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Real Estates Courses Account for 59% of New Golf Courses in 2004, Says NGF

Golf courses tied to real estate continued to be the engine driving new golf course construction in 2004, according to the National Golf Foundation's year-end summary, although the overall number of courses built was down for the fifth year in a row. Real estate-related courses accounted for 59 percent of new development in 2004, the NGF said.

Real estate has consistently driven 40 to 60 percent of new course development and is expected to continue to do so. However, the overall number of new real estate-related courses is lower than in the 1990s.

"While many industry observers are expecting the real estate market to cool down due to rising interest rates and extraordinary price increases over the past several years, new real estate developments will continue to be built and some developers will continue to add golf as an amenity," says Joe Beditz, NGF president and CEO.

150 New Courses Built in 2004
According to the NGF, there were 150.5 course openings in 2004 along with 62.5 verified closures (in 18-hole equivalents), resulting in a net gain of 88 courses for the year. The total represents a net increase of approximately one-half of one percent.

The NGF 2005 forecast is for 150-160 18-hole equivalent course openings. In contrast, nearly 400 18-hole equivalents opened in 2000. The data also show that the number of new courses being built has decreased every year since 2000.

"To many golf course owners and operators, the slow-down is a welcome relief because it indicates that golf course development has adjusted to the lack of growth in demand," says Joe Beditz, NGF president and CEO.

Including the 2004 openings, the total number of U.S. golf facilities stands at 16,057, thus breaking the 16,000 mark for the first time. Adjusting for 9-hole and 18-hole-plus facilities, there were 14,988 18-hole equivalents at year's end. Of the new courses, 102.5 are open to the public and 48 are private.

320 Courses Under Construction
NGF also tracks the development pipeline of courses that are in planning or under construction. As of December 31, 2004, there were 320 18-hole equivalents under construction; 410 that have begun the in-planning phase; and another 261 that have been proposed (pre-planning stage).

The full golf course development report, including a description of the total supply of U.S. golf courses, is available in Golf Facilities in the United States, 2005 edition. For information about the report, call NGF at (561) 744-6006.

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Florida Still No. 1 in Real Estate-Related Golf Courses

The state of Florida continues to rule the golf, real-estate roost by a large margin. The Sunshine State has 636.5, 18-hole equivalent courses associated with real estate. The total is 52 percent of all its courses, according to the National Golf Foundation.

A distant second is California, which has 225.5 18-hole equivalent courses associated with real estate.

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