Quote from @Scott Mac:
Quote from @Dan Powers:
... $65 million dollar overhaul with an education and community engagement center, driving range, 9-hole short course, and restaurant. ...
...restoring the 105 year old course to its former glory for all Philadelphians to use as well as capable of hosting PGA Tour events....
...With values having already skyrocketed throughout West Philly and Upper Darby over the past 2 years with no signs of slowing down. ....
[1] Excellent, where is the money commingling from (???)
[2] What is an "Education and Community Engagement center"; what will that do teach golf to people (???)
[3] Who owns this, the city or a private individual (???)
Driving range (excelent)
Restaurant (???) Denny's, I-Hop, 5-star Michelin, a coffee shop with doughnuts (is this a separate lessor or course owned)
PGA ready does not mean PGA will come play there, we can see they are finicky about playing places as they have dropped the TRUMP courses from their list of places to go. No more Pretty Bedminster in New Jersey for them.
How will the course attract the PGA to play there (???)
On the bleak side---Golf is a Boomer Game, Melinials typically do not value it--meaning maybe $65M down the hole. Had this been 1990 that would not have been an issue.
The value in these course is the ability to sell high end homes on the green next to them. They push the value of (basic) structures (vs true high end custom) up quite a bit in value, leading to a nice profit for the home course developer. Just being in the general area without being in a close in home, is typical not enough to push home prices much.
It will push what it touches, and a road or two in, especially if its a gated community.
Good Luck!
I wouldn't write off golf as a purely boomer sport. While I really only go to Top Golf, many of the millennials and zoomers I know play almost every weekend.
@Dan Powers thanks for posting this.... I think this will likely be better for values in Upper Darby than in West Philly in the longer term.
