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Look this situation has everyone nervous, but lets get one thing straight. I am happy for those who have the wherewithall to sustain in these tough times. Especially those who have labored 30+ years and have found a bargain here at NBT. At the same time as an investor(STI) I am leary of this deal.
We are sitting on the loss of 10% of 535,000(you do the math, it sickens me) because of nothing more that poor timing. Who had any inkling that things would turn this bad 3-4 years ago? Again best to you residents and retirees, I've got kids in college and a 1st mortgage. Wish me luck too....
I think the info regarding the HOA fees for unsold units is on page 26/27 of the Master deed that was filed with Horry County in April. I have a .pdf copy but the rules of this forum are not to attach a document that large ( 6MB).
Maybe you can fikd it in public records or ask your realtor/att'y for a copy.
good luck. you deserve what you end up with, with that attitude. I can assure you what he said, in meaning, is not what is in the master deed. you are correct about one thing, you will need people that can "sustain". btw...when was the island completed? this is what I mean when I say...."in the dark".
Per your earlier question, the prices have been adjusted several times. This is a summary of Original (O) versus Promotional (P) prices currently in place.
No one posting to this site has a crytal ball as to the ultimate success or failure of North Beach. Most of us signed our contracts to purchase over 3 years ago and many things have changed over the last 3 years. Now we all do what we have to do in our current situations - either keep moving forward or throw in the towel. Those of us that have elected to go forward with this investment, I hope, will someday say we made the right choice. People with positive attitudes usually enjoy more success in their lives and are happy - so lets all stay positive about NBP at least for now!
North Beach Towers is already a sucess story because this phase is complete, units are closing, and owners are moving in. I am a new buyer just getting ready to enter into a purchase agreement. Having been a developer myself, the banks could have easily taken the Winchester Group into bankruptcy on this project. But instead they meet a few months ago and elected to continue their support. No doubt, the banks are calling all the shots now and setting prices on the units to insure a reasonable sell out. My surprise is that they let all who entered into pre-construction agreements (2006) off the hook, by giving them the current discounted prices. According to the original agreements I have seen, there was no legal reason to revise the original agreement prices (i.e. these are ironclade agreements favoring the developer!). However, the banks interest is to sell out all units and get their investment back in full. The best way to do this is to close as many units as possible at prices that will give them a return (not line the developers pockets). Even if it means passing along the current price to previous contract holders. I would think everyone would be jumping for joy that they are now getting the same unit they agreed to purchase in 2006 (without bank assistance according to the original agreements you signed) at a 40% discount. Where is the excitement? I know I am excited to be able to get a great property at a 40% discount.
For those of you who are under contract, I would suggest getting a copy of the 'Master Deed' and 'Declaration of Convenants, Conditions, Easements and Restrictions' both of which were just recorded on 4/6/2009 to make sure nothing has changed from the original documents for which your agreements were based. Also if you are interested in following some of 'Winchester North Beach Towers LLC' plight go to horrycounty.org and review all public records.
Thanks, it looks like the project will succeed and this will help the "neighborhood." No one wants a half empty building and the buyers who got the new prices have a great deal regardless of the current market conditions since they could have been trapped into the legal mess of the original prices.
Quote:
Originally Posted by NBT-home
gerstj7 ......
Per your earlier question, the prices have been adjusted several times. This is a summary of Original (O) versus Promotional (P) prices currently in place.
gerstj7 Thanks
That is a good site to keep track of closings. Unit 1213 also closed to make the count 6 for the first day.
Very good day, we are moving forward. This is a positive for all of us that have been waiting.
I am thankful for the new prices, we could be looking at the orginal prices. Wouldn't that be upside down. I think my unit is a good deal today.
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