Highlights...
Total number of sales for the 1st 2 months is down 4%. The number of Pending sales is up 2% and the number of Active Listings is up 7%. The average Days on the Market is up 5% to 81 days.
Here is the link for the full report...
http://recenter.tamu.edu/mls/ntreis/feb07/table1YTD.html
Monday, March 26, 2007
Sunday, March 25, 2007
Name That Dog Park and Win A Prize!
If you come up with creative names for your pooch, you might have what it takes to dream up the winning name for Arlington's first dog park.
The city is holding a monthlong contest to name the park in southeast Arlington. The wooded, 6-acre park will include off-leash play areas for large and small dogs, water fountains, shaded seating areas, decorative fire hydrants and walking trails. It will be behind the city's planned $4.8 million animal shelter at 900 S.E. Green Oaks Blvd.
Participants can suggest names based on a person, a pet or just make a play on words, like Fort Worth's Fort Woof dog park. Entry forms will be available starting April 1 on the city's Park and Recreation Web site, www.aceacorn.com, or at recreation facilities and veterinarian offices.
The contest is open to Arlington residents.
The top three winners will be announced at the park's grand opening ceremony June 16.
Arlington is seeking suggestions of names for its new dog park. The contest runs April 1-29. Winners will be announced June 16.
First place: $250, a large inscribed paver and a lifetime park pass.
Second place: Small inscribed paver and two-year park pass.
Third place: One-year park pass.
For more information, call 817-459-5476.
SOURCE: City of Arlington
The city is holding a monthlong contest to name the park in southeast Arlington. The wooded, 6-acre park will include off-leash play areas for large and small dogs, water fountains, shaded seating areas, decorative fire hydrants and walking trails. It will be behind the city's planned $4.8 million animal shelter at 900 S.E. Green Oaks Blvd.
Participants can suggest names based on a person, a pet or just make a play on words, like Fort Worth's Fort Woof dog park. Entry forms will be available starting April 1 on the city's Park and Recreation Web site, www.aceacorn.com, or at recreation facilities and veterinarian offices.
The contest is open to Arlington residents.
The top three winners will be announced at the park's grand opening ceremony June 16.
Arlington is seeking suggestions of names for its new dog park. The contest runs April 1-29. Winners will be announced June 16.
First place: $250, a large inscribed paver and a lifetime park pass.
Second place: Small inscribed paver and two-year park pass.
Third place: One-year park pass.
For more information, call 817-459-5476.
SOURCE: City of Arlington
Saturday, March 10, 2007
What is a Short Sale, & is it right for me?
A Short Sale is when a homeowner owes more against the home than what the home is worth. What's important to note here, is that the homeowner MUST sell.
If the homeowner does not have to sell, or does not want to sell their home, there are MANY options available to homeowners. They could move into a more affordable home and rent out their existing home, they could take on a roommate, they could refinance (although this is not always the best path. Homeowners in a short sale situation are often in financial distress, which means higher rates and fees because you're seen as a higher credit risk to a new lender), they could talk with their existing lenders to re-configure the terms of the loan. Homeowners who do not want to sell or do not have to sell ought to seek out a HUD-approved housing counseling agency. Why? Because at bare minimum, SOMEONE, in this case our federal government, has deemed the housing counseling agency competent. What a homeowner should not do is to blindly trust that the signs by the side of the road are from reputable folks. In fact, the assumption ought to be that if a deal looks and sounds too good to be true, it is. There are no angels on earth. Homeowners, you can be easily taken advantage of by these folks. Wake up and keep reading.
A Short Sale, Comprosmise Sale, or Pre-Foreclosure Workout are different ways of saying the same thing.
Selling short means you're asking the underlying lender(s) to accept less than their payoff in order to facilitate a sale of the home, instead of foreclosing on the home.
Foreclosure is expensive for a mortgage lender. Mortgage lenders are not in the business of foreclosing on houses (for the sake of our banking system liquidity and stability we all hope that's not the case). Banks and lenders are in business of making loans. They don't want the house back. This is a business decision for the lender. Which means it has to make rational, logical sense.
Homeowners, you will be asked to prove financial distress. This means you will have to submit proof that you don't have the money to make up the shortage. If you do have the money, this is no longer a short sale, the industry calls this a "seller to bring cash in at closing" sale. If you ask your real estate agent to help you in hiding assets, an agent cannot assist you with defrauding a lender.
