CB Richard Ellis announced that their Carlsbad, Calif.-based Golf & Resort Properties Group had a record year in 2007. The group handled the sale of eight golf properties in five states in 2007, for total consideration of more than $90 million.
The public and private clubs were all marketed through exclusive listings and are located in California, North Carolina, Virginia, Massachusetts and Colorado, including:
- PGA of Southern California Golf Club in Beaumont, Calif.
- Woods Valley Golf Club in Valley Center, Calif.
- Skybrook Golf Club in Huntersville, N.C.
- Riverfront Golf Club in Suffolk, Va.
- The Golf Club at Turner Hill in Ipswich, Mass.
- The Hodges Golf Learning Center in Escondido, Calif.
- Redlands Mesa Golf Community in Grand Junction, Colo.
- Arrowood Golf Club in Oceanside, Calif.
Jeff Woolson, Senior Vice President and Managing Director of CBRE’s Golf & Resort Properties Group is widely recognized as one of the nation’s leading golf course brokers. With nearly 20 years experience, Woolson has seen many business cycles in the golf industry.
“These are challenging times for golf course investors, with the ongoing credit crunch and overall decline in the real estate market,” Woolson says. “We are seeing a return to more traditional investment parameters with lenders calling for higher equity requirements and golf courses trading at higher cap rates.”
Having sold more than 60 golf courses (including 15 over the last two years for more than $176 million), Woolson has excellent insights into current market dynamics.
“Quality golf courses will always be in demand and we will continue to see assets trading that have never traded before,” he says. Things don’t appear to be slowing down for Woolson’s team in 2008, with a number of active listings and two golf courses currently under contract.
