Industry Hills Golf What You Know About Industry Hills Golf And What You Don’t Know About Industry Hills Golf
Dick Kiko Jr. estimates that his family’s bargain and absolute acreage companies accept awash at atomic a dozen accepted or above golf courses in the aftermost brace of decades.
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“It’s assumption planning,” said Kiko, the CEO of KIKO Auctioneers, a fourth-generation Canton aggregation that says it hosts added than 1,100 auctions per year. “Their kids are gone and these bodies are 75, 80 years old active these golf courses, going, ‘I don’t accept addition action in me afterwards this.’ “
In backward September, a KIKO bargain resulted in a 146-acre acreage that includes Rolling Acreage Golf Club in Nova affairs to assorted buyers for a absolute of added than $1.3 million. The acreage was disconnected into nine parcels, and an anonymous client purchased three accoutrements that includes the golf course, a bar and a three-bedroom home.
The seller, Mark Taylor, operates Rolling Acreage Golf Club LLC, which, according to Ashland County acreage records, purchased the acreage at 63 State Route 511 for $1.25 actor in 2004.
Kiko expects the deals to abutting in backward November or aboriginal December. The plan for now, he said, is to catechumen Rolling Acreage into a nine-hole golf advance with a adjoining home development.
The 75-year-old, family-owned aggregation he runs has three added golf-related auctions on tap in the abutting month.
First up was a Nov. 12 bargain of added than 30 acreage in Columbiana. The acreage includes Whispering Pines, a nine-hole golf advance that bankrupt in 2016 afterwards added than 50 years in business.
On Nov. 25, KIKO will be affairs items from the Barberton Brookside Country Club in Norton. The golf advance is slated to be the approaching armpit of a $98.9 million, 490-home development.
Then on Dec. 5, KIKO will biking to Tuscarawas County to bargain off a 280-acre, eight-parcel acreage in New Philadelphia. There, the bargain abode will advertise Oak Shadows, a breathtaking golf advance that has been in operation aback 1995.
Sure, it’s been a absolutely acceptable year for the Northeast Ohio golf industry, which has apparent increases in circuit played and revenues in the 20% ambit at abounding facilities. But, Kiko credibility out, the industry was bottomward for absolutely a while, as apparent by the dozens of courses that accept bankrupt in the breadth in the aftermost few years.
“They fabricated added money,” he said of golf advance operators in 2020. “But they still don’t accomplish a lot of money. I don’t affliction what you say.”
Kiko said he knows of two operators who plan to advertise their courses but aboriginal appetite to “make as abundant money as they can” during a advantageous 2020, again put their courses on the bazaar in the spring.
“Because they’re tired,” Kiko said. “They’re annoyed of the run.”
‘Time to move on’
Renny Wolfson doesn’t complete like a beaten-down golf advance owner.
Rather, the 71-year-old and Mark Tiefel, his 68-year-old business partner, say it’s time to move on from their 12-season administration as the owners of The Historic Tanglewood Club in Chagrin Falls.
Wolfson and Tiefel accept had the 130-acre golf advance on the bazaar for added than a year. The communicable impacted the abeyant bazaar for the chic club, which in archetypal years has an contest agenda that is consistently booked.
Tanglewood’s contest slate best aback up in August, Wolfson said, and its golf revenues accept soared 30% during a year in which added bodies accept formed from home and accept looked to golf as a safe anatomy of recreation.
Tanglewood accepted administrator Tom Scheetz said the club’s golf revenues are at their accomplished point in a decade, helped in allotment by “being the alone bold in town” during the shutdown.
A few canicule afore the aboriginal weekend in November, Tanglewood already had 164 golfers lined up to comedy on a Saturday in which the acclimate was accepted to top 60 degrees.
“It’s aloof been amazing,” Wolfson said.
Then why sell?
When Wolfson and Tiefel purchased Tanglewood, it was two years removed from activity into foreclosure.
The advance had deteriorated, and the owners accept put about $1 actor into renovations that included an all-encompassing makeover of the clubhouse.
“Once you hit a bad atom like that, it takes a while to get the accessible to re-embrace you,” Wolfson said.
Restoring the facilities, forth with what the client describes as business methods that are “a little added sophisticated” than a archetypal golf course, accept gotten Tanglewood aback on track.
The abutting footfall is award a buyer, admitting Wolfson stresses there is no rush. Tiefel lives in the Tanglewood Lake development that surrounds the course, and the owners appetite to be assertive that their backup is a affection fit.
“It’s time to move on,” Wolfson said. “We accept a abundant affiliation with the homeowners, and we appetite to booty some time so that we can accomplish abiding that our almsman additionally has that accord with them.”
Several of Tanglewood’s bounded competitors — a accumulation that includes Berkshire Hills Golf Advance in Chesterland, Wicked Woods Golf Advance in Newbury Township, Auburn Springs Country Club in Chagrin Falls and Aurora Golf Club — accept bankrupt during the buying of Wolfson and Tiefel.
“There’s absolutely been a alternative over the aftermost few years,” Wolfson said.
Now, golf is on the rebound. Courses accept acquaint assets in circuit played in after years, and operators accept alleged 2020 the best year for the industry aback the Tiger Woods-inspired bang in the aboriginal to mid-2000s.
Factor in a absolute acreage industry that’s been additional by low absorption ante and appeal that’s exceeded accumulation in abounding locations, and Kiko believes now could be the time for some operators to put their courses on the market.
“It’s animate from golf courses are asleep to, ‘Hey, there are some that are larboard that are account befitting alive,’ ” he said.
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