Assemblage Update
I hope Everyone had a wonderful Thanksgiving and enjoyed the
beautiful weather.
Presently we have contracts still unsigned. We have made
contact with ALL remaining unsigned owners and provided them with any and all
information possible. Nobody has said “NO” to signing their contracts with
the assemblage. Not a single person. All remaining individuals are fully aware
of this opportunity. We have spoken with all of them. If we aren't in receipt
of signed contracts by the remaining unit owners by 5 PM on 1
December 2017 they will be counted as a "NO" to signing with the
assemblage. If we receive an official "NO" from any of
the unsigned unit owners the assemblage team will update the
blog immediately informing everyone that the assemblage is incomplete, and
the deal is off.
We encourage all of you to please speak with your neighbors
about the importance of this deal. The property is worth approximately 77%
more than the current market value if it's fully assembled.
I want to stress the reality of the deadline. All contracts
must be returned signed to the assemblage team by 5 Pm on December
1st.
How many remain?
ReplyDeleteSo here are we we are at it would seem:
ReplyDelete1) We have less than a week before the deadline
2) At last count we had 15 that have not signed
3) In spite of the fact that noone has said "no" they still have not signed
4) It is apparent that everyone has been contacted and been told about the benefits of the sale and the issues Sobu faces
5) The remaining question is WHY?
To those of you that have not signed yet help those of us that have understand why there is a reluctance or hesitation to do so. Please.
Between myself and 3 of my friends in here, we own 5 total units. We stand to make $677,000 profit on these five units if we assemble. If you extrapolate that out to the 117 people that have signed, that is just under $16 (SIXTEEN) MILLION dollars in profits (if those averages hold up) that 15 people are costing 117 people in this building. I am STUNNED that my financial future is in the hands of people that can't contemplate what a G I F T this deal is! I'll be surprised if we don't have a full scale revolt in here if we don't assemble. Georgia law is only 80% have to agree to sell, I am not a lawyer, but 89% is a pretty clear super majority. I guess for some reason our condo docs supersede GA law. Grandfather these people in and let them live here forever (just don't upgrade their unit - do so one by one as they die off). Build around them. Start construction and let them live next to hammer and nails 24/7. I read this blog everyday and was encouraged by the early momentum. I talked to one of the holdouts, he didn't even fully understand the deal until I spent hours explaining it to him (he told me he wasn't even paying attention in the meeting). Something drastic needs to be done to get this over the finish line. What that is, I don't know. I am willing to do whatever it takes if anyone has ANY suggestions.
ReplyDeleteIt's my understanding that it's not our condo docs, but the offer from the buyer, which stipulates 100% assemblage. I can assure you that some of us are not going to benefit as much as others, but with my beloved cat in ICU and a very expensive surgery that I just paid for, I am really, really upset that we have people who care so little that they are not even paying attention.
DeleteThe numbers already say that a strong majority really, desperately want this deal. Some owners will declare bankruptcy if it doesn't go through, and it will be a slow, painful process for the remaining owners to break even, let alone see a GIFT like this again in the next decade.
Please, if you are reading this and haven't signed, please do so. I have a huge vet bill that this deal could help me with. There's no benefit to be the last one who signs. We are all in this together. Please, get in the lifeboat!
Trying to stay positive but I'm growing more concerned. This deal is a huge win for all and financial doom if we miss out. Did the hold out you spoke with have a change of heart? Is he open to the deal?
ReplyDeleteHe is willing to sign if everyone else is, which is a ridiculous strategy. I'm so over 15 holding 117 hostage.
DeleteAt the end of the day it could conceivably be ONE individual that holds the building hostage and prevents it from happening. They are private property owners and cannot be forced to sell even if 99% of the rest want to. This is not an eminent domain situation where someone can be forced to sell for just compensation. That being said, the developer has some options in a case like this none of which they would probably be willing to exercise because it ties up investment capital without a guarantee of outcome.
DeleteYou're right it is a ridiculous strategy and I can't see what benefit there is to waiting no mater how hard I try to. No benefit to waiting to sign and no benefit to choosing to stay here over accepting the incredible offer. What will it take to get to be able to reason with the persons that have not signed yet? We have six days to do it.
Unbelievable. I will never get into a situation where so few can affect my financial future like this again. What an eye opener this experience has been. Yes, it's frustrating but goes beyond that. Not signing saddles every single of us with a burden of debt for years to come in the form of higher HOA fees and special assessments. AND a lower standard of living in the building. That is the reality no matter how you spin it. How much clearer of a picture needs to be painted?
DeleteTake the 117 that have signed out of consideration for a moment. You personally will be saddled with the cost of upkeep. You personally will be affected by the diminishing value of the building. You personally will be affected by the market forces that dictate the value of your condo if you try to sell individually (at much lower price per square foot). You personally will be affected by a building with empty units that can't be rented or sold. Is this the kind of community you want to live in? Or be part owner of even if you don't live here? Is this what you envisioned when you purchased here?
