NEW LISTING | Brandywine Country Club

GOLF COURSE FOR SALE  |  BRANDYWINE COUNTRY CLUB  |  MAUMEE, OH

Priced at $2,950,000, the National Golf & Resort Properties Group of Marcus & Millichap is pleased to exclusively offer the opportunity to acquire Brandywine Country Club in Maumee, OH, located approximately 9 miles from downtown Toledo. This private, non-equity golf & country club features 27 holes of golf designed by Arthur Hills which can accommodate players of any skill level. The 18-hole championship "East Course" measures over 6,600 yards from the back tees for a par of 71 and a rating / slope of 72.9 / 136. Alternatively, the 9-hole executive "West Course" measures 2,358 yards for a par of 33. Other club amenities include swimming & tennis facilities, fitness center, a well-appointed 25,000 sq. ft. clubhouse facility with a fully-stocked Pro Shop, men's & women's locker rooms, full-service restaurant & bar and banquet catering services capable of accommodating over 450 guests. Included in the sale are 75 E-Z-GO electric golf carts and a full fleet of maintenance equipment owned outright by current ownership.

Our team of GOLF COURSE BROKERS has listings for sale across the country; to view all of our current GOLF COURSES FOR SALE visit us at www.nationalgolfgroup.com. The listing of Brandywine Country Club was also featured in the Toledo Blade newspaper, CLICK HERE to view the article.

Florida Golf Central Magazine Features National Golf & Resort Properties Group

The National Golf & Resort Properties Group of Marcus& Millichap recently hit the cover of Florida Golf Central Magazine. This latest edition has a feature and expose` on how Steve Ekovich and ChrisKaramitsos grew the NG&RPG into the leading golf course brokerage firm in the US. The article shows some of the high-profile courses the group has sold and who some of their top clients are. Readers will also learn what the average time-on-market is for a golf property and how the NG&RPG consistently out-performs the market in that regard. Log onto www.nationalgolfgroup.com to see all of the golf courses for sale listed by the NG&RPG. When it comes to golf course brokers, no one lists more quality golf courses for sale than the National Golf & Resort Properties Group of Marcus & Millichap.

 

Marcus & Millichap Awarded Exclusive Listing to Sell Fore Lakes Golf Course & Banquet Hall

KIMBALL, MI, October 15, 2012 – The National Golf & Resort Properties Group of Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has been retained to exclusively market for sale the Fore Lakes Golf Course & Banquet Hall located in Kimball, MI in St. Clair County, just eight miles from the Canadian Border and approximately one hour north of Downtown Detroit.  Terence Vanek, Associate and lead agent on the deal, and Steven Ekovich, Director, are the listing brokers for this championship golf & banquet facility. 

            Priced at $2,595,000, the Torello family developed the 230 acre site in 1998 to rave reviews and what has arguably become the premier golf course in all of St. Clair County. This prompted the 2005 addition of an exquisite 26,000-square foot Clubhouse & Banquet Hall, whose breathtaking, panoramic views of the property have made Fore Lakes one of the most sought after wedding venues in all of southeastern Michigan. It is perennially recognized by wedding experts The Knot & Wedding Wire as one of the most popular wedding sites in the Detroit Area. The course itself is one of Port Huron’s finest, and has been a feature edition of CBS's acclaimed "Golf Michigan" weekly television segment. 

            Fore Lakes is strategically located with approximately 3,980 feet of shared border with Interstate 69, next to its intersection with Interstate 94, and only minutes from the Blue Water Bridge - one of the busiest international border crossings connecting Port Huron, Michigan and Pointe Edward, Ontario.

Prospective buyers should know the $2,595,000 purchase price is comprised of two components: a championship golf course and banquet property, priced at $2,050,000, and a luxury single-family residence priced at $545,000. This combination of course and residence is unique to most any other golf courses for sale in today's market. The three-story, lakefront dream home is complete with its own practice putting green and stunning vistas of the course and clubhouse from wraparound patios that overlook the club's signature first hole. Mr. Vanek said that “because of the property’s location, reputation, innate beauty and on-site luxury residence, Fore Lakes presents a significant opportunity for an investor to add value immediately and reposition the club as the premier golf resort in the area. Transforming the 9,300-square foot residence into a first-class Stay & Play component introduces Fore Lakes to an entirely new market of Canadian golfers looking for an alternative to Canada’s own financially restrictive greens fees”.

