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6/6/2011 - Investor Buys Unsold Townhomes and Condos

The Developer has sold all of their unsold townhomes and condos to the van Duuren family, owners of De Wilgen Vastgoed, a European builder of residential and commercial real estate projects, based in Rotterdam, Netherlands.

Homeowners and residents of Green Cay Village should not notice many immediate changes, but the net effect of the sale will probably be good for the community in both the short and long run.

Here are the details to help you understand what is changing and what is not.

  • The apartments are currently owned and will continue to be owned by a partnership consisting of Randy Rieger, a principal of Miami-based Housing Trust Group, Jerry Goray, president of Goray Communities of Boca Raton, and the Marcus family. So no change here.
  • The unsold townhomes and condos were owned by a partnership consisting of Randy Rieger, a principal of Miami-based Housing Trust Group, Jerry Goray, president of Goray Communities of Boca Raton, the Marcus family, and for the last two years also by the van Duuren family.
  • Effective June 1, 2011, the 25 unsold townhomes and 65 unsold condos are now exclusively owned by the van Duuren family operating as Willow Trading, LLC. Their focus will be on continuing to lease the unsold units while gradually selling units to Europeans and Canadians as second homes as market conditions improve.
  • The Developer's staff, consisting of C.J. Maier - Project Manager, Emily Smith Freifeld - Office Manager, and Joel Ramirez - Maintenance, will continue in their current assignments but will now be working for Willow Trading, LLC. In addition, C.J. Maier will continue to serve on the Master Association, Townhome Association, and Condo Association Boards of Directors.
  • Residents currently leasing from the Developer should pay any unpaid rent and all future rent to Green Cay Homes with payments sent to 12747 Jog Road, Boynton Beach, FL 33437.

    Update: As of 7/5/2011 the new mailing location is 6683 Old Farm Trail, Boynton Beach, Fl 33437.

In a related move, the sales and leasing office, currently located at the corner of Jog Road and Flavor Pict Road, will probably be moved to one of the unsold townhomes across the street from the Clubhouse parking lot in the months ahead. The hours for the sales and leasing office will remain the same - M - F from 10:00 am to 5:00 pm, with all parking to be in the Clubhouse parking lot.

Questions and Answers
1. Why will the Investor have seats on the townhome and condo boards like the Developer did?
Answer: Both Florida statutes and our docs allow for passing of most of the original developers rights in the case of a bulk sale. Thus, per our docs, the Investor is entitled to elect one director each to the townhome and condo boards as long as he owns 5% or more of the units.
2.  Will the Investor have a representative on the Master Association board?
Answer: No. The Master Association board consists of three directors appointed by the Apartment Parcel Owner (not the Investor) plus one director elected by the Townhome Association, and one director elected by the Condominium Association.
Since the Apartment Parcel Owner is unchanged, they will continue to appoint three directors and for now these three directors are CJ, Emily Smith Freifeld, and Greg Marcus.  As for the townhome and condo voting representatives, they will continue to be elected by their respective associations. 
3. Given the large number of votes that the Investor has in both the townhome and the condo associations, should we be worried that the Investor will want to do things that are not in the best interest for the current homeowners?
Answer: Only time will tell. But the Investor has the same goals as the Developer had, to sell the units they own at the best price they can get. And to do that, they need the community to be healthy i.e. well managed and well maintained. Furthermore, CJ and Emily Smith Freifeld will be providing continuity.
4. How will this help owners when asking for loans from banks when the banks see that we have more than 25% of our units being rented.?
Answer: Nothing has changed. We will have the same number of renters as we had before. In the long run it may help because the Investor may be more successful in selling units because a) they have a perhaps better marketing strategy of selling to the European and Canadian market and b) they probably will be able to sell for less as they probably got a good price on the units - I'm just guessing here on the price. 

5. Who owns the land where the sales office trailer is currently located, as well as the farm land  behind it. I'm concerned about that area being commercially developed. Any idea on what is going on with that parcel of land?

Answer: The sales office trailer is located on a 15 acre commercial parcel that is approved for up to 120,000 square feet of commercial space with the following restrictions. No single store can exceed 20,000 square feet (this means no supermarket) and the following are prohibited: gas stations, convenience stores, fast food restaurants, adult entertainment enterprises and communications towers. The parcel is owned by the Winsberg family and is currently being leased for vegetable farming ... more

Editorial Comment - This change in ownership of the unsold units, with a focus on new markets for buyers, should be good for our community in the long run as it should result in more units being sold, thus increasing the percentage of units owned by homeowners. And in the short run, the additional attention to selling units will mean that more than ever, there will be continued pressure on the community to be operated and maintained to the highest standards.

Peter Schulz - Editor - Email TCRM

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