Bos Landen Golf Club in Pella, Iowa, has been on the market for four weeks with a price of $1.4 million, while the Amana (Iowa) Colonies Golf Club is asking $3 million for the property. Over the weekend, Cardinal Hills Golf Club in Newton, Iowa, sold for $475,000 to a local farmer, though plans for that property have not yet been revealed.
Golf course properties in Iowa have been active in the real estate market in the past month, the Des Moines (Iowa) Register reported.
Bos Landen Golf Club in Pella and the Amana (Iowa) Colonies Golf Club are both for sale, the Register reported.
Scott Reuter, General Manager and co-owner of Bos Landen, said the state of the golf industry is gradually improving after the over-saturation of the Iowa golf market. “Saturation is a problem, but it’s gotten a lot better over the last five years.”
Reuter is asking $1,395,000 for the 18-hole course, which includes a restaurant and banquet hall. It’s been on the market for four weeks, and the agent, Marcus & Millichap, has received lots of interest, Reuter said, with three to five front-runners, the Register reported.
Reuter and his family bought Bos Landen in 2009. They’ve increased gross revenues by 39 percent and membership by just under 20 percent since that time, he said. “We’re seeing a 10 percent increase every year, and there’s a good opportunity to keep it going.”
The family is selling because his parents are ready to retire, Reuter said, and he and his wife can’t afford to buy them out, the Register reported.
The Amana Colonies Golf Club is on the market for $3 million, and it’s owned by Fairfax State Savings Bank, the Register reported.
In Newton, the Daugherty Auction & Real Estate Services auctioned off Cardinal Hills Golf Club, a nine-hole course, for $475,000 on October 19. The property is assessed at $492,090, and the buyer is farmer William Talsma, the Register reported.
Talsma is a co-owner of I-80 Farms, one of the state’s biggest crop growers. I-80 received $2,837,223 in farm subsidies from 1995 through 2012, ranking it No. 15 among Iowa recipients, according to federal data provided by the Environmental Working Group.
There’s no word yet on Talsma’s plans for the course. At least one Iowa course has been plowed up for crops, but the former Newton Country Club, which is surrounded by stately homes, seems an unlikely spot for it, the Register reported.
This is the second time the nine-hole Newton course has sold in about a year. The former club became a public course after the private course went into foreclosure, the Register reported.