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3/4/2014 10:27:56 AM
 
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Section 5: OPA Board Subject: COPE Golf Petition? Msg# 879493
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Joe,
value in my earlier post would be determined by the marketplace and the overall desirability of ocean pines as determined by the real estate community...book value is of no consequence unless it is routinely adjusted by professional appraisers to the current real estate market . Would open space add value? 1. ocean pines already has plenty of open space 2. Open space that is not maintained and policed will attract undesirable elements thus increasing costs to maintain open space My overall Point with a referendum of such potential consequence there is much more to consider here relative |
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For reference, the above message is a reply to a message where: 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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