Homeowners, you will be asked to pay back the shortage. That's right, your lender will ask you to sign a brand new unsecured note in order for you to pay back the difference in monthly installments. If, out of the goodness of their heart, (don't count on it) the lender "forgives" the debt, then the IRS sees this as a taxable event. Homeowners: Go see your favorite tax attorney or CPA for tax advice if you are in a short sale scenario.
Homeowners, the worst mistake you can make is to go into denial and stay in your "happy place" and not make those hard decisions. Let's review. The best steps you can take are preventative. When you see yourself getting close to needing to sell in order to avoid foreclosure:
1) Decide if you absolutely must sell or if you're better off riding out the financial tough road. If there's a light at the end of the tunnel, and you don't want to sell, perhaps you're better off not selling.
2) Talk to a HUD-approved housing counseling agency that offers "default" counseling.
3) Don't ignore letters or calls from your lenders. I recommend renting and watching the movie "House of Sand and Fog" to wake you up from your state of denial. Talk to your lender.
4) If you're committed to selling, interview three licensed real estate agents. If one of them offers to purchase the house right there in your living room.....ask the agent if that's ethical and legal and see what they say. Real estate agents have an obligation to put YOUR interests ahead of their own interests. State agency laws vary, but this is a core concept of agency.
5) Always seek legal counsel if you are a short sale homeowner. There are things attorneys can do that real estate agents cannot do.
Real estate agents: The best steps you can take are to educate yourself about how to present your firm offer to the underlying lien holder(s). In a short sale, title is transferred using a warranty deed (in some states it is called a different sort of deed like a bargain and sale deed) which means title must be clear of all liens and encrumbances (except for items that will run with the land like easements, real estate taxes, and the like.) This means you might have to present the firm offer to more than one lien holder. Example:
Sale price: 300,000
First mortgage payoff: 250,000
Second mortgage payoff: 100,000
Real estate agents: In the above example, if you're trying to work with the first mortgage lender and they're not giving you the time of day, it's because they are expecting to get all $250K because they're in first lien postion. Your work will be with the second lien holder, who has much to lose should the first foreclose and everything to gain by negotiating with you NOW, before foreclosure.
Real estate agents, check your local Multiple Listing Service (MLS) policies and procedures about disclosing the "short sale" terms to the other members of your MLS.
Real estate agents, the lender(s) will ALWAYS ask you to cut your commission. Always, always, always. It is their duty to mitigate losses. That means asking everyone to cut their fees. Don't take it personally. So, should you cut your commission? These transactions are difficult, time consuming, gut-wrenching, and ulcer-inducing. Why on earth would you accept a low fee? When asked to slice your fee to the bone, all you have to do is say "no." The lender needs you more than you need them; the lender does not want to foreclose.
Sometimes real estate agents tell me they wouldn't touch one of these deals because of the increased liability and the hard work. To that I ask, "Well, what if you were the one who sold them the house?" Then the room usually falls silent.
If the homeowner does not have to sell, or does not want to sell their home, there are MANY options available to homeowners. They could move into a more affordable home and rent out their existing home, they could take on a roommate, they could refinance (although this is not always the best path. Homeowners in a short sale situation are often in financial distress, which means higher rates and fees because you're seen as a higher credit risk to a new lender), they could talk with their existing lenders to re-configure the terms of the loan. Homeowners who do not want to sell or do not have to sell ought to seek out a HUD-approved housing counseling agency. Why? Because at bare minimum, SOMEONE, in this case our federal government, has deemed the housing counseling agency competent. What a homeowner should not do is to blindly trust that the signs by the side of the road are from reputable folks. In fact, the assumption ought to be that if a deal looks and sounds too good to be true, it is. There are no angels on earth. Homeowners, you can be easily taken advantage of by these folks. Wake up and keep reading.
A Short Sale, Comprosmise Sale, or Pre-Foreclosure Workout are different ways of saying the same thing.
Selling short means you're asking the underlying lender(s) to accept less than their payoff in order to facilitate a sale of the home, instead of foreclosing on the home.
Foreclosure is expensive for a mortgage lender. Mortgage lenders are not in the business of foreclosing on houses (for the sake of our banking system liquidity and stability we all hope that's not the case). Banks and lenders are in business of making loans. They don't want the house back. This is a business decision for the lender. Which means it has to make rational, logical sense.