To view all of the golf courses for sale by Terence Vanek and the rest of the golf course brokers at Marcus & Millichap's National Golf & Resort Properties Group, please visit us at:  www.nationalgolfgroup.com.

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With more than 1,000 investment professionals in offices nationwide, Marcus & Millichap Real Estate Investment Services is the largest firm specializing in commercial real estate investment services in the nation. Marcus & Millichap closed 5,085 transactions in 2011, the highest of any commercial real estate brokerage firm. Founded in 1971, the firm has perfected a powerful system for marketing properties that combines product specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology and relationships with the largest pool of qualified investors nationally.

Marcus & Millichap Brokers the sale of

MAGNOLIA POINT GOLF & cOUNTRY CLUB

 

GREEN COVE SPRINGS, FL, August 14, 2012 – The National Golf & Resort Properties Group of Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Magnolia Point Golf and Country Club, a 27-hole golf course located in Green Cove Springs, FL, according to Steven Ekovich, Director of the National Golf & Resort Group of the firm’s Tampa office.

Matthew Putnam a golf course broker with the NG&RPG, was the lead agent on the asset sale.  Chris Karamitsos, co-founder of the National Golf & Resort Properties Group,  was also a part of the deal team representing the seller, Floribec International, INC.  Matt Putnam also facilitated the buyer, Magnolia Point Investment, LLC in the acquisition of the property. Mr. Putnam said that “the buying group has a tremendous vision for this property going forward which was, in large part, the reason the seller selected them from among several other qualified offers. Since the sellers were the original developers of the course and community, it was important for them to find a group that could continue and build upon the legacy that they have created at Magnolia Point.” The purchase of Magnolia Point marks the first acquisition of this kind for Magnolia Point Investment, whose principals have extensive experience in tennis and spa operations. This transaction marked the 7th golf course sold for the National Golf and Resort Properties Group in 2012

            Sprawling through a 1,000 acre community, Magnolia Point is a semi-private country club that features 27 holes of golf designed by Mark McCumber and also boasts 7 clay tennis courts, a junior Olympic swimming pool and full service bar, restaurant and banquet facilities. With no parallel fairways, various elevation changes and as many as 13 signature holes, the golf course is widely regarded as one of the best layouts in North Florida.

The National Golf and Resort Properties Group facilitates another multi-course Transaction

The NG&RPG recently sold Bent Tree Golf Club and Royal American Links in the Columbus, OH MSA. The courses were exclusively listed for Eagle Golf Management, a Dallas-based company. Chris Karamitsos was the lead agent on the transaction which sold for $3,000,000. The transaction also increased the number of courses sold by the NP&RPG to an average of more than one course per month over a period of two years. The Group continues to list quality golfcourses for sale throughout the US. To view our latest listings or to speak with Chris Karamitsos, visit www.nationalgolfgroup.com or call 813-387-4738.

Steven Ekovich Featured in Golf Inc. Summer Issue

The Summer 2012 Edition of Golf Inc. Magazine was recently released and features an article written by Steve Ekovich, golf course broker for Marcus & Millichap's National Golf & Resort Properties Group. In this article Steve looks to answer the question, "With Commercial Real Estate Confidences Up, Is Golf Close Behind?" In the article Steve explores the current state of the golf course investment market versus that of core commercial real estate assets, such as multi-family housing. He notes that non-core real estate assets, of which golf is one, tend to "lag behind core commercial assets," indicating that an increase in golf course values may be imminent. He defends this assertion with a list of investment factors which he believes will help increase the value of golf assets in the near future. Several reasons include the closing of under-performing courses, historically low interest rates, and the opportunity to acquire properties below replacement cost. A graph based on data collected by the National Golf & Resort Properties Group was included in a recent publication of Bloomberg News. The data in this chart, displayed below, demonstrates that golf course values have bottomed out, implying that recovery is around the corner.

