Larry Hirsh can answer hypothetical questions that never get asked.
What is Merion Golf Club worth? Or Aronimink Golf Club? Or Philadelphia Cricket Club?
The president of Golf Property Analysts, Hirsh, along with his staff, have conducted more than 3,000 appraisals of golf courses/facilities in 46 states, Canada, Scotland, Panama and the Caribbean since he opened the doors of his company in 1980.
Hirsh is the son of two residential real estate brokers who steered him toward appraising since he didn’t like selling houses.
“It’s a very independent pursuit, which suits me pretty well,” said Hirsh, 69, of Blue Bell, Pennsylvania. “And I was always good with numbers, and I could write fairly well.”
A proud and loyal Penn State graduate with a liberal arts degree, he jumped into evaluating the wide scope of commercial real estate properties. But, as a lifelong player and self-proclaimed “certified golf nut,” he soon realized golf course valuation was an open and fertile market.
“I wouldn’t say I didn’t like it,” Hirsh said of commercial appraising. “But I thought golf would be a lot more fun because of the people and places.”
In this relatively new field before the time of the golf “boom,” Hirsh said: “I made it my business to learn the golf business.”
“A golf course or club is a business that happens to use a lot of real estate. In addition to the dirt, bricks and sticks part of it, the real property, there is also a retail operation in the pro shop. There is a food and beverage operation. There’s a farming operation, which is taking care of the golf course. … It is a real combination of things.” – Larry Hirsh
Hirsh grew up in Williamsport, Pennsylvania, a devoted Mickey Mantle and New York Yankees fan. His father, who passed away when he was a sophomore in college, introduced Hirsh to golf when he was about 6 or 7. He played competitively in high school and soaked up golf stuff along the way. He currently sports a 4.5 USGA Handicap Index at The 1912 Club in Plymouth Meeting, Pennsylvania. His career best score was 67 at the since retired Hershey Parkview Course.
“I have a workshop in my basement, and I tinker with clubs,” he said. “I claim to be the only real estate appraiser in the world who owns a digital loft and lie machine.”
Hirsh is a groundbreaker in his field and holds the certifications of CRE (Counselor of Real Estate), MAI (Member of Appraisal Institute) and SGA (Society of Golf Appraisers).
He and long-time friend, Sam Hines, began the SGA in 1992. There is a qualification and certification process for the organization and Hirsh estimated there are 18 to 20 current active members.
“Our goal idea was to identify to the golf and lending and legal markets, who were the people who understood and have had experience in doing golf appraisals and market studies and analysis,” Hirsh said.
He admitted his niche business hasn’t “cornered the market” because banks often use the economical route and choose less expensive appraisals as opposed to the experienced and more comprehensive service his company provides.
Golf Property Analysts are queried for services for a variety of reasons including refinancing, legal disputes, property changes, tax assessment appeals, possible sales and conversions from non-profit to for-profit and vice versa.
“There aren’t too many situations that we haven’t seen,” Hirsh said.
Completing an appraisal or some of the other assignments – like market studies, culture analysis, planning and marketing – are time-consuming, data driven and complex, according to Hirsh.
“It’s most definitely an economic analysis,” he said. “Obviously, the physical characteristics – i.e. the quality and condition of the golf course, the desirability of the clubhouse – factor into it as well. It’s not just a real estate analysis. It is a business analysis.
“A golf course or club is a business that happens to use a lot of real estate. In addition to the dirt, bricks and sticks part of it, the real property, there is also a retail operation in the pro shop. There is a food and beverage operation. There’s a farming operation, which is taking care of the golf course. And as we all know, the condition of the golf course determines the quality level of someone’s experience there. It is a real combination of things.”
Hirsh is “enamored” by the diverse nature of each project that could include researching the “competition in the marketplace, what is the condition of the golf course and what kinds of deferred maintenance exists.”
To serve his clients comprehensively, he asks them to complete a checklist in an Excel spreadsheet to help compile all their relevant property information.
“There might be a 28-year-old irrigation system,” Hirsh said. “How much would it cost to replace it?”
With only Alaska (a proposal is scheduled this year), the Dakotas and Utah as the states where he hasn’t worked yet, Hirsh is gathering more information to support his other passion – writing.
He is the author of two books: “Golf Property Analysis and Valuation: The Modern Approach” and “The Culture of Golf: Isn’t It Just A Game?”
The former was commissioned by the Appraisal Institute for business education and the latter was fueled by his concern for the future of golf.
“Golf shouldn’t be aspirational,” he said. He cited Neil Hampton, the general manager of Scotland’s Royal Dornoch Golf Club (where Hirsh is a member) for this observation: “In your country golf is a status symbol and in our country it is an everyman’s game.”
Hirsh has a personal stake in golf as a passionate world-wide player and 30-plus years as a course rating panelist, first for Golf Digest and more recently for Golfweek. He lists Sand Hills, Royal County Down and The Country Club in Brookline, Massachusetts, as his wish list of must plays.
His list of “hidden gems” in the GAP region include Jeffersonville, Philmont’s North, 1912, White Manor, Moselem Springs and Bidermann (Delaware).
Despite being past retirement age, Hirsh intends to continue in his little corner of the golf industry.
“After all these years I am finally getting pretty good at it and in the last 10-15 years, the amount of gratification I get from clients is really worthwhile,” he said. “That’s even nicer than the money.”