It seems as though some of the holdouts are not so much opposed to the sale as they are indifferent. If you have not signed and are reading this, please consider what this sale means to the vast majority of owners. My husband and I live out of state and did not sale when we moved because the realtor we spoke with advised against it. We would not have even been able to break even. We have been biding our time waiting on an offer like this. This is life changing money for many of us. We are not investors, just average people who want to move on with our lives, post Sobu. The reality is we will not be able to afford rising HOAs and special assessments. Not to mention, Sobu will NEVER become a better place to live so continuing to sink money into it is not wise. It is best for everyone if we take our money and walk away while we have the chance.
ReplyDeleteCan anyone share updates on conversations they have had with those who have not signed? Should we arrange a conference call to share progress made? We need to rally to make this happen. I am not local but willing to do what ever I can to help. It is killing me that my financial future is out of my hands.
Except for Ms. Pat and Ezra - none of the unsigned live at Sobu.
ReplyDeleteThis is not their home. They are not our neighbors. Their indifference is disturbing and will have significant consequences.
How do you even rationalize with people who obviously have nothing to lose?
Of the unsigned, only 4 units are approved for renters. Surely they will be impacted by the new fines for illegal renters if they do not live on the property.
DeleteWhat else might encourage them? A financial advisor? I know someone has offered discounted moving services and Josh is willing to help residents find a new place. What else can we do? I don't really understand their reservations or logic so I'm not sure how to help.
They do have something to lose even if they don't live here. The owners are still liable for the special assessments and HOA dues. If it is an investment property, they may have short term gain or even break even by leasing but eventually if they want to sell they will never get this kind of offer for years - if ever. That is IF they are leasing legally. If not, they will lose the right to lease or face fines which will wipe out any gain they could possibly have by having a tenant. If they are legally leasing it will become more challenging to find the kind of tenant that will live in a building with the kind of rent to support a mortgage and HOA fees and special assessments in a building that has so few viable amenities. Obviously, the owners that live on property are the biggest losers but make no mistake there are NO winners by not signing. NONE. We all lose, in a big way. The indifference is disturbing. Every owner whether they live here or not has money sunk into their property. Help us understand how not doing this deal doesn't effect everyone negatively?
DeleteI can't begin to tell you how much anxiety I have over this. I see this as an opportunity to get out of a property that I am losing money on. I can't rent it out and have no way out. I literally feel like someone has thrown us a lifeline and a few are cutting it before we are able to be saved.
DeleteIs there any back up plan if 100% do not sign? In other words, are we actively looking for a buyer that does not require 100% assemblage? (Assuming the 80% required by law is applicable for our condo?)
ReplyDeleteYou can't sell the building without 100% owner agreement. It's why almost every developer/buyer won't touch Sobu with a 1000ft pole. The time and effort required to assemble and 1 person can derail is not a lucrative business decision. Don't believe me? Look back over the past 2 decades and you'll see our piece of land is ALWAYS excluded from any Buckhead redevelopment plans. Need more proof? In the past 10 years there has been only 1 legitimate offer to buy our property - the one we have now. This is it people.
ReplyDeleteAbsolutely correct. There still seems to be a lack of clarity on how this whole thing works. We can't force people to sell their private property under the circumstance we have. Additionally, no developer is going to want to deal with the issues that currently plague the land that SOBU is sitting on from a future development standpoint. (such as the height restrictions) It can eventually be rezoned, yes, but it is a time consuming process with no guarantees for a developer that is tying up capital. The advantage this current developer has is they already have the capital to lock up his purchase - a developer that will have to borrow even a portion of the funds to purchase is fighting an uphill battle - ask any banker or real estate developer. The odds of it happening if you are borrowing funds are slim. Whatever emotional connection we have with our building does not translate into economic reality, with the exception of the deal on the table. We may feel it is worth more but the harsh reality is that someone with $28 million to spend can do so elsewhere with a lot less headache. As the above post points out very well, no developer wants to touch it with a 1000ft pole. We'll have to wait another 10 years before this comes around again and 1000's of dollars out of our pocket until then to maintain what we have.
DeleteFunny ( maybe not so funny) thing is that none of the individuals who have not sign, and who have not said no, have commented on this blog.
ReplyDeleteTo the unsigned, please tell us why you are not signing. If you know something the rest of us don't know, please enlightened us! Other than your ignorance, which is no excuse, there is absolutely no reason for not signing. I hope that all the unsigned have the funds to repair all that is wrong with this building because I do not have the funds and I WILL not pay another dollar for this financial disaster! This building will crumble at our feet!
If this sale does not go through, I encourage all signed to stop paying fees of any kind and let this building crumble and the HOA go bankrupt!
By the way, for those who think this an idle threat, be sure that it is not. I will do all I can do to see that all of the unsigned hold deeds to a dilapidated, condemned, and worthless property. I will write this loss off and move to another property that I own.
