[plaster3]

You and me both @offset_98. For me the magic number right now is 2,500. That, to my understanding, is the number of permits (not completed homes) that need to be pulled before the developers are required by their development agreement to build the neighborhood park that is suppoed to be between Village 1 and 2.

Now that the developers will likely change in the coming months due to an agreement in the works with lenders, this might change. But this neighborhood park (with basketball/tennis courts) would make it so much easier for me to enjoy the neighborhood rather than driving out of my neighborhood.

I know that is is a long ways out, but every new home is a step closer. I'll put toegether a 3rd quarter report on the development of the community towards the end of the month.

[syn0r]

Mine is one of those. The gameroom/theater option adds even more space than I had imagined. We took a shot in the dark as it was not modeled, but I think the price for the upgrade was well justified, as is adds an additional ~500 sq ft.

The date I was given today for our completion was October 18th. It's amazing how fast these are going up. I believe it is a 42 day completion time from start to finish.

I can't wait to see the finished product, and to finally be a part of the community!

Originally Posted by offset_98

I walked that 3161 today just to see how workmanship is. Looks like the drywall went up today or yesterday. A couple of those 3161's going up have that game room option over the garage too. I think there are 3 or 4 more set to be complete by October 17th (was the date I was told). I hope they continue to sell hard to start village 2!

[megruth]

I have a friend who is building a 3161 with her sister right next door. Super happy everything is moving along so quickly! Like plaster3 We've been in our home since later 2009. I'm hoping when the 2,500 hits we'll be able to get a dog park in that new park. Dogs galore in Inspirada!

[plaster3]

Keep your fingers crossed @megruth!

I think the huge unknown is going to be what happens to the development agreement if (or once) the re-organization agreement is finalized. My understanding from reading each homebuilder's SEC filings is that the bank will take a reduced principal/interest payoff to settle the debt and hold the homebuilders harmless of any future liabilities. If that is the case, ownership will likely be re-organized and conveyed to the homebuilders as related to their pro-rata share of the collateral land. KB Home would hold the lion's share (about 48%), and I believe Toll Brothers is next. What a coincidence considering they are the only active homebuilders right now.

The development agreement may change because of the new ownership, who may believe the terms on which to build these parks was made during a time when home ownership was expected to soar alongside home values. We all know that is not the case today. Nevertheless, I hope they can at least agree that additional parks and trails will entice potential homebuyers. The HOA has recently been very active, hosting many events throughout the community. This is not your average community (besides it being in bankruptcy, at least =D).

I'm working on a 3rd quarter update for this thread, but I'm waiting on some information from the City regarding the Volunteer/Via Inspirada road improvements. My latest walkthrough of the neighborhood is showing a lot of activity. There are not many lots left - my best estimate is probably 2Q 2012 at the latest for 1st Village completion for KB Home. Toll Brothers will likely start building in Meritage's old area in 1Q 2012 at the earliest. The 4th quarter is usually the slowest after Nevada Day, as we move into the holiday season, and doesn't pick up until after Super Bowl Sunday.

By then, the settlement discussed earlier should be approved. I've been reading that the homebuilder's expect this to happen in December at the earliest.

Hope this info helps!

[plaster3]

Also:

If you remember, the City of Henderson established a Limited Transition Area (LTA) last year near Executve Airport (to the northwest) and to the west of Inspirada for "tech" type businesses to establish themselves near the growing airport.

The first subdivision map has been submitted for Planning Commission Approval - I have provided the link below:

http://agendadocs.cityofhenderson.com/CC/AV/PDFConverter/pdftemp/15791.pdf (broken link)

If it doesn't work, here is the link for the agenda itself for you to download:

http://agendadocs.cityofhenderson.co...G%2010/13/2011

The goal of this agenda item is to establish the "broad" layout of the commercial subidivsion. It will likely be subdivided many times as developers purchase the parcels to build these facilities.

There is a development agreement with design standards developers must follow. The idea of the center is not like what you see on Industrial Rd., but more like the business parks you see near Green Valley Pkwy.

Your thoughts are always welcome!

[syn0r]

Originally Posted by megruth

I have a friend who is building a 3161 with her sister right next door. Super happy everything is moving along so quickly! Like plaster3 We've been in our home since later 2009. I'm hoping when the 2,500 hits we'll be able to get a dog park in that new park. Dogs galore in Inspirada!

Confirmed! I am either the husband or brother in law of your friend
It's looking like next week is the week in which the home is completed.

[offset_98]

Originally Posted by syn0r

Confirmed! I am either the husband or brother in law of your friend
It's looking like next week is the week in which the home is completed.

Looks like we're all going to be neighbors!

[plaster3]

Just an FYI the next Henderson City Council Meeting has an agenda item that appears to indicate that they already have a buyer for about 1/2 of the Limited Transition Area to the east of the Airport (about 65 acres).

The developer intends to created a high technology business park, which will employ about 2,000 persons (construction and permanent). The developer is Panattoni Development Company, Inc.

The agenda item is within this page: http://agendadocs.cityofhenderson.co...G%2010/18/2011

The developer website is here: Panattoni

[plaster3]

See below the article from Businessweek outlining a new settlement agreement between Focus Property Group and the Homebuilders who initiated the original settlement agreement earlier this year. Remember that Focus Property and Meritage Homes both were still against the proposed reorganization plan. In this agreement, Focus Property will receive some sort of cash settlement and will likely approve the reorganization plan. Meritage only has a small 3% ownership in this plan, and will most likely have a minimal impact on the judges decision to approve.

I will check the court docs to see how the confirmation hearing went yesterday. This is GOOD news!


New Inspirada Settlement Opens Door for Plan Confirmation

"The Chapter 11 plan covering South Edge LLC, the owner of the 2,000-acre Inspirada residential development in Henderson, Nevada, stands a better chance of approval at the Oct. 17 confirmation hearing now that the largest remaining dispute was settled.

Focus Group South LLC was claiming to have a lien on about $26 million cash and was opposing approval of the reorganization plan. The secured bank lenders were contending that the cash was their collateral.

The settlement calls for the banks to receive $21 million in cash, while Focus takes $5 million from the disputed funds. In addition, other builders behind the South Edge project will buy out Focus’s interest for $35.5 million.

The plan implements a settlement negotiated in May by South Edge’s Chapter 11 trustee with KB Home and other homebuilders who represented 92 percent of the ownership interests in the project. For details on the settlement to be carried out through the Chapter 11 plan, click here for the June 17 Bloomberg bankruptcy report.

KB has 49 percent of the project. Other owners joining in the settlement include Coleman Toll LP with 10.5 percent, Pardee Homes Nevada Inc. with 4.9 percent, and Beazer Homes USA Inc. with 2.6 percent, a KB regulatory filing said.

Bankruptcy began with an involuntary petition filed by secured lenders. The U.S. district court in April upheld a decision from February by the bankruptcy judge to put South Edge in bankruptcy involuntarily and simultaneously appoint a trustee.

The project ultimately was to cost $1.25 billion and have 8,500 homes. The lenders were to provide $595 million in financing. Other financing includes $102 million in public bonds for improvements."

[bayview6]

Plaster3, do you think that the huge gravel quarry a couple miles from Inspirada will start operations next year or 2013?