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That seems stupid cheap for what you get. Wonder if all of the maintenance equipment comes with it as well.
 
At first blush, the only downside I see is that it is only 9 holes.
 
Wow. That is crazy cheap. I honestly cannot believe that number.


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#Cookie said:
That seems stupid cheap for what you get. Wonder if all of the maintenance equipment comes with it as well.
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Good point. I just wonder how this place was marketed and whether the membership simply didn't do enough. A Donald Ross
Course that he lives near and would dote on at that price seems like a nice opportunity.
 
Even though is only 9 holes that seems like a really good deal. I would want to see the financials from the past few years before getting serious about buying any course.
 
Interesting short drive from me. That said I think that price for a 9 hole course is about what I would expect if not a bit high.

Let's not forget the amount of 18 hole courses within 100 miles you have countless great 18 or more hole courses. Would be tough sledding around here with only 9 holes I think no matter how good the course was.
 
For that price, I would just live there and it would be my own private course. Time to do a job search for the area.
 
That seems pretty cheap to me. Wonder how much it would cost to renovate the clubhouse and turn it into a home
 
I'm in, but only if I can be the bartender in the clubhouse. #ifyoucantbeatthemthenjointhem
 
O'Carroll said:
I'm in, but only if I can be the bartender in the clubhouse. #ifyoucantbeatthemthenjointhem
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Flash forward 2 months after purchase to filing bankruptcy based on the liquor bill being 20 times the budget. #drinkingonthejob
 
I know nothing about the area, but if there is a decent amount of courses in the area, I would think it would be difficult to make money as a 9 hole course. I know I never go to a 9 hole course unless it's a pitch and putt


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Wake said:
I know nothing about the area, but if there is a decent amount of courses in the area, I would think it would be difficult to make money as a 9 hole course. I know I never go to a 9 hole course unless it's a pitch and putt


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It's only an hour and a half from Pinehurst/southern Pines area..... Also a decent amount of other courses I'm the area.

What it costs to buy most courses is DRASTICALLY less than what people spend on building new ones usually.
 
Wake said:
I know nothing about the area, but if there is a decent amount of courses in the area, I would think it would be difficult to make money as a 9 hole course. I know I never go to a 9 hole course unless it's a pitch and putt


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Yeah it'd be tough to compete with the 18 hole courses, especially in that area, but I wonder if you could figure out a way to cater to a crowd that would find a classically well designed nine hole course with a nicely done clubhouse a more attractive and affordable option than belonging to those courses. I don't know if you play up the national membership and/or try to get those with multiple memberships who may enjoy the design and dining experience or the crowd who loves golf but can't afford those places or something else, but it'd be fun trying.
 
This is not all that uncommon. I've seen numerous courses sell for under half-a-million. The problem (for the seller) is that when you are selling a business, buyers are only going to pay for a multiple of earnings and even that relative to debt service and after they take a salary. Here's a quick hypothetical example...

$1,000,000 Revenue
$125,000 Profit
$75,000 salary for new owner to run the business full time (read: 100 hours per week)
___________
$50,000 Net Profit

It's this $50,000 in the example that is the relevant figure in most cases. If the buyer pays 10 times that's a 500,000 price tag. From the $50,000 the buyer has to pay the loan payment on the purchase as well, so there is a limit to what the business is worth and it isn't the land (unless you're going to tear the golf course up and build houses) or the equipment or the sentimental value. It's whether you can pay the loan back and pay yourself a return on your investment.
 
This is actually quite tempting. Owning your own slice of heaven. A person could probably get pretty imaginative by adding some additional tee boxes to make some of the holes play different and give people a variety of playing options to make it feel like it is more than 9 holes.
 
Sad to see courses struggling nowadays. There are probably lots of 18 hole courses going for less if I had to guess. Less than a year ago I helped my oldest girl move into a new condo and was stoked she was right on the golf course. The course looked very nice and had tons of play the couple days I was out there helping her (Thanksgiving week '14) Sadly I never got to play it. It never re-opened this spring. 15 minutes from STL, 18 holes, last I heard they'd take $400K for it. I'm guessing that's for the course, not all that land? http://www.oobgolf.com/courses/scorecard.php?id=19161 Glad I convinced her to take the two year lease with option to buy to be sure she liked it. My thinking was she'd be alone and I was worried she might not feel secure there. Never guessed the course might close and kill values.
 
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For that price, I'm assuming the course needs a new irrigation system or something.
 
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