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3/4/2014 10:03:50 AM
 
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Section 5: OPA Board Subject: COPE Golf Petition? Msg# 879487
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If an asset just goes away without being replaced by something of equal or greater overall value, net worth goes down.
The "asset" would not go away if the course was converted to open space. At any rate, OPA carries assets at book value, not market value. For example, the Beach Club property was estimated to be worth about $35 million on the market at one time. That, if I recall correctly, is as much as the total book value of all OPA assets. For the golf course, the real value is the land, not the business, and the real value of the land depends to a great extent on zoning and other issues impacting how it can be used. |
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For reference, the above message is a reply to a message where: Just a follow up to my post above....think of this on a personal level. Suppose you own a vintage car...between insurance, storage and maintenance, the costs are $2,000 year. You decide that the carrying costs are just too great and decide to sell the asset. Say you get $25,000 for the car. As long as that $25,000 is reinvested into other assets, your net worth stays the same and hopefully increases. If you go and blow it all at the casino, you reduced your annual carrying costs but your net worth just went down by $25,000! My point, assets are assets. If an asset just goes away without being replaced by something of equal or greater overall value, net worth goes down. In the case of the golf course, the community value could go down which ultimately does effect every homeowner. Something to consider. |
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Special Board Meeting - Board Room
11/25/2024 - 7:00 P.M. 3 days or less away! |
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OPA Board Meeting - Golf Clubhouse
12/21/2024 - 9:00 A.M. |
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OPA Board Meeting - Golf Clubhouse
1/25/2025 - 9: A.M. |
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OPA Board Meeting - Golf Clubhouse
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OPA Board Meeting - Golf Clubhouse
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