Appraisal likely undervalued golf course, says Watertown manager

Watertown Golf Club
Watertown Golf Club(WWNY)
Published: Mar. 22, 2023 at 3:28 PM EDT
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WATERTOWN, New York (WWNY) - The golf course deal Watertown did in Thompson Park may be worth more than first thought. That’s according to City Manager Ken Mix.

Mix says the appraiser, Thurston, Casale & Ryan, LLC of Syracuse, doesn’t specialize in appraising what’s called rolling stock equipment. That would include golf carts, mowers and tractors.

Mix says the city tried to find someone who does specialize in that but couldn’t.

That means the appraisal that we reported on a little more than a week ago that valued the property and equipment of the Watertown Golf Club at $1.1 million is likely undervalued, says Mix.

However, he admits he doesn’t know how much it’s undervalued.

The appraiser valued the restaurant equipment, furnishings, golf carts, and mowers at $300,000.

In the asset purchase agreement with the city, seller Mike Lundy said that equipment was worth $850,000.

Watertown’s deal paid Lundy $3.4 million for the land, equipment and a deed restriction on competitor Ives Hill Country Club, making Ives a 9-hole course.