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This is what I have learned. There are eight banks and they are in control. Previously, they were expecting 65 to 70 out of the 340 sum units to close. Someone here wrote that 85% are "flippers." If the "flippers" do not close, these two figures are close. Say 100 close. That leaves 200 + units that will not close. Based on different size units, if the approximate average HOA is $1000/month, the developer/bank will have to pay approximately $200,000 per month. See The Sun News 5-29-09 article "Owners fight to save M Grand." According to the article, the developer left town and the bank foreclosed.
A realtor told me, based on the number of units that are selling in MB and the number of units on the market, it will take four to five years for them to sell. On Realtor.com you can see large units priced low by desperate people. If it takes years for these units to sell, how long will it take for NB to sell the unsold units? I am sure the deed was written with best intentions, but if the developer and/or banks have to pay a large sum for the HOA each month, how long will they continue? How long will banks continue to expend capitol when it may be better business to foreclose?
I was also told they expect lawsuites. It is interesting banks are lending to buyers. My understanding is banks will not lend if litigation is present. No one has a crystal ball, but better decisions are made by knowing all of the facts. Do any of the buyers know all of the facts? It seems the only people here that know all of the facts are the banks and the development company. Are they trying to close as many as they can right now, get as much revenue as they can and worry about tomorrow, tomorrow? The realtors involved do not even seem to know much.
You are correct in that no one has all the facts except the banks (I do not think the developer even has all the facts now!). It is apparant from the public records BOA is calling all shots for NBT. They are also loaning up to 80% on ALL units for those who can qualify. Having some experience in development, if the banks wanted to foreclose on this property they would have done it in March when all the meetings were taking place and more importantly before any of the units closed. The developer is still on the hook for HOA fees for units not sold (i.e. through the banks since Winchester has lost all he can loose on this project!). If the banks do foreclose in the future, they will step into the shoes of the developer and retain the obiligation to pay all HOA fees on unsold units. And Banks do not foreclose on themselves, they just sell off the liabilities or hold them on their books for a future return. To use your numbers ($200,000/month) $2.4 million/yr is nothing to BOA to keep NBT's in first class marketable condition. They have too many magnitudes $ currently invested to see it ever fail.
I feel very badly for those who signed contracts in 2006 thinking that the rental market could substain their cost until they could retire and move in full time. I do not feel bad for those flippers who could never afford the units to start with and are now stuck!
Since units are closing and banks are giving 80% loans on the units, I am very confident that NBT will be sold out in the next couple of years. Further, I am very excited about closing and moving in myself.
This is my last posting on this blog, because all is now good with NBT's! I wish all of you the best and hope to see all the positive and excited new homeowners at the pool bar this fall. Finally. since my wife and I will call NBT's our primary residence, I look forward to starting up (or participating in) a full time residence only club.
lawsuits??? why? the only reason I can think of is because the project was not completed within the 2 year required timeframe. I mean, surely, people aren't blaming the developer for the downturn in the economy. I have to admit, last November, I did meet with an attorney there in MB. He looked at the contract and asked me how I could have signed such a contract ( binding arbitration where I had no way out). I was concerned about the appraisals but now that the price has been reduced twice, I am much happier. I was one of those with the idea of flipping but was also able to buy the condo if flipping was not possible and as it turns out, it will not be possible for a few years. Good luck to all of you; whatever the outcome.
NBT- Home,
So you don't feel bad about the so called "flippers" huh. You can bite me, fella. I put aside an amount of money over the course of 25 years. It is now GONE. Hope you enjoy you drink at the pool bar, remember the first thousand are on me! I just added 10 more years to my carrer, but you have nice time, jack ass.
MB Local, do you have any experience with preconstruction or is the glass always half empty with everything?
NBT - Home- Great post & enjoy the benefits of all your hard work. We sure are! This is a great building--- nothing like it and anyone with any insight and preparation for the future can appreciate this. Taking chances is what spearates the world... this building is not only going to be one we can enjoy but also one to put Myrtle Beach on a much higher level. I'm sure one day---- we can resale and make a profit!
Are you entirely with out emotion? Sorry, I'm out 55k. For you to take that lightly just shows an elitist mentality maybe I am glad I won't have to deal with there. Again don't waste a second concerned about me, it only took 25 years to accumulate what you take so lightly. I'll put you on the list, have a cold one on me....
retire 4 me: I agree with you the place is fantastic. it is a shame that we are in the situation we are all in now. The glass is not half empty, I am just choosing to look at this realistically. If money is no object, then I would have closed last week. Did you close? But for you to think that closing on this thing is a "no brainer" only show me that you have no brain.
Retire for me and nbt-home just joined this month.
Hello !!
These are on nbt payroll and they are posers disreguard their posts!!!
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