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1/27/2009 - Counting Our Blessings

These are trying times for our country and our fledgling, affordable housing community, and as residents we have a lot to be concerned about.

But we have a lot to be thankful for too. Here is my list.

1. Our community is completed - While we bought near the high point in the market, others who bought into communities a little later ended up surrounded by sand and looking at years before their community will be competed … if ever.

2. Our homes are built for hard times - Beginning with a secure location, away from major urban areas and flood zones, our homes are solidly and affordably built with poured concrete and cinder block construction and comply with the latest South Florida hurricane resistant building codes. Adding to this, our homes have all of the latest green features from high efficiency everything, to native landscaping watered by reclaimed water. And our homes are even handicap compliant .

Together, these features mean that our community should be able to weather the toughest of storms be they caused by nature or by man.

3. Our homeowners are financially stable - The people that bought homes here appear to be able to afford to live here as evidenced by their low levels of bankruptcies, foreclosures, and maintenance fee delinquencies.

In part this is due to the fact that the original offering of homes in our community discouraged speculative buying via use of an "Anti Speculation Clause". In addition, buyers were offered significant incentives to select from a list of reputable lenders.

4. Our Developer has not capitulated - The Developer is currently sitting on approximately 32/100 unsold town homes and 68/160 unsold condominiums. For each of these units, the Developer has to pay on the construction loan as well as pay for the electricity, taxes, and association dues. And, since year end 2007, only two townhomes and one condominium have been sold, in part because the Developer has not lowered the sales price.

Given this situation, the Developer could have knocked 25% - 50% off the selling price to get rid of the units. Fortunately the Developer has not taken this route, which would have immediately lowered the value of our properties.

Instead, the Developer is currently leasing the unsold townhomes and condos at luxury market rental rates. In addition, the Developer will be using extensive prospective-tenant "screening" procedures that are far above rental industry standards.

5. Our Developer is here to stay - Jerry Goray, Greg Marcus, and Randy Rieger own the apartments and the unsold townhome and condominium units and their words and actions indicate that they are committed to making Green Cay Village a success story.

Were this a normal corporate business, they might have sold their interests to a Japanese investment group and walked away, with little more for us to go to for help than a New York City telephone number. " Anyone know how to say "the pool is too cold" in Japanese?

Peter Schulz - Editor - Email TCMP

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