Black Bull Community Update

Sunny June days bring much anticipation for the golf course opening at Black Bull. Progress was slowed slightly by the late snow and rain we experienced last month, but we are still estimating that the golf course will open mid- to late July. Landscaping continues to be the focus with daily additions of trees, shrubs and native grasses. Trees are budding and flowers are beginning to bloom throughout the community. Golf cart paths are in and the greens are filling in nicely.

Black Bull plans to open the grill in the temporary clubhouse to members the first part of July. We will be serving lunch daily, as well as a limited-menu dinner a few nights each week. Construction on the tennis courts and a car washing facility has also begun and is scheduled to be completed mid-summer.

We have a number of Locati-designed club homes going up, including two speculative residences. These two homes overlook the 9th fairway and have expansive views of the Bridger Mountain Range. They also have a beautiful creek running through the back of each property.

The Granite Peak is a 2,300+ square foot ranch style home that features 3 bedrooms, 3 1/2 bathrooms and a covered porch. This home will be featured in Bozeman's Parade of Homes tour in early September 2008. For more information about the Parade of Homes, visit www.swmbia.org. The Granite Peak club home is offered at $895,000.

The second speculative home is our popular Yellowstone model. This two-story home is features 2 bedrooms, 2 1/2 bathrooms, a covered patio and a walkout basement. We've modified our standard lower level floorplan to include a custom golf cart garage that takes you right to the golf cart path located in front of the 9th tee boxes. The rest of the lower level is unfinished for the buyer to complete as they'd like. The Yellowstone club home is offered at $995,000.