Real Estate Supply

[Smiling JOe]

Sounds liike WaterColor is just waiting for a lawsuit. Can you imagine a black person buying in WaterColor and having to pay if he does not start on or before the construction start date, when even just one white person does not have to pay? Seems to me, WC should have planned better for this mess.

 

[Miss Kitty]

I agree, I am ready for my neighbor to build his house and get it over with. On the other side, if you bought a lot nearing the buildout deadline and are trying to get plans approved asap, you don't want to pay a penalty if everyone else hasn't paid them.

If you don't mind my asking...when is the neighbors start date? I can understand this more for a "new" buyer with the intent of building, but if you were the original buyer (flipper) of the lot, I say they should pay for their "greed".

 

[SHELLY]

Seems to me, WC should have planned better for this mess.

In the heady days of the Real Estate party the only thing that mattered beyond the day the contract was inked was what the "next guy" was paying for his property.

The Real Estate party is ending and the hangovers are starting to come--out with the real estate industry....que the lawyers (they've been sitting idle since last year's Bankruptcy Bubble and they're itching to dance).

 

[Santiago]

If you don't mind my asking...when is the neighbors start date? I can understand this more for a "new" buyer with the intent of building, but if you were the original buyer (flipper) of the lot, I say they should pay for their "greed".

I'm not sure when their start date is but its one of if not the last lot in Lake District. I'm pretty sure they are past it. It does look like they are about to start. Surveyors have been out and a sign is now on the lot. I don't know if greed played a part, they could have intended to start earlier and been held up by an architect or some other factor. We once had an architect take 15 months after telling us it would take 6 months.

 

[Santiago]

Sounds liike WaterColor is just waiting for a lawsuit. Can you imagine a black person buying in WaterColor and having to pay if he does not start on or before the construction start date, when even just one white person does not have to pay? Seems to me, WC should have planned better for this mess.

It's going to get interesting. I know of multiple property owners personally(at least 8) who have no intention of participating in the purchase of additional time.

 

[Joe Complete]

FYI: Watercolor has just granted all lot owners an automatic 2-year extension to the construction commencement requirements.

 

[SHELLY]

FYI: Watercolor has just granted all lot owners an automatic 2-year extension to the construction commencement requirements.

JOE needs to do something to sell off it's excess properties--the stock price is tanking. This won't bode well for the folks who jumped through hoops to meet the build-out though.

I expect them to warn on their earnings--like most of the homebuilders have been doing as of late.

 

[josebby]

WaterSound lot owners were granted the same two year extension today.

 

[pgurney]

And what happens with those folks who purchased extensions? Are they receiving a refund? Then there's the lot owners that sold at lower prices to avoid the build-out, but otherwise wouldn't have sold.

 

[Joe Complete]

Those who purchased an extension can either get a refund or have the 2 years added to the end of their extension.