Golf courses for sale are a unique asset class that must fight with traditional, core real estate properties for investment dollars. With CAP Rates for Apartments and other core real estate shrinking, investors have already begun to migrate towards golf courses and other non-core assets in a search for higher yields. Smart investors with enough capital can take advantage of the current state of the golf industry, much like investors who bought apartments between 2008 - 2010, after the market had crashed and prices bottomed out. Today those investors are selling their properties for huge profits, and the market data suggests that the same trend will hold true for investors purchasing golf courses in today's market. To view all the golf courses for sale by Steve Ekovich and the rest of the Golf Course Brokers at Marcus & Millichap's National Golf & Resort Properties Group, go to:

http://www.NationalGolfGroup.com

To view the full Golf Inc. article written by Steve, CLICK HERE

Sea Trail Resort & Convention Center - Cal for Offers

Bids Due by:  Monday, June 25th @ 5:00pm

Listed at $9,950,000, the National Golf & Resort PropertiesGroup is exclusively offering the court-ordered bankruptcy sale of Sea Trail Golf Resort & Convention Center. Located in Sunset Beach, NC in Brunswick County, just two miles from the Atlantic Ocean and only 15 minutes from the tourist mecca Myrtle Beach, Sea Trail is a 2,000 acre master planned resort community and is home to over 700 single-family homes and 600 multi-family residences. Included in this offering is the 54-Hole Championship Course, designed by Rees Jones, Willard Byrd and Dan Maples. In addition to the course and 36,000 sq. ft. Convention Center, this offering also includes two full-service clubhouses with both fine and casual dining, tennis, fitness, swimming, over 48,000 sq. ft. of total meeting & banquet space, 46 developed residential lots with Assessed Value over $5,000,000 and 190 acres MOL of developable land tracts suited for single or multi-family residential expansion, although hospitality is also an alternative.

For a complete listing of all of our golf courses for sale, or to contact one of our golf course brokers to discuss the disposition or acquisition of golf course properties, please go to our website at www.nationalgolfgroup.com.

RiverWatch Golf Club Tours Scheduled

The NationalGolf and Resort Properties Group of Marcus & Millichap will be conducting tours of the highly acclaimed RiverWatchGolf Club in Sparta, TN June 20-21, 2012. RiverWatch is an REO investment opportunity approximately 90 minutes east of Nashville. The offering includes 18 holes of championship, mountain golf, 20 finished lots, 12 new condos, newly constructed clubhouse with cart barn, maintenance facility and 109 acres of development land with breathtaking view of Center Hill Lake. Very attractive owner financing is available for qualified investors. To learn more about this quality investment opportunity or any of the other golf courses for sale, contact Chris Karamitsos or any of the golf course brokers of the NG&RPG at 813-387-4700 or email Christopher.karamitsos@marcusmillichap.com.

Another golf course sold: Cypress Lakes Golf Club

          TheNational Golf & Resort Properties Group of Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Cypress Lakes Golf Club, a 185 acre 18-hole golf course located in Cypress, a Houston suburb of Texas.

Steven Ekovich, the lead agent on the asset sale, represented the seller, a financial institution based in Chicago.  Steve Ekovich also facilitated the buyer, Cypress Lakes Investment, LTD in the acquisition of the property. Mr. Ekovich said that “after an exhaustive international search for the right buyer for this club, it was determined that Cypress Lakes Investment, LTD was the right buyer for this asset. We had tremendous interest in this club, 14 offers and about 70 interested parties. The transaction was very difficult as a result of a lawsuit that popped up in due diligence and significant survey issues. However, with creativity and determination we were able to resolve the issues and at the end of the day, both the buyer and seller got a fair deal.” The firm currently has sold 26 golf courses in the past 18 months, putting them at the forefront of golf course brokers nationwide. The National Golf & Resort Properties Group currently has 10 golf courses for sale, and another 10 golf courses under contract to close over the next three months. To view the firm's available listings, please click here.

Cypress Lakes is a championship Jim Fazio design locally renown for its great layout and excellent greens.  In 2005 Texas Golfer voted the club “Best Kept Secret in Houston” and in 2009 the Houston Chronicle ran an article headlined “Surfaces have been rated among the best in the Houston area since ‘99”.  

