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Golf's Finance Problem

A limited number of finance options for golf course owners and potential buyers has led to a slow down in sales.


Long after most U.S. industries have begun to enjoy a recovery from the Great Recession, the real estate side of the American golf business remains trapped in a quandary.

The pace of golf course sales illustrates the problem. Last year, according to Marcus & Millichap’s Leisure Investment Properties Group, 123 properties valued between $1 million and $10 million changed hands. The number is close to the norm. During the past decade — that is, since 2007, the onset of the Great Recession — an average of 130 U.S. golf properties in this price range have sold annually.


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