Homeowners, you will be asked to prove financial distress. This means you will have to submit proof that you don't have the money to make up the shortage. If you do have the money, this is no longer a short sale, the industry calls this a "seller to bring cash in at closing" sale. If you ask your real estate agent to help you in hiding assets, an agent cannot assist you with defrauding a lender.
Homeowners, you will be asked to pay back the shortage. That's right, your lender will ask you to sign a brand new unsecured note in order for you to pay back the difference in monthly installments. If, out of the goodness of their heart, (don't count on it) the lender "forgives" the debt, then the IRS sees this as a taxable event. Homeowners: Go see your favorite tax attorney or CPA for tax advice if you are in a short sale scenario.
Homeowners, the worst mistake you can make is to go into denial and stay in your "happy place" and not make those hard decisions. Let's review. The best steps you can take are preventative. When you see yourself getting close to needing to sell in order to avoid foreclosure:
1) Decide if you absolutely must sell or if you're better off riding out the financial tough road. If there's a light at the end of the tunnel, and you don't want to sell, perhaps you're better off not selling.
2) Talk to a HUD-approved housing counseling agency that offers "default" counseling.
3) Don't ignore letters or calls from your lenders. I recommend renting and watching the movie "House of Sand and Fog" to wake you up from your state of denial. Talk to your lender.
4) If you're committed to selling, interview three licensed real estate agents. If one of them offers to purchase the house right there in your living room.....ask the agent if that's ethical and legal and see what they say. Real estate agents have an obligation to put YOUR interests ahead of their own interests. State agency laws vary, but this is a core concept of agency.
5) Always seek legal counsel if you are a short sale homeowner. There are things attorneys can do that real estate agents cannot do.
Real estate agents: The best steps you can take are to educate yourself about how to present your firm offer to the underlying lien holder(s). In a short sale, title is transferred using a warranty deed (in some states it is called a different sort of deed like a bargain and sale deed) which means title must be clear of all liens and encrumbances (except for items that will run with the land like easements, real estate taxes, and the like.) This means you might have to present the firm offer to more than one lien holder. Example:
Sale price: 300,000
First mortgage payoff: 250,000
Second mortgage payoff: 100,000
Real estate agents: In the above example, if you're trying to work with the first mortgage lender and they're not giving you the time of day, it's because they are expecting to get all $250K because they're in first lien postion. Your work will be with the second lien holder, who has much to lose should the first foreclose and everything to gain by negotiating with you NOW, before foreclosure.
Real estate agents, check your local Multiple Listing Service (MLS) policies and procedures about disclosing the "short sale" terms to the other members of your MLS.
Real estate agents, the lender(s) will ALWAYS ask you to cut your commission. Always, always, always. It is their duty to mitigate losses. That means asking everyone to cut their fees. Don't take it personally. So, should you cut your commission? These transactions are difficult, time consuming, gut-wrenching, and ulcer-inducing. Why on earth would you accept a low fee? When asked to slice your fee to the bone, all you have to do is say "no." The lender needs you more than you need them; the lender does not want to foreclose.
Sometimes real estate agents tell me they wouldn't touch one of these deals because of the increased liability and the hard work. To that I ask, "Well, what if you were the one who sold them the house?" Then the room usually falls silent.
Tuesday, February 27, 2007
January Sales Improve...
Existing-Home Sales Improve in January
WASHINGTON, February 27, 2007 -
Sales of existing homes rose in January, reaching the highest level in seven months, according to the National Association of Realtors®.
Total existing-home sales – including single-family, townhomes, condominiums and co-ops – increased 3.0 percent to a seasonally adjusted annual rate1 of 6.46 million units in January from an upwardly revised pace of 6.27 million in December. Sales were 4.3 percent below the 6.75 million-unit level in January 2006.
David Lereah, NAR’s chief economist, said observers shouldn’t overreact to the sales gain, or to other short-term effects. “Although we’re expecting existing-home sales to gradually rise this year, and buyers are responding to the price correction, some unusually warm weather helped boost sales in January,” he said. “On the flip side, the winter storms that disrupted so much of the country in February could negatively impact the housing market.
“Although the data is seasonally adjusted, these weather events are unusually large – many transaction closings were postponed in February, and home shopping was essentially shut down for about a week in many areas,” he said. “We shouldn’t be surprised to see a near-term sales dip, but that will be followed by a continuing recovery in home sales.”
