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News Article

7/1/2010 - Townhome and Condo Occupancy Status

As of 6/30/2010, the townhomes and condos are essentially fully occupied with either homeowners or renters.

Green Cay Village Occupancy
2007 - 2010

  2007
Year
End
2008
Year
end
2009
Year
End
2010
Mid
Year
Townhomes        
Total Units 100 100 100 100
Sold Units *
  Owner Occupied
  Leased by Owner
67
66
1
69
67
2
70
65
5
72
63
9
Developer Leased Units 0 0 27 26
Remaining Developer Units 33 31 3 2
Condos        
Total Units 160 160 160 160
Sold Units *
  Owner Occupied
  Leased by Owner
  Bank Owned
89
87
2
0
91
88
3
0
94
87
7
0
95
83
11
1
Developer Leased Units 0 0 64 64
Remaining Developer Units 71 69 2 1
Apartments        
Total Units 160 160 160 160
Leased Units 144 160 152 160

* Includes 8 townhomes and 11 condos currently in foreclosure.

Editorial comment - The trend toward increased leasing by homeowners is not surprising. Given the dramatic drop in property values, it will be impossible for most homeowners to sell their home without taking a significant loss - so much so that the best option, if one must move, will be to lease their home.

In time this problem will sort itself out. Property values will go up again, but not for many years. In the meantime the community will transition to a higher percentage of homeowner leased units as jobs and other circumstances dictate the need for families to move.


Peter Schulz - Editor - Email TCM

 
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