45 million in 2023, a 9% year-over-year gain and a jump of over 50% in the past decade.
When looking at the nearly 14,000 golf facilities nationwide, rounds per course over the past few years are at their highest levels since the early 1990’s, an indication of the better balance between supply and demand.
The New Era of Golf (GolfNow, Jan. 2024)
Over half of the golfers surveyed said they like to play a variety of golf courses. This number increases to over three-quarters among GolfNow users. GolfNow users are also more likely to belong to a golf club and enjoy a golf entertainment venue.
Golf at 3 pm Thursday? Sure, It’s the Afternoon Fun Economy (The New York Times, Mar. 16, 2023)
“A new study from Stanford shines a light on the rise of afternoon leisure. Using geolocation data near golf courses in the United States, the study found there was 278 percent more people playing golf at 4 p.m. on a Wednesday in August 2022 than in August 2019. And there were 83 percent more golf games being played on a weekday in August 2022 than in August 2019, according to the researchers, Nick Bloom and Alex Finan, who studied data, from the company Inrix, at more than 3,400 golf courses.”
Can Golf Courses and Nature Coexist?
After Shutting Down, These Golf Courses Went Wild (The New York Times, Mar. 11, 2024)
For a golf course to be turned into a public green space, an unlikely set of stars need to align. There has to be a willing seller, and, crucially, a conservation-minded buyer who can afford to not just purchase the land but to restore it.
The Monarchs of Morro Bay: Endangered Butterflies Thrive at a Course Managed for Their Protection and Preservation (Fore Magazine, Jan. 29, 2024)
The butterflies rely on a single source of food, milkweed, to sustain their caterpillars and to serve as a nursery for butterfly eggs. Because development in the West has severely limited the availability of the critical plant, more than 30 courses have joined Monarchs in the Rough, a program sponsored by Audubon International and the Environmental Defense Fund to encourage planting of native milkweed.
Melding Golf and Urban Green Space (Golf Course Industry, Dec. 1, 2023)
To improve water quality, nearly 20 acres of wetlands were created, almost 14.5 acres of native grasses planted and 49,000 nutrient-filtering aquatic plants installed, including sawgrass, fire flag and pickerel weed.
Abandoned Golf Courses are Being Reclaimed by Nature (CNN, Oct. 30, 2023)
In Akron, Ohio, Summit Metro Parks acquired the 195-acre Valley View Golf Course in 2016, returning it to its natural state. In doing so it connected three local parks and created 1,900 contiguous acres of green space.
Why Desert Golf Courses and Artificial Lakes Remain Untouched by the Colorado River Crisis (Los Angeles Times, Jan. 29, 2023)
“From La Quinta to Palm Springs, the area’s gated communities, resorts and golf courses have long been promoted with palm-studded images of green grass, swimming pools and artificial lakes. The entrepreneurs and boosters who decades ago built the Coachella Valley’s reputation as a playground destination saw the appeal of developments awash in water, made possible by wells drawing on the aquifer and a steady stream of Colorado River water.”
Audubon International Initiative Allowing Nature, Courses to Coexist (The First Call, Jan. 2, 2023)
"I have been an advocate for the principles of the Audubon Sanctuary program for decades as the former director of design services with Arnold Palmer Design," Minchew says. "Preservation and enhancement of plant and animal habitat, and selection of drought tolerant grasses to minimize water consumption are essential to the environmental viability of a golf course. Also promoting best management practices that minimize application of fertilizers, herbicides and fungicides, not only enhance the environment of a course, but at the same time, allow it to be economically viable."
Impact on Property Value & Appraisals
Millennials are Coming for Your Golf Communities (The Wall Street Journal, Apr. 18, 2024)
40.5% Average price premium that golf-course home listings received compared with the typical U.S. listing in the first quarter of 2024, according to Realtor.com.
Should You Choose a Home Right on the Golf Course? (AZ Golf Homes, Nov. 27, 2023)
Historically, homes with direct golf course views tend to command higher prices due to their prime location and the visual appeal they offer. They often have a higher resale value, making them an attractive investment. However, it’s also worth noting that homes deeper in the community, especially those offering a balanced mix of privacy and accessibility, can also be highly sought after.
Comparing Golf Courses with Alternative Real Estate Investments (Golf Property Analysts, Nov. 24, 2023)
More traditional real estate investments not only have become considered as higher risk than before, but with the stability in cap rates for golf course properties, even though other market segments cap rates have increased, the returns (still higher cap rates) on golf properties are still superior, even with higher interest rates.
Why You May Not Want to Buy a House in a Golf Course Neighborhood (The Ascent, Jul. 8, 2023)
More courses have been closing in the United States than opening since 2005, and participation in the sport is waning. If a golf course fails in a neighborhood, property values could decline substantially, with data suggesting that the value of surrounding houses typically experience around a 10% to 50% decline depending on the market where they are located.
Useful Websites
American Society of Golf Course Architects
Audubon Cooperative Sanctuary Program (ASCP) for Golf
Golf Course Builders Association of America
Golf Course Superintendents Association of America
National Golf Course Owners Association
The Society of Golf Appraisers
United States Golf Association
eBooks & Other Resources
Books, Videos, Research Reports & More
As a member benefit, the following resources and more are available for loan through the NAR Library. Items will be mailed directly to you or made available for pickup at the REALTOR® Building in Chicago.
Analysis and Valuation of Golf Courses and Country Clubs (Chicago, IL: Appraisal Institute, 2003). GV 975 Ap6
Golf Course Development in Residential Communities (Washington, D.C.: Urban Land Institute, 2001) GV 975 M91
Golf Course Development and Real Estate (Washington, D.C.: Urban Land Institute, 1994) GV 975 Ur1
Guidelines for Financing a Golf Course (Jupiter, FL: National Golf Foundation, 1994) GV 975 N21g
Golf Course Developments: Selected References (Washington, D.C.: Urban Land Institute, 1992) GV 975 UrL
Planning and Developing a Golf Range Complex (Jupiter, FL: National Golf Foundation, 1992) GV 975 N21p
Guidelines for Planning, Building and Operating a Golf Range (Jupiter, FL: National Golf Foundation, 1992) GV 975 N21g
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