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6/8/2011 - Interview with Serge van Duuren

Gillone Piguet, the townhome voting representative on the Master Association board recently interviewed Serge van Duuren, the President of Willow Trading, LLC, the new owner of the unsold townhome and condo units.

Here is the text of their meeting.

Q How long have you been involved with Green Cay Village and how has your role changed with your purchase of the unsold townhome and condo units?

A  We have been partners with the the original developer for the past two years and now we have taken over as the full and exclusive owner of the unsold units. So we know the property and we are not new to Green Cay Village. As to our role, we will now have the same rights and duties as the original developer.

Q  Do you have an obligation from your bank to sell a given number of units each year, even if this means selling at a very low price?

A  No. We have a great bank that is backing us with no sales volume restrictions. Furthermore we plan to market overseas and in Canada because people from these countries appear to be able to pay more for Florida properties. So we expect to have the capability of keeping property values higher than if we were selling exclusively into the United States market.

For example, our last sales were around $198,000 for a townhome and $167,00 for a condo.

Q  Do you expect that a lot of the sales will be as a second home and that a lot of the sales will be cash deals?

A  Yes.

Q What effect do you think selling units as second homes will have on the banks willingness to lend to buyers?

A  The questionnaire used by the banks varies. Some of them consider a second home as an investment, others make a distinction between a second home and an investment when the property is rented.

Q  I heard that you plan to transfer the sales office to one of the townhomes. Will this create a precedent leading to other homeowners using their home as a place of business?

A  Your docs specify that the Developer, its designees, successors and assigns, has the right to have a sales office on the property and to use townhomes and condos for that purpose. However homeowners and other residents are not allowed to run a business from their home and your docs are clear on this point i.e. "[Homeowner units] shall be used only for single-family, private, residential dwellings and for no other purpose".

As for our sales office, it will be closed on Saturday and Sunday and parking will be in the Clubhouse parking lot, so there should not be on-street parking or traffic problems due the sales office being in one of the townhomes.

Q  A lot of time when a new owner comes in they say is that nothing will change and then in fact they proceed to change policies and fire people.

A  Like I said, we have been working as a main partner for the last two years. If we were not happy with the current policies and team, we would have already made the changes.

Q  Are you looking to sell multiple units to investors from abroad or to individuals?

A  We already sold several units to the same person. But we are looking to make as much money as we can and this will require that we sell to individuals. That said, some owners will want to buy other units for their close family and we will encourage that.

Gillone: Thank you for taking the time to talk to me Serge. I know that you are leaving for a week or so. When you return I would like to invite you to meet with all of the board members. I'm sure they would like to meet you. I'll stay in touch.


Peter Schulz - Editor - Email TCRM

 
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