Total housing inventory levels rose 2.9 percent at the end of January to 3.55 million existing homes available for sale, which represents a 6.6-month supply at the current sales pace – unchanged from the revised December level. Supplies peaked at 7.4 months in October. “Inventories are looking better, but price softness should continue until spring when the market is expected to become more balanced,” Lereah said.
The national median existing-home price2 for all housing types was $210,600 in January, down 3.1 percent from January 2006 when the median was $217,400. The median is a typical market price where half of the homes sold for more and half sold for less.
WASHINGTON, February 27, 2007 -
Sales of existing homes rose in January, reaching the highest level in seven months, according to the National Association of Realtors®.
Total existing-home sales – including single-family, townhomes, condominiums and co-ops – increased 3.0 percent to a seasonally adjusted annual rate1 of 6.46 million units in January from an upwardly revised pace of 6.27 million in December. Sales were 4.3 percent below the 6.75 million-unit level in January 2006.
David Lereah, NAR’s chief economist, said observers shouldn’t overreact to the sales gain, or to other short-term effects. “Although we’re expecting existing-home sales to gradually rise this year, and buyers are responding to the price correction, some unusually warm weather helped boost sales in January,” he said. “On the flip side, the winter storms that disrupted so much of the country in February could negatively impact the housing market.
“Although the data is seasonally adjusted, these weather events are unusually large – many transaction closings were postponed in February, and home shopping was essentially shut down for about a week in many areas,” he said. “We shouldn’t be surprised to see a near-term sales dip, but that will be followed by a continuing recovery in home sales.”
Total housing inventory levels rose 2.9 percent at the end of January to 3.55 million existing homes available for sale, which represents a 6.6-month supply at the current sales pace – unchanged from the revised December level. Supplies peaked at 7.4 months in October. “Inventories are looking better, but price softness should continue until spring when the market is expected to become more balanced,” Lereah said.
The national median existing-home price2 for all housing types was $210,600 in January, down 3.1 percent from January 2006 when the median was $217,400. The median is a typical market price where half of the homes sold for more and half sold for less.
Friday, February 09, 2007
Arlington Police Reports Now Online
ARLINGTON -- Someone break into your car? Vandalize your property? Now you can get a copy of your police report online if the crime was reported in Arlington.
What’s new: The Arlington Police Department launched the “Public Reports” link on its Web site last month to make it easier for people who need a copy of their incident reports for insurance or other purposes. Before, people had to come in person to the police department between 8 a.m. and 5 p.m. weekdays. Now, with a report number and the last name of a person involved in the incident, those reports can be retrieved online any time, without waiting in long lines or missing work.
“Sometimes people come rushing in at lunch hour and it’s packed so they leave without getting a report. The line can sometimes go out the door,” said Margarita Ibarra, police records assistant. “It’s easy for them now to get it off the Web and print it out wherever they are.”
What they cost: They’re free! That compares to the 10 cents-a-page the police charge if you request a report in person.
What the reports contain: Typically, contact information for witnesses, suspects and victims and a brief description of the incident. Some incidents, such as sexual offenses or juvenile crimes, will not be available online because the information is protected under the state’s open records law, police spokesman Lt. Blake Miller said.
What else is available on the web: Besides police reports, residents can also look up information such as crime statistics, working police calls, sex offender registry, a jail inmate list and the locations of the latest traffic collisions on the police department’s Web site.
Hit parade: The site received more than 1 million hits last month, Miller said.
“It’s another opportunity for our department to provide greater access to the community when it’s convenient for them,” Miller said. “This saves you a trip to the police department. You don’t have to take time off work.”
What about traffic accident reports: Traffic accident reports are expected to be available online within the next month, Miller said. Those reports, which cost $4 at the police station, will also cost to view online but a price has not been determined.
The Arlington Police have launched a new link on their Web site, www.arlingtonpd.org, for people to look up and print their police reports.
What’s new: The Arlington Police Department launched the “Public Reports” link on its Web site last month to make it easier for people who need a copy of their incident reports for insurance or other purposes. Before, people had to come in person to the police department between 8 a.m. and 5 p.m. weekdays. Now, with a report number and the last name of a person involved in the incident, those reports can be retrieved online any time, without waiting in long lines or missing work.
“Sometimes people come rushing in at lunch hour and it’s packed so they leave without getting a report. The line can sometimes go out the door,” said Margarita Ibarra, police records assistant. “It’s easy for them now to get it off the Web and print it out wherever they are.”
What they cost: They’re free! That compares to the 10 cents-a-page the police charge if you request a report in person.
