Golf prices rising

After bottoming out in 2012, the prices of U.S. golf properties are rising quickly.

According to figures provided by Marcus & Millichap’s National Golf & Resort Properties Group, the average price of an operating, regulation-length golf course increased by 57 percent last year, to $4.25 million.

“The golf-course sales market looks to be recovering and stabilizing,” M&M’s Steven Ekovich told Bloomberg. “Bank financing is slowly returning, the average sales price is rebounding, there are fewer foreclosures and bank repossessions and more courses are back to producing positive cash flow.”

U.S. golf properties are still valued at far less than they were in 2006, when they hit a peak of $7.33 million, but course owners who’ve managed to hold on through the darkest days of the Great Recession appear to again have a reason to believe.

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