By Jeff Stanislow | GolfersUnite.com
The golf industry has always been a fascinating intersection of sport, lifestyle, and business—but in 2026, it may be entering one of its most intriguing chapters yet.
On a recent episode of Let’s Go Low, my radio show presented by GolfersUnite.com, I sat down with Chris Karamitsos, a partner at Leisure Investment Properties Group (LIPG), to unpack what’s really happening behind the scenes in golf course ownership, investment trends, and the future of the game. What emerged from that conversation wasn’t just insight—it was a clear signal that golf is undergoing a structural transformation.
From capital migration into leisure assets to the evolving economics of running a course, the story of golf today is no longer just about birdies and bogeys—it’s about balance sheets, demand cycles, and a market that has flipped on its head.
GOLFERS UNITE SPECIAL OFFER – SAVE 20% OFF AT FOUNDGOLFBALLS.COM – PROMO CODE: GOLFERSUNITE20
A Career Built on Mentorship—and Opportunity
Chris Karamitsos didn’t set out to become one of the country’s leading golf course brokers. Like many in the industry, his journey started with a passion for the game.
During our conversation, he reflected on his early days, including time spent in the Army and later working as an assistant pro at Countryside Country Club in Naples, Florida. That foundation, however, was shaped heavily by mentorship—something he emphasized repeatedly.
“Mentorship is extremely important,” Karamitsos noted, pointing to industry legends like Ken Venturi and regional leaders like Greg Gagliardi as instrumental in his development.
That theme—learning from those who came before you—is something I’ve seen throughout my career as well. Golf remains one of the few industries where experienced professionals genuinely want to help the next generation succeed. It’s part of what keeps the game alive and evolving.
The Birth of a Niche: Golf Course Brokerage
Karamitsos eventually transitioned from the operational side of golf into real estate brokerage—a move that, at the time, filled a major gap in the industry.
Golf course transactions weren’t being handled with the level of sophistication seen in other commercial real estate sectors. Recognizing this, he joined Marcus & Millichap to help launch a leisure investment division focused specifically on golf courses and master-planned communities.
That decision proved to be ahead of its time.
Today, firms like LIPG broker deals nationwide, handling high-profile properties such as Black Diamond Ranch, Lakewood Ranch, and Feather Sound—many right here in Florida.
What was once a fragmented niche has now become a legitimate asset class.
The Big Flip: From Liability to Opportunity
For decades, there was a running joke in golf: “If you want to make a small fortune in golf, start with a large fortune.”
That sentiment, according to Karamitsos, is no longer true. “It’s totally flipped,” he said.
To understand why, you have to look at the historical arc of the golf market.
• Late 1990s–Early 2000s (Tiger Boom): Massive overbuilding fueled by surging interest in the game.
• Post-2008 Financial Crisis: Course closures, declining participation, and financial distress.
• Post-Pandemic Era: A resurgence in play, demand, and interest in outdoor recreation.
Now, the industry is approaching equilibrium—and in some markets, even undersupply. That shift has created something rare: a stable, income-producing asset with upside potential.
Capital Migration: Why Investors Are Eyeing Golf
Perhaps the most important trend shaping the industry right now is capital migration.
Traditional commercial real estate—think office buildings, retail centers, even apartments—has been under pressure due to rising interest rates and compressed returns. Investors are looking elsewhere. And increasingly, they’re finding golf.
“Capital is moving into leisure assets,” Karamitsos explained, noting that golf courses, marinas, and RV parks are now generating returns in the 12% to 13% range. That’s a compelling number in today’s environment.
What makes golf particularly attractive is its hybrid nature:
• Recurring revenue (greens fees, memberships)
• Real estate value (land and development potential)
• Lifestyle appeal (a built-in customer base)
It’s not just an investment—it’s an experience-driven asset.
The Strength of the Modern Golf Market
If you’ve tried to join a private club recently, you already know what’s happening.
Waiting lists are long. Initiation fees are soaring. Demand is real. In some master-planned communities in Florida, initiation fees are reaching as high as $175,000. At the same time, rounds played remain strong across the country, and public courses continue to see steady traffic. This is not a temporary spike—it’s a structural shift. And if interest rates begin to ease, as many expect over the next 12 months, even more capital could flow into the sector from money markets currently sitting on the sidelines.