What the reports contain: Typically, contact information for witnesses, suspects and victims and a brief description of the incident. Some incidents, such as sexual offenses or juvenile crimes, will not be available online because the information is protected under the state’s open records law, police spokesman Lt. Blake Miller said.
What else is available on the web: Besides police reports, residents can also look up information such as crime statistics, working police calls, sex offender registry, a jail inmate list and the locations of the latest traffic collisions on the police department’s Web site.
Hit parade: The site received more than 1 million hits last month, Miller said.
“It’s another opportunity for our department to provide greater access to the community when it’s convenient for them,” Miller said. “This saves you a trip to the police department. You don’t have to take time off work.”
What about traffic accident reports: Traffic accident reports are expected to be available online within the next month, Miller said. Those reports, which cost $4 at the police station, will also cost to view online but a price has not been determined.
The Arlington Police have launched a new link on their Web site, www.arlingtonpd.org, for people to look up and print their police reports.
Wednesday, February 07, 2007
Here are the latest MLS statistics for Arlington
Texas Residential MLS Activity-Number of Houses for Sale
Homes for Sale Dec 2006-2829 Dec 2005 2537
That is a 12% increase from last year.
Texas Residential MLS Activity-Number of Homes Sold
Homes Sold Dec 2006-459 Dec 2005 484 Down 5% for the month
Overall, the number of sales increase 6% in 2006 from 2005.
Homes for Sale Dec 2006-2829 Dec 2005 2537
That is a 12% increase from last year.
Texas Residential MLS Activity-Number of Homes Sold
Homes Sold Dec 2006-459 Dec 2005 484 Down 5% for the month
Overall, the number of sales increase 6% in 2006 from 2005.
Tuesday, January 23, 2007
Kennedale Looks to Town Center For Boost
KENNEDALE -- Kennedale is launching plans for a town center that officials hope will give the city an economic face-lift.
For years the city's identity has been tied to auto salvage yards, racetracks and sexually oriented businesses. But city leaders want to set a new tone for development, adding a mix of commercial, residential and recreational uses to a roughly 30-acre site that already includes city government buildings.
"What we're trying to do is get a place that is an attraction that people want to come to, a destination," said Mark White, the interim city manager.
The key is finding one or more developers who will work with the city on a shared vision for the area over several years, he said.
The site of the proposed TownCenter Kennedale -- bordered roughly by Kennedale Parkway, Bowman Springs Road and Third Street -- is already home to City Hall, the police station, the senior citizen center and the new public library.
Mike Soab, the city's economic development director, is talking with several developers about bringing in restaurants, stores, offices, town houses, a park and other attractions.
If successful, officials say, the town center could influence development in the drab business strip along Kennedale Parkway and in other parts of the city.
"We have to make our main thoroughfare reflective of the values of our community," Soab said. "We start doing that by creating a heart of the city, and that's a town center. It raises the bar of expectation of what can be done on Kennedale Parkway."
The city is also considering creating a tax increment financing district to help pay for roads, utilities and other infrastructure for the project. Such districts capture tax revenue generated by new construction or property value increases within the project site.
The motivation: The city's main guide for the project is a 2003 redevelopment study conducted for Kennedale by the University of Texas at Austin's School of Public and Urban Affairs. The study said a town center would "strengthen the sense of civic pride and identity" in the city of 6,150, which has grown more than 50 percent since the 1990 census.
"Currently, there is no 'urban core' to create a unique image for Kennedale," the study authors wrote. "With no other competition, the most indelible impressions one may derive from Kennedale may be those of sexually oriented businesses and racetracks."
Kennedale never had a town square or other well-configured economic center. Its business district sprang up along a railroad track in the late 1800s. After a fire destroyed all but one building in 1908, business migrated to what is now Kennedale Parkway, or Business 287.
Most residents work outside Kennedale, and many do their shopping in Arlington and other cities before they get back home, the study said.
"We need manufacturing, we need retail, we need grocery stores, we need a balance," said Robert Mundy, vice president of the Kennedale Economic Development Corp., which administers a half-cent sales tax for business projects. "We need something that will support the citizens' needs."
Role model: Kennedale follows the lead of several area cities that hadn't had downtown squares but are creating economic focal points.
