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News Article

9/23/2009 - Progress In Leasing Unsold Units - Update

The Developer is making very good progress in leasing unsold townhome and condo units.

Late last year the Developer announced plans to lease unsold townhome and condo units toward insuring the financial stability of the community. Details here.

As of 9/23/2009, 87 units have been leased or are in the process of being leased. The chart below shows the progress made in leasing both townhomes and condos.

Townhomes - Details
Units
Total Units 100
Sold Units
   Owner Occupied
   Leased by Owner
69
65    
4    
Developer Leased Units
   Occupied
   Pending

26
22    
4    

Remaining Units 5
Condos - Details
 
Total Units 160
Sold Units
   Owner Occupied
   Leased by Owner
92
85    
7    
Developer Leased Units
   Occupied
   Pending
61
51    
10    
Remaining Units 7

Note: Developer Leased Units include all units currently leased as well as units in various stages of being leased to named individuals.

Editorial Comment

Given the difficult economic times were are in, I view the Developer's success in leasing the unsold units as a win-win-win situation. Specifically,

  • The Developer is winning by getting a much needed revenue stream from the unsold units to cover the costs of his construction loans and his ongoing costs for taxes, management expenses, and homeowners association fees.

    Note: The Developer has been paying the same association fees on the unsold units as the homeowners pay on their units. Leasing the unsold units makes it economically feasible for the Developer to continue paying these association fees into the future.
     
  • The Homeowners are winning by getting economic stability from a reliable source of homeowner association fees. In addition, the homeowners are winning by not having the unsold units sold at distressed prices. And finally, the homeowners are winning by having the continued presence and involvement of the Developer in the community.

    Note: No townhome or condo units have been sold since March of 2008 and all sales up until that point were at the full retail price i.e. no townhomes or condos have been sold at distressed prices. That's the good news. The bad news is that there does not seem to currently be a market for new or resale townhomes and condos, even at distressed price levels.
     
  • The people leasing the unsold units are winning by getting a good deal in terms of a great place to live at an attractive price.

Yes, I can imagine a better world where everyone who lived here was a financially able homeowner and where property values were rising at historical rates. However, our situation as a community is very good compared to other less fortunate communities that are dotted with failed properties and are unable to keep up with the maintenance of their communities.

So I count my blessings and continue to be grateful to our Developer for all he has done and all he is doing to help us all through these difficult economic times.


Peter Schulz - Editor - Email TCM

 
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