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With more than 1,000 investment professionals in offices nationwide, Marcus & Millichap Real Estate Investment Services is the largest firm specializing in commercial real estate investment services in the nation. Marcus & Millichap closed 5,085 transactions in 2011, the highest of any commercial real estate brokerage firm. Founded in 1971, the firm has perfected a powerful system for marketing properties that combines product specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology and relationships with the largest pool of qualified investors nationally.

www.nationalgolfgroup.com

MARCUS & MILLICHAP BROKERS THE SALE OF BROAD RUN GOLF CLUB

The National Golf & Resort Properties Group of Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Broad Run Golf Club, a 372 acre golf course located in Westchester, PA, according to Steven Ekovich, Director of the National Golf & Resort Group of the firm’s Tampa office.

Steven Ekovich, the lead agent on the asset sale and Tom Gorman of the Philadelphia office of Marcus & Millichap, represented the seller, a financial institution based in Pennsylvania. Steve Ekovich also facilitated the buyer, Broad Run LLC in the acquisition of the property. Mr. Ekovich said that “after an exhaustive international search for the right buyer for this club, it was determined that Broad Run, LLC which owns multiple courses in Pennsylvania would be the best fit for both the seller and the club. Broad Run LLC. is a well-capitalized golf firm that has the vision, leadership, expertise and the necessary capital, to take Broad Run back to its founding as one of the best courses in Pennsylvania.”

Broad Run was designed by world renowned golf course architect Rees Jones and rated 4-1/2 Stars by Golf Digest. Replete with industry awards and accolades for both quality of golf and service, the customer experience was unlike anything else offered in the competitive market and again will be on par with its history. The property is expansive, dramatic, and truly one of a kind. With 150 foot elevation changes throughout the property, and a 300-year old clubhouse registered as a Pennsylvania historic landmark, Broad Run provides a golf experience like no other.

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Sea Trail Golf Resort & Convention Center for Sale

The National Golf & Resort Properties Group just listed an outstanding resort on the north part of the Grand Strand. As golf course brokers, we strive to bring the best offerings to market, golf and golf-resort assets that are high quality, well underwritten and well packaged. The Offering Memorandum provides the qualified investor with a clear and concise view of how the course operates currently, historically and how a capable golf operator should operate it in the future to maximize value. In doing so, we provide the seller with a price that is higher than would be expected though normal brokerage methods and provides the buyer with a well vetted, asset with upside. It is a win-win proposition for both seller and buyer and both receive a fair deal. We believe in a brokerage transaction, all parties should feel like the process was a win, not a win for one side while the other side feels screwed. It is with this in mind, that we bring to the market another world class golf resort Sea Trail.

Listed at $9,950,000, the National Golf & Resort Properties Group is pleased to exclusively offer the court-ordered bankruptcy sale of Sea Trail Golf Resort& Convention Center. Located in Sunset Beach, NC in Brunswick County, just two miles from the Atlantic Ocean and only 15 minutes from the tourist mecca Myrtle Beach, Sea Trail is a 2,000 acre master planned resort community and is home to over 700 single-family homes and 600 multi-family residences. Included in this offering is the 54-Hole Championship Course, designed by Rees Jones, Willard Byrd and Dan Maples. In addition to the course and 36,000 sq. ft. Convention Center, this offering also includes two full-service clubhouses with both fine and casual dining, tennis, fitness, swimming, over 48,000 sq. ft. of total meeting & banquet space, 46 developed residential lots with Assessed Value over $5,000,000 and 190 acres MOL of developable land tracts suited for single or multi-family residential expansion, although hospitality is also an alternative.