Soab, who was Colleyville's economic development director before he came to Kennedale seven months ago, helped create The Village at Colleyville with developer Realty Capital Corp. The 30-acre town center, which opened its first building in 2002, has completed about half of its planned 750,000 square feet of retail, restaurants, offices, government buildings, town homes and lofts, Realty Capital President Richard Myers said.
Myers said The Village has a property tax value of about $60 million so far. His advice to Kennedale is to let the market dictate what goes into the town center -- how much retail versus residential, for example.
"The city needs to give the project a little bit of freedom because they're complicated," Myers said.
ONLINE: www.cityofkennedale.com
For years the city's identity has been tied to auto salvage yards, racetracks and sexually oriented businesses. But city leaders want to set a new tone for development, adding a mix of commercial, residential and recreational uses to a roughly 30-acre site that already includes city government buildings.
"What we're trying to do is get a place that is an attraction that people want to come to, a destination," said Mark White, the interim city manager.
The key is finding one or more developers who will work with the city on a shared vision for the area over several years, he said.
The site of the proposed TownCenter Kennedale -- bordered roughly by Kennedale Parkway, Bowman Springs Road and Third Street -- is already home to City Hall, the police station, the senior citizen center and the new public library.
Mike Soab, the city's economic development director, is talking with several developers about bringing in restaurants, stores, offices, town houses, a park and other attractions.
If successful, officials say, the town center could influence development in the drab business strip along Kennedale Parkway and in other parts of the city.
"We have to make our main thoroughfare reflective of the values of our community," Soab said. "We start doing that by creating a heart of the city, and that's a town center. It raises the bar of expectation of what can be done on Kennedale Parkway."
The city is also considering creating a tax increment financing district to help pay for roads, utilities and other infrastructure for the project. Such districts capture tax revenue generated by new construction or property value increases within the project site.
The motivation: The city's main guide for the project is a 2003 redevelopment study conducted for Kennedale by the University of Texas at Austin's School of Public and Urban Affairs. The study said a town center would "strengthen the sense of civic pride and identity" in the city of 6,150, which has grown more than 50 percent since the 1990 census.
"Currently, there is no 'urban core' to create a unique image for Kennedale," the study authors wrote. "With no other competition, the most indelible impressions one may derive from Kennedale may be those of sexually oriented businesses and racetracks."
Kennedale never had a town square or other well-configured economic center. Its business district sprang up along a railroad track in the late 1800s. After a fire destroyed all but one building in 1908, business migrated to what is now Kennedale Parkway, or Business 287.
Most residents work outside Kennedale, and many do their shopping in Arlington and other cities before they get back home, the study said.
"We need manufacturing, we need retail, we need grocery stores, we need a balance," said Robert Mundy, vice president of the Kennedale Economic Development Corp., which administers a half-cent sales tax for business projects. "We need something that will support the citizens' needs."
Role model: Kennedale follows the lead of several area cities that hadn't had downtown squares but are creating economic focal points.
Soab, who was Colleyville's economic development director before he came to Kennedale seven months ago, helped create The Village at Colleyville with developer Realty Capital Corp. The 30-acre town center, which opened its first building in 2002, has completed about half of its planned 750,000 square feet of retail, restaurants, offices, government buildings, town homes and lofts, Realty Capital President Richard Myers said.
Myers said The Village has a property tax value of about $60 million so far. His advice to Kennedale is to let the market dictate what goes into the town center -- how much retail versus residential, for example.
"The city needs to give the project a little bit of freedom because they're complicated," Myers said.
ONLINE: www.cityofkennedale.com
Thursday, January 11, 2007
Gas-drilling deal should end the Rolling Hills rumors
By putting the ink on what is expected to be a lucrative deal this Sunday, the members of Rolling Hills Country Club -- 97 primo mid-Metroplex acres at Interstate 30 and Cooper Street -- hope to finally dispel the rumors that the club will be sold.
The deal? There's gold under those fairways, or at least something that can be bartered for gold. Drill down roughly 7,000 feet and behold, there'll be natural-gas-rich shale.
This Sunday at 2 p.m., club President Richard Smith and Marsh Operating Co. Vice President W.B. Phillips will sign an agreement for Marsh to explore and drill for gas on the property this year. Given the realities of the natural gas presence in the Barnett Shale, it's as close to a sure thing as this business gets.
How many dollars are we talking here? Smith isn't saying, though no doubt the numbers will leak out sooner rather than later. But the combination of substantial upfront money and follow-up royalties will certainly alter the financial dynamics and long-time stability of the club; so much focus on the possible sale had affected new-member recruitment.
