“Prices are generally trading for half (of their assessed value) with some of the premier clubs trading for less,” said Bryan Peterson of Coldwell Bsanker Mason Morse. He noted how “community-based golf courses around the country are taking a much more significant hit.” River Valley Ranch, which is a public course, falls into that category. There are other examples as well: The 27-hole Mequon Country Club in Wisconsin was listed at $3.25 million and “scooped up for $1.5 million,” according to the Links site. Just 12 years old, the Forest Dunes Golf Club in Roscommon, Mich. was developed for an estimated $40 million. The list price for this course, ranked 45th in the country by Golf Magazine, was $7 million. It sold late last year for approximately $2 million.
CARBONDALE REAL ESTATE — The golf course at River Valley Ranch has sold for for a cool $1.2 million, well below its $2.5 listing price and a downright bargain considering that in the go-go 1990s the award-winning course was valued at over $6 million. “I think everybody’s happy (with the transaction),” said broker Bryan Peterson of Coldwell Banker Mason Morse. “Crown Golf was pleased to sell it and they’re happy for the new buyer.” Probably no one is happier than Alden Richards, director of the Aspen Junior Golf Foundation for the past 13 years, who is part of the ownership group.“I’ve shopped for golf courses in Texas, Arizona (and elsewhere). For me to be able to get what we’ve got here, to get a golf course like this, it’s the best business acquisition I’ve seen in this valley,” he said.The 28-year local resident said he has resigned from the foundation in order to concentrate on River Valley Ranch, where he is the Director of Golf and Instruction.
By Madeleine Osberger August 31, 2012 ABJ
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River Valley Ranch Golf Course, Carbondale, CO at the base of Mt Sopris