As a court-ordered bankruptcy sale, an investor will be purchasing a completely free & clear title, signed by a Bankruptcy Judge. Additionally, all retained liabilities associated with the club will be eliminated and new ownership will have the option to accept, reject, or renegotiate all lease agreements upon taking possession of the property. Listed at a 70% discount to the Brunswick County Assessed Value of $32,000,000, Sea Trail presents a significant opportunity for an investor to add value immediately and reposition the club as the premier golf resort in the area. For more information on golf courses and resorts for sale see our website at www.nationalgolfgroup.com

HIGHLIGHTS:

Award-Winning 54-Hole Golf Course Resort and Convention Center 48,400 Square Feet of Meeting and Event Space Rental Pool of up to 600 Stay and Play Villas with Revenue Threshold of $3,500,000 190 Acres MOL Developable Land Tracts  Pre-Bankruptcy Historical Revenue of $13M - $16M 11.28 Percent End-of-Year-One Cap Rate Includes 46 Residential Lots - Assessed Value over - $5M Offered at 31 Percent of the $32 Million Assessed Value

HARTEFELD NATIONAL GOLF CLUB SOLD TO CLUBCORP

The National Golf & Resort Properties Group of Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Hartefeld National Golf Club, 259 acre golf course located in Avondale, according to Steven Ekovich, Director of the National Golf & Resort Group of the firm’s Tampa office.

Steven Ekovich, the lead agent on the asset sale and Tom Gorman of the Philadelphia office of Marcus & Millichap, represented the seller, a financial institution based in Pennsylvania.  Steve Ekovich also facilitated the buyer, ClubCorp in the acquisition of the property. Mr. Ekovich said that “after an exhaustive international search for the right buyer for this club, it was determined that ClubCorp would be the best fit for both the seller and club members.  ClubCorp is one of the few well capitalized golf firms in the industry; they have the expertise to understand the complexities of this asset as well as provide the necessary capital, leadership and programing that Hartefeld members were clamoring for.”  Hartefeld National, a private country club that features one of the Northeast’s most honored golf courses, is a Tom Fazio-designed championship course that has served as the site of both a PGA TOUR and Senior PGA Tour event. The purchase of Hartefeld National marks the fifth acquisition in less than a year for ClubCorp, which plans to spend more than $1 million in capital improvements to the club.

Named by Golfweek magazine as a top 10 course in Pennsylvania and previously ranked fourth in “America’s Top 50 Courses for Women” by Golf Digest for Women, the challenging Hartefeld National golf course features dramatic elevation changes, breathtaking vistas, majestic tree lines of oak, beech, holly, and pine, terraced tee boxes and sculptured greens. The course has earned a host of additional accolades and awards from publications and organizations including Golf Digest, GOLF Magazine, The Philadelphia Inquirer, Washington Golf Monthly, the Zagat Dining Survey, Delaware Today and the PGA.

RiverWatch Golf Club For Sale

The National Golf and Resort Properties Group of Marcus & Millichap is pleased to present another quality acquisition opportunity. RiverWatch Golf Club is an REO asset near Nashville, TN consisting of a beautiful 18-hole, championship golf course, 20 developed lots, 12 brand new condos, clubhouse/cart barn (currently under construction), and 109 acres of development land with open zoning. Seller financing is available for qualified investors. All of this is the focal point of an upscale community in the hills of TN with breathtaking views of Center Hill Lake. Currently priced as Market-Bid, the Seller is motivated and amenable to a variety of deal structures.

The National Golf and Resort Properties Group has a number of other high-profile golf courses for sale. For more information on RiverWatch or any of the other quality investments, please visit www.nationalgolfgroup.com

The National Golf and Resort Properties Group: In the News

The National Golf & Resort Properties Group continues to be recognized for the respect and professionalism they command as golf course brokers within the golf industry community. A recent article published by Bloomberg News, entitled “Trump Goes Bottom-Fishing for Golf Courses,” repeatedly referenced a research report performed by the group highlighting falling golf course prices from 2006 – 2012. This drop in golf course pricing was seen as the catalyst for the recent buying frenzy of golf courses for sale from private equity groups and institutional buyers the likes of Donald Trump looking to capitalize on what many believe is a market bottom. A link to the article can be found here.

In a related note, to better serve its expanding client base, The National Golf & Resort Properties Group is proud to announce the promotion of Terence Vanek to Associate/Sr. Analyst, as well as the addition of Ray Demby as the group’s newest Financial Analyst. Terence has been active in real estate management and investment services since 2004, after receiving his Bachelor degree from Duke University, and his Master in Business Administration from the University of Florida’s Hough Graduate School of Business. Ray joined the team after relocating from Cleveland, OH, where he worked as a Property Manager and Leasing Agent, and received his Bachelor degree in Management with minors in Photography and Entrepreneurship from Cleveland’s Weatherhead School of Management.

