Hughes & Company, Inc. specializes in the analysis of golf courses and residential communities. Geographically, our area of emphasis is the Midwest. Mr. Hughes has over twenty years experience in commercial real estate and business valuation having been involved in over 200 golf course assignments plus over 300 residential subdivision appraisals and market studies.

Mr. Hughes authored The Price is Right in the July, 1999 issue of Golf Course Management published by the Golf Course Superintendents Association of America. (see http://www.gcsaa.org/gcm/1999/jul99/07price.html)

He also principally authored Appraising Golf Courses for Ad Valorem Tax Purposes which was published in The Appraisal Journal in October, 1993. A similar, shorter article is found on the SGA website at http://www.golfappraisers.org/newsletter.htm. He has also contributed to a textbook published by the International Association of Assessing Officers regarding the valuation of special use properties.

The November 2006 Golf Course News extensively quoted Steve in an article titled “Up For Sale” regarding the golf brokerage market and what an owner should consider before listing a golf course.

Mr. Hughes has taught classes on golf course valuation and subdivision appraising. He has also given talks on new home development in Kansas City including being a panelist at the local Home Builders Annual Forecast Seminar.

The company is experienced in complex and mixed use community analysis for bankruptcy and asset management purposes. For example, we appraised Landmark’s Oak Tree property in Edmond, OK which included two clubs (with a variety of member encumbrances), 54 holes of golf, a tennis center, residential lots, a sales center, residential land, commercial land and two oil wells. We also do small market golf analysis.

Mr. Hughes has testified in litigation and bankruptcy trials and state level boards of tax appeal in Colorado, Kansas, Missouri, Texas and Michigan. Company personnel are certified for appraisal purposes in several states. We have completed golf course assignments in the following states:

Kansas	Missouri	Oklahoma	Colorado	Minnesota
Arkansas	Illinois	Iowa	Ohio	Oregon
Texas	Virginia	Idaho	Nebraska	Maryland

Mr. Hughes has built upon negotiating skills acquired through years of lease acquisitions and drilling deals in the oil business to provide golf course brokerage services (see www.eGolfBrokerage.com). He has also developed and marketed a premier office park in Leawood and is an outside Director at a national bank. Mr. Hughes is a licensed Real Estate Broker in Kansas.

Rebecca Roberts, MBA graduate from University of Missouri, Kansas City, assists with appraisals and office management.