About - History of Green Cay Village
Green Cay Village - 2007 - 2009 - Moving In - Slowly
The first wave of homeowners moved into the townhomes and condos in early 2007.
But by mid 2007 the housing market was dying. And after only a handful of sales from mid 2007 through the 1st quarter of 2008, sales died completely with only 69% of the townhomes and 57% of the condos having been sold by the end of 2008.
So in the 2nd quarter of 2009 the Developer began leasing the unsold townhomes and condos and by the end of 2009 the occupancy of the townhomes and condos was at 98% with the Developer owning and leasing 27% of the townhomes and 40% of the condos.
Green Cay Village Occupancy
2007 - 2009
| |
2007
Year
End |
2008
Year
end |
2009
Year
End |
| Townhomes |
|
|
|
| Total Units |
100 |
100 |
100 |
Sold Units
Owner Occupied
Leased by Owner |
67
66
1 |
69
67
2 |
70
65
5 |
| Developer Leased Units |
0 |
0 |
27 |
| Remaining Units |
33 |
31 |
3 |
| Condos |
|
|
|
| Total Units |
160 |
160 |
160 |
Sold Units
Owner Occupied
Leased by Owner |
89
87
2 |
91
88
3 |
94
87
7 |
| Developer Leased Units |
0 |
0 |
64 |
| Remaining Units |
71 |
69 |
2 |
| Apartments |
|
|
|
| Total Units |
160 |
160 |
160 |
| Leased Units |
144 |
160 |
152 |
In the meantime, the apartments began leasing in the 3rd quarter of 2007 and rapidly reached 100% occupancy by the end of the 1st quarter of 2008. Since then occupancy in the apartments has held steady with only a recent slight dip due to job losses leading people to leave for more economical housing e.g. living with parents, relatives, etc.
| 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.
- 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.
- 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.
Peter Schulz - Editor
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