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News Article

12/31/2011 - Green Cay Village Occupancy Stats

The townhomes and condos are essentially fully occupied with either homeowners or renters.
 
  2007
Year
End
2008
Year
end
2009
Year
End
2010
Year
End
2011
Year
End
Townhomes          
Total Units 100 100 100 100 100
Sold Units
  Owner Occupied
  % Owner Occupied
  Leased by Owner
  Leased by Association
  Bank Owned
67
66
66
1
0
0
69
67
67
2
0
0
70
65
65
5
0
0
75
65
65
10
0
0
75
62
62
12
0
1
Developer Leased Units 0 0 27 23 23
Remaining Developer Units 33 31 3 2 2
Condos          
Total Units 160 160 160 160 160
Sold Units
  Owner Occupied
  % Owner Occupied
  Leased by Owner
  Leased by Association
  Bank Owned
89
87
54
2
0
0
91
88
55
3
0
0
94
87
54
7
0
0
95
79
49
14
0
2
95
69
43
23
2
1
Developer Leased Units 0 0 64 64 64
Remaining Developer Units 71 69 2 1 1
Apartments          
Total Units 160 160 160 160 160
Leased Units 144 160 152 160 160

Editorial Comment

As the editor, a homeowner, and the president of the condo association, I have struggled to wrap my head around these numbers to figure out what they mean to us as a community.

My conclusion is that our future will be mostly defined by how good a job Palm Park, the Developer, the Associations, and the Homeowners do in managing the community given the large number of renters we have living here. Each of these entities has to do their part.

  • Palm Park needs to continue to work on improving the mix of it's tenants, such that their base of residents becomes ever more stable. There is no conflict here as stable tenants translate into increased profits which result from reduced turnover.
  • The Developer needs to work to improve the mix of it's tenants so that rents can be increased over time, while waiting for the opportune time to sell the unsold owned units.
  • The Associations have to pay attention to the qualifications of the people the homeowners are leasing to and in particular make sure that the right background checks are being conducted per the docs.

  • The homeowners need to play a lead role in governing the community, as it is this legally assigned responsibility to govern that sets the community apart from a purely rental community.

And everyone, homeowners and renters alike, needs to make sure that all of our rules and regulations are being followed so that Green Cay Village continues to be a safe and pleasant place for everybody to live every day of the week.

That said, we are all in this together. So be a good neighbor to all. Wave. Smile. Say hello.

Note: While I have continued to use the term Developer in this update, as of June 1, 2011 the Developer sold all of their unsold townhomes and condos to Willow Trading, LLC and thus the Developer no longer has a role in the townhome and condo communities. However the Developer still owns Palm Park Apartments and thus is still involved in the overall welfare of Green Cay Village. 


Peter Schulz - Editor - Email TCR

 
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