"Widespread reports that Rolling Hills would eventually become anything but a country club put the club in a holding position to solicit new members for almost two years," said Ralph Gilmore, a 32-year member and club spokesman. "The board is anxious to put to bed all the rumors, speculation and newspaper reports of the past year and focus on attracting new members."
Background: Built in 1954 on a former dairy farm in a rural area not then in the Arlington city limits, the club basically fronts on I-30, which did not exist in 1954. As Arlington's population exploded, the appeal of the property to developers grew. Inquiries for possible purchase became virtually an annual event.
The dollars involved also grew -- a reported $24 million offer in January of last year was followed by a midyear $34 million offer, club leadership confirmed.
There was another wrinkle as well. When the city was pursuing the possibility of Arlington's becoming the home of the George W. Bush Presidential Library it became obvious that Rolling Hills was the city's preferred site. The city did not prevail in that endeavor.
Though it's quite likely that the club could have been bought for the kind of money being waved about, the problem was that potential investors basically wanted to make the sale contingent on the getting the proper commercial zoning, which would have also required City Council approval.
That could take many months and was by no means certain. Indeed, it appeared that a majority on the council disapproved of the kind of big-box shopping center proposed. A lingering limbo with an unguaranteed payday would probably be disastrous to club membership.
Though some of the club members were inclined to approve the $34 million sale, the required two-thirds majority did not materialize, and the decision was made to proceed with the gas exploration.
So while golf members may be playing 3-irons around drilling rigs for a while, the era of to-sell-or-not appears over.
And revenues from gas proceeds will likely make the course one of the more appealing and accessible such venues in the region.
Indeed, if an expected explosion of mixed commercial and residential uses occurs in the area as expected -- the club adjoins the Lamar-Collins Overlay District -- then Rolling Hills in the next few years could easily become one of the hottest private club memberships in the region.
The deal? There's gold under those fairways, or at least something that can be bartered for gold. Drill down roughly 7,000 feet and behold, there'll be natural-gas-rich shale.
This Sunday at 2 p.m., club President Richard Smith and Marsh Operating Co. Vice President W.B. Phillips will sign an agreement for Marsh to explore and drill for gas on the property this year. Given the realities of the natural gas presence in the Barnett Shale, it's as close to a sure thing as this business gets.
How many dollars are we talking here? Smith isn't saying, though no doubt the numbers will leak out sooner rather than later. But the combination of substantial upfront money and follow-up royalties will certainly alter the financial dynamics and long-time stability of the club; so much focus on the possible sale had affected new-member recruitment.
"Widespread reports that Rolling Hills would eventually become anything but a country club put the club in a holding position to solicit new members for almost two years," said Ralph Gilmore, a 32-year member and club spokesman. "The board is anxious to put to bed all the rumors, speculation and newspaper reports of the past year and focus on attracting new members."
Background: Built in 1954 on a former dairy farm in a rural area not then in the Arlington city limits, the club basically fronts on I-30, which did not exist in 1954. As Arlington's population exploded, the appeal of the property to developers grew. Inquiries for possible purchase became virtually an annual event.
The dollars involved also grew -- a reported $24 million offer in January of last year was followed by a midyear $34 million offer, club leadership confirmed.
There was another wrinkle as well. When the city was pursuing the possibility of Arlington's becoming the home of the George W. Bush Presidential Library it became obvious that Rolling Hills was the city's preferred site. The city did not prevail in that endeavor.
Though it's quite likely that the club could have been bought for the kind of money being waved about, the problem was that potential investors basically wanted to make the sale contingent on the getting the proper commercial zoning, which would have also required City Council approval.
That could take many months and was by no means certain. Indeed, it appeared that a majority on the council disapproved of the kind of big-box shopping center proposed. A lingering limbo with an unguaranteed payday would probably be disastrous to club membership.
Though some of the club members were inclined to approve the $34 million sale, the required two-thirds majority did not materialize, and the decision was made to proceed with the gas exploration.
So while golf members may be playing 3-irons around drilling rigs for a while, the era of to-sell-or-not appears over.
And revenues from gas proceeds will likely make the course one of the more appealing and accessible such venues in the region.
Indeed, if an expected explosion of mixed commercial and residential uses occurs in the area as expected -- the club adjoins the Lamar-Collins Overlay District -- then Rolling Hills in the next few years could easily become one of the hottest private club memberships in the region.
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