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Slojab

12/17/06 12:00 PM

#9429 RE: binzur #9421

Here are a few examples for you all.

Rosswood Colony is a subdivision bordering the course to the north. Average sale price seems to be at, or just under, $200,000. Although, 603 Rosswood just sold for $348,000.

The house right at the entrance to the course, 7800 Rosswood, sold for $510,000 and is 4934 sf. It has 10 acres of land.

7913 Rosswood has 40 acres and at the time of sale in '02,
had crap buildings on it, but the purchaser built a 4,966 sf house on it in '04!

7600 Rosswood was just built in '02. 5,718 sf! PLUS, what I guess is a guest cottage of 972 sf.

One other thing that I believe the course has, is a cell tower that has a land lease. More revenue to calculate into the equation. It has the same address as the course, but is not assessed on the land. Hence, my assumption.

And lastly, the course was originally purchased from International Paper in 1985 for $700,000. Assuming that the course is at least in average condition, you all can figure what the appreciation might be for this area over a 20 year period. Keep in mind that IP may not have gotten the best price for the course. They may have just wanted to get rid of it.






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eelfland

12/17/06 12:12 PM

#9433 RE: binzur #9421

Oh, the club is still private, but they do allow just about anyone to play the course upon payment of a green fee. That's what I meant about it being essentially a public course. There's nothing going on in the rest of the club--restaurant, bar closed, no food, tennis, etc.--so it's irrelevant as far as most activities associated with country clubs are concerned. The building is still pretty nice, and could be refurbished and used. It's a ranch-style place, mostly brick, and a little reminiscent of Frank Lloyd Wright styling. I don't know if they have a policy keeping the African-Americans off the golf course, but I'd be surprised if they did. If they truly didn't like your looks for one reason or another, you might have trouble getting on the course. As for the prices of the homes being built in the area around the course, I'm fairly confident in saying that most are in the $150-300 K neighborhood, mostly toward the lower end of that scale. There are subdivisions in the lower end, and some big estate-type places that certainly go over the half-million mark. I've got an uncle who built one out near there when he retired from farming. But let's not confuse what's going on out there with a building boom. It's mostly white flight among the few whites left in Pine Bluff, with some black professionals joining them. Building costs are about the same all over, but land prices out there are reasonable, and very cheap compared to most places in the country. There are rumors that International Paper Company (who built the club in the first place) is going to close or sell their big mill here, and that's keeping a lot of potential buyers nervous, because it is the area's largest employer. I know some of the long-term members of the club, and could pick their brains for more information and opinion if it would help, but I'd rather not involve anyone unnecessarily, or expose my own business interests unless I have a good reason to. I hope this helps.