Buyer Sentiment

Investors understand that as a commercial real estate investment, golf competes with all other asset classes for investment dollars. Those who are heavily invested in income-producing properties know that there are plenty of options available for commercial investment. Core assets (Multi-family, Office, Industrial and Retail) are the market trend-setters. Non-core assets, such as golf tend to lag behind their less volatile counterparts. Even as the debt market for traditional income-producing properties began to tighten in 2008, we still saw golf assets trade on multiples of gross income near 2X and cap rates in the single digits in some cases. Currently, traditional commercial real estate core assets are very attractive to investors. Financing is readily available and there is a historically high spread between Treasuries and core asset cap rates. This has put a great deal of downward pressure on non-core assets, especially golf courses. Buyer sentiment is such that a leveraged investment in an income-producing core asset is like a safe layup shot on a tricky par-5. So, what makes an investor want to go for the green in two? The answer is irresistible metrics. In 2011, some courses with negative EBITDA have traded in the 0.5X to 0.7X.  For assets with positive EBITDA we saw courses trade in the 1X to 1.5X thus pushing cap rates to numbers well above traditional core real estate returns which has helped stoke velocity in golf transactions. We are beginning to see buyers who are heavily invested in commercial real estate core assets allocating capital for acquisitions in golf. Nearly 50% of the transactions closed by the NGRPG in 2011 involved principles purchasing their first golf assets. Smart money is betting on what it perceives to be purchasing at the bottom of the market with healthy returns from golf properties on a 5 to 7-year holding period. Buyers are taking advantage of opportunities in the golf market where underwriting courses with unleveraged internal rates of return are in the low 20% range. We believe that investors will continue to buy according to the aforementioned metrics for the next 4-8 quarters or until such time as core asset cap rates begin to compress.

CAPITAL MARKETS / COURSE FINANCING

Like the spring, that is obviously months away, the credit markets continue to show signs of new life forming as the long winter thaws. Banks continue to shed unhealthy assets and warm to the necessity that providing debt is critical to their becoming or remaining profitable. Something they are no longer taking for granted. Trepp reports that banks could be as much as 70% through their loss recognition process on commercial real estate. We see new bank lenders entering the market and rejuvenated bank lenders returning to the market now that the light at the end of the tunnel is clearly daylight and not an oncoming train.

2011 saw the reemergence of CMBS lending in the form of CMBS 2.0, which unfortunately was derailed early in 2011 with a lack of investor appetite for bonds rated below AAA. Currently, the CMBS market appears to be back to where we left off in early 2011 and looks like it could be the darling of the credit market in 2012. That is especially so if you consider the amount of debt maturing this year and the level of debt it will require to renew a significant portion of it. Credit standards for CMBS 2.0 are much more conservative than the original CMBS, especially considering the loss retention aspect, so I do not think we will see CMBS lenders considering “specialty asset types” like golf courses, before filling up enough bonds with their main food groups (multifamily, retail and office buildings).

Life insurance companies expanded their allocations in 2011 and some exceeded their allocations once they realized the high quality of the deals they could do. Life companies hope to lend even more in 2012 than they did last year, but again, they typically limit themselves to trophy properties in large metropolitan markets with low leverage needs.

Improvements in U.S. GDP, employment and consumer confidence will support the notion that 2012 should see more rounds played. In addition, an increase in course sales activity should help stabilize course values, to some degree. These trends should help operators attract lenders to both finance, purchase and refinance transactions. Loan-to-values will remain more conservative than the current favorite, multifamily, but that’s a fact that isn’t likely to change anytime soon. Golf and resort buyers will need to show more liquidity, operational experience and lenders will continue to focus on “global cash flow”. Golf course loan options are improving with local and regional banks as well as credit unions taking up most of the slack. To name a few, PNC and Wells Fargo have recently financed golf assets however, the majority of these loans were credit loans based more on the borrower’s financial strength than the golf asset being purchased. The grass is getting greener on “this side” but we have a ways to go until we can play on it consistently like we used to!