Property Values

[Jonathan Cummings]

I was playing golf recently at LACC and was struck at how close to downtown LA the club is.  The shadow of the LA skyline is literally cast on the South course.  I got to wondering about the shear value of this property (two courses and some extra acerage).  There are probably few courses in the world that sit on a piece of property with such stratospheric value ($/square foot).  Congressional CC in Potomac, MD?  Also Chevy Chase CC just out of DC.  Maybe Olympic CC?  Others?

JC  

[Evan_Green]

I heard somewhere that LACC's land is worth $3 BILLION. Could be twice that by now!  

[Evan_Green]

Congressional CC in Potomac, MD?  Also Chevy Chase CC just out of DC.  Maybe Olympic CC?  Others?

JC  

Those are definately valuable properties, but not as proximate to the main part of town as LACC is

On the public side:

Presidio GC in SF is right next to Presidio Heights which is the high rent district of SF with multi multi million $ mansions. But The Presidio is in a national park, so it is safe.

Wynn GC on the Las Vegas Strip is worth so much it probably wont last very long.

[Jeff_Mingay]

Jonathon,

Rosedale sits on prime real estate very close to downtown Toronto. It's an amazing location, down in a forested river valley. When you're on the course, it's hard to believe you're in the centre of Canada's largest city.

There's been some debate in recent years about the club's property tax status. I understand the club worked out a favourable property tax situation with the city of Toronto many, many years ago that's not been changed.

The argument is, why should one of the wealthiest clubs in Canada be exempt from paying the proper tax rate?  

[Bob_Huntley]

Jonathon,

LACC also has mineral rights and a supposedly a large oil field under the property. Fairly close to the first green and the pathway to the second tee, is the well that has produced oil royalties for the Beverly Hills High School since the twenties.

Bob

[Larry_Rodgers]

I was told that property on the famed Las Vegas Strip was going for $20 million per acre.

[Kevin_Reilly]

Burlingame Country Club in Hillsborough, CA would be worth a fair penny.

[Steve_ Shaffer]

A few years ago the members of Bala GC voted down a proposal to sell to a shopping center developer. Bala is located within Philadelphia city limits near City Line Avenue, a major shopping area on the city border with Lower Merion Township, Montgomery County. I forget the numbers that were bandied about.

[PCCraig]

There are a few chicago-city owned golf courses, specifically Waveland Golf Course, that sit directly on the lake in prime real estate. Not sure if I think its worth $3 billion, however it wouldn't be cheap.

[Steve Lapper]

Interestingly, the land on which Brentwood CC and Bel-Air CC (and Riviera to a slighly lesser degree)sit on is probably no less (and maybe more valuable) on an 18 hole psf or acre basis. I'd also add that Pebble Beach, CPC and maybe MPCC (Bob?) are also not that far off (if at all) in valuation.

 In today's market, Sebonac, NGLA, Shinnecock & Southampton are also fairly valuable, however, the little known and much smaller Bridgehampton GC might equal the LACC per acre basis. Right now, an acre south of the hwy in that neighborhood goes for over $2M. Maidstone would also see at least those prices with seaside lots commanding close to $3-4M per.

 I can't see anything in Chicago, Washington DC, Philly or Florida approaching this kind of obscene pricing.

[Chris Kane]

Royal Sydney has twenty-seven holes, plus twenty tennis courts, two bowling greens and two croquet lawns, in the middle of the most expensive real estate in Australia.