Who’s Buying—and Who’s Selling?
The current market is being driven by two key groups: motivated sellers and opportunistic buyers.
Sellers: Many current owners are choosing to “take chips off the table.” After several strong years of performance, valuations are high. Add in rising interest rates and looming loan maturities, and it makes sense for some to exit—especially if a cash buyer is available.
Buyers: On the other side, investors see golf courses as undervalued assets with solid income potential.
In fact, Karamitsos pointed out that a high-quality golf course can still be acquired for under $5 million in some cases—a surprising figure given today’s broader real estate landscape.
That combination—motivated sellers and interested buyers—is fueling deal activity nationwide.
The Affordability Question: Can Golf Grow?
Here’s where things get interesting—and a bit complicated. While high-end clubs are thriving, there’s an ongoing concern about accessibility. Can the game continue to grow if costs keep rising? Karamitsos believes the answer lies in diversity of offerings.
“There’s a golf course for every level,” he explained, noting that some facilities remain incredibly affordable, with rounds priced at $25 to $30. That’s a critical point. Golf doesn’t disappear in tough economic times—it adapts. Players shift to more affordable options, keeping participation relatively stable. From a macro perspective, that resilience is one of golf’s greatest strengths.
The Real Business of Golf: Margins and Misconceptions
Let’s clear something up: owning a golf course is not easy. Operating costs are high, margins are tight, and profitability requires discipline.
According to Karamitsos, a 15% to 20% margin is considered strong in the industry. That’s not exactly a gold mine—but it’s steady.
One of the biggest misconceptions involves food and beverage operations.
There’s a fundamental question every owner must answer:
Is this a golf course with a restaurant, or a restaurant with a golf course? The distinction matters.
Golf generates higher margins, while food and beverage can quickly become a loss leader if not managed properly.
The most successful operators focus on maximizing golf-related revenue while keeping other expenses in check.
The Hidden Danger: Deferred Maintenance
Another key issue in the industry is capital investment—or lack thereof. Courses that fail to reinvest in maintenance and improvements often face bigger problems down the road. Deferred maintenance can lead to costly repairs, declining play, and ultimately, reduced value.
Smart owners understand that maintaining course quality isn’t optional—it’s essential. It’s also one of the clearest indicators of long-term viability.
Breaking Even—and Beyond
Every golf course has a break-even point, typically measured in rounds played or membership levels. Once that threshold is reached, additional revenue flows directly to the bottom line. That’s where the upside lies. In a strong market with consistent demand, exceeding that break-even point becomes much more achievable—especially for well-managed properties.
What Comes Next for Golf?
So where does the industry go from here?
If you connect the dots, a few key themes emerge:
1 Continued Investment Growth
As long as returns remain attractive, capital will keep flowing into golf.
2 Operational Sophistication
Owners will need to become more strategic, focusing on efficiency, revenue mix, and long-term planning.
3 Market Segmentation
The gap between high-end private clubs and affordable public courses may widen—but both can coexist successfully.
4 Potential Rate Relief Catalyst
Even modest interest rate cuts could unlock significant new investment activity.
5 Sustained Demand
The post-pandemic surge in golf appears to have staying power, supported by lifestyle trends and demographic shifts.
Final Thoughts: A Game—and an Industry—Reinvented
Golf has always been a game of patience, strategy, and timing. Right now, those same principles are playing out in the business side of the sport. What was once seen as a risky investment is now attracting serious capital. What was once oversupplied is now approaching balance. And what was once a niche market is now a legitimate asset class. The challenge moving forward will be maintaining that momentum while ensuring the game remains accessible and sustainable. Because at the end of the day, golf isn’t just about returns—it’s about people, experiences, and a passion that continues to evolve.
For more insights like this, catch Let’s Go Low Show on AM 820 the Big 8 in Tampa, where we break down the business, culture, and future of the game every week.
And trust me—if this conversation with Chris Karamitsos is any indication, the story of golf’s next chapter is just getting started.