Sanctuary at Redfish

[nmosley]

Shelly -
You are tooooo funny! Seriously... I think you should consider comedy as a part-time career. You have quit wit and a great sense of timing. Have an excellent evening!
Naj

 

[Smiling JOe]

Wow - quite an endorsement ...from SJ!


I do believe some have/ are INDEED forfeiting six-figure EMD's on this project...
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That six-figure EMD is not much different from the interest only payments for the first two years, and now the buyers will have their 10-20% down payment money (even though it is like prepaying all of the interest up front). Now, as prices decrease, they may be able to buy something else at a better price point. Heck, they may even be able to buy one of these at auction, and still come out ahead of other buyers who take the contract to close.

 

[SHELLY]

I do believe some have/ are INDEED forfeiting six-figure EMD's on this project...
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Ouch! I bet that's gonna leave a mark.

 

[Mango]

Residents of Redfish Sanctuary board pontoon for a pleasant junt to the beach.

:funn: :rofl: I just spewed my water.

 

[Unplugged]

Update: 20+ units have closed. 18 units are listed for sale in the MLS. Some folks have indeed walked away from their 20% deposit...
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[Smiling JOe]

Update: 20+ units have closed. 18 units are listed for sale in the MLS. Some folks have indeed walked away from their 20% deposit...
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...and those who walked away from their $100K will not be tied to taxes, insurance and HOA. They would have spent over $100k in interest only payments over a two year period, and now they don't have to worry about selling their units.;-)

 

[flyforfun]

I think the development needs to polish up the sales pitch for this "amenity" --maybe hiring a retired Disney's Jungle Cruise guide with a pith helmet and cap pistol; or maybe a Bogart look-alike ala the "Jungle Queen."

NOW THAT IS FUNNNY!!! Where do I send my application to?

 

[Unplugged]

...and those who walked away from their $100K will not be tied to taxes, insurance and HOA. They would have spent over $100k in interest only payments over a two year period, and now they don't have to worry about selling their units.;-)

I agree with this logic - now, if only the at risk $$'s were 'just' $100k - that would have been cheap as compared to the 20% deposits that have actually been forfeited. What happens to the analysis at $200k, 300K and up? Keep in mind the least expensive units were just under $1MM, but several who walked had indeed contracted for significantly higher-priced units...
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[Smiling JOe]

I agree with this logic - now, if only the at risk $$'s were 'just' $100k - that would have been cheap as compared to the 20% deposits that have actually been forfeited. What happens to the analysis at $200k, 300K and up? Keep in mind the least expensive units were just under $1MM, but several who walked had indeed contracted for significantly higher-priced units...
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You are correct. I was thinking that they were at 10% down, but that is probably with a 10% letter of credit, which, as you say is 20%. Still, I think after you pay the extras over two years, these people will come close to balancing out, but they will have the credit to buy the bargain basement properties in the mean time, so that could put them ahead in the long term. What do you think?

 

[Unplugged]

You are correct. I was thinking that they were at 10% down, but that is probably with a 10% letter of credit, which, as you say is 20%. Still, I think after you pay the extras over two years, these people will come close to balancing out, but they will have the credit to buy the bargain basement properties in the mean time, so that could put them ahead in the long term. What do you think?

Oh for sure - especially when you factor in the available credit and more importantly, follow through in purchasing at these bargain prices - it's just amazing what you can pick up now at what those units sold for pre-construction...
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