DeleteTo the realtors, in so far as the unsigned, what reasons have they given for waiting to sign? Why don't the unsigned just no, so the rest of can figure out financially what we need to do to leave them holding this crumbling building. Why? Why? Why?
ReplyDeleteWhat about Pat's son? What is taking so long to make a decision? And Ezra, why can't he sign the contract and begin the process of finding a comparable place. If he can not take cash, can't we come up with a creative plan to solve his dilemma?
Paces Green has sold. What more evidence do you, the unsigned, need to verify the fact that this deal is as good as it will get? What???
Please contact the major players in Buckhead: Loudermilk, Cartel, etc and ask them if this is a good deal! I sure they will tell you emphatically yes!
Sign your docs and stop playing games!!!
And Kip? And Julia Hines? And the Robinettes that own two units? What is going on?? What exactly is the game?
Delete201, Nadia Carr, Salem, 109, 216, Skyview media, who btw showed his illegally rented unit to prospective renters the other day, the rest of the unsigned listed. What is your end game? Too see this deal fail? You, all of you, are so unfair!
DeleteTo the procrastinators, please help the rest of us understand the advantage you have for waiting to sign. If you are a financier, part of Keisha's or Mary's inner circle and have inside information, please tell the rest of us. If you are a Wall Street Tycoon and know some inside economic info about the future of the Buckhead economy, please tell the rest, so we can benefit too! However, if you have no inside information that would impact this deal, sign your contracts!!!
ReplyDeleteLet's go public. Call Burt Weiss ( The Burt Show), Q100, and tell this story. Publish a write up in the Buckhead financial newspaper. Let's make the sale of Sobu the spectacle it has become. Let's tell all of Atlanta how a few are ruining the lives of so many.
ReplyDeleteAfter the last attempt at selling this building, I know that at least one of the holdouts foreclosed on his unit. This individual stated that he had no place to move. Whereas he eventually signed, it was too late for all of us! Now, if that is not beyond stupid, I don't know what is stupid! He basically put himself in financial ruin because of his stupidity! Who does this kind of thing?
ReplyDeleteThe same type of person that bought his unit as an "investment" (see below) and doesn't know when to get out and get the maximum return on his said "investment". Buy low, sell high ring a bell anywhere?
DeleteI cannot for the life of me understand this, as much as I try to keep an open mind and be sympathetic to those that have not signed. Even after speaking to a few I can't understand it. I have remained silent because I understand that some of the unsigned feel the mood is turning ugly. But in spite of that, or maybe because of it, they have persisted in the silence and inaction. Waiting. It's absolutely tragic.
ReplyDeleteThe mood is turning ugly and rightfully so. Here it is less than a week to go and we still have, for lack of a better moniker, idiots that have not sign and will not tell the rest of the community truthfully why they remain unsign ! It is going to get more ugly when the HOA can't afford to maintain this property.
DeleteOthers. ( who have no stake in any of these shenanigans) looking on are just as perplexed as those that have signed. This is beyond reason! Please do us all a favor, unsigned, and don't be a coward. Just say no and stop with your power trip! This is sooo unfair in many ways!
DeleteYes, please be fair to your community and tell us that you are not going to sign should that be the truth.
DeleteThere are no last minute deals to be struck.
Please allow us the autonomy to start the process of deciding how we should proceed in the absence of this deal.
The facts of this excellent opportunity for us all have been laid out over and over again on the blog. Either, those not signing are ignoring these facts, holding out for special package, or have concerns they won’t share with the rest of us. That said, here are the questions I would love to have them answer.
ReplyDelete1. If it is true that as many as seven or eight of the remaining owners do not live in the building and are either vacant or renting illegally, are you truly prepared for the daily fines and inability to rent moving forward? If the HOA does, in fact, impose the required fines on illegal renters, the cost of carry for these owners, independent of any mortgage interest, taxes, and insurance, will exceed $10,000/year with no legal rental income to cover. Instead, if the Those same owners, if the buyout goes through, will have the opportunity to legally rent their units for up to 12 months without any HOA dues or repairs. Even at a greatly reduced rate, this could be more than $6,000. Add this to the penalties and HOA dues over that same 12 month period, and it’s a $16,000 swing. How does that not make sense?
2. Are those not signing prepared for the probable large special assessments for roof and plumbing repairs? In this case of plumbing repairs, this may mean being without water and having to move out during repairs, as well as individual owner responsibility for interior repairs. For those on the top floor, what sort of inconvenience looms for certain roof problems? I believe the HOA already has a loan in place for previous repairs. With low reserves, rampant non-compliant rentals, low property values, and an outstanding loan already in place, will the HOA/owners be able to secure financing for these upcoming big repairs, or will they be delayed until the funds are received from special assessments?
3. Even with the increased HOA dues, we’ve been informed that the HOA can no longer afford the security guard. Reading about recent package thefts and unruly guest events, are we prepared to handle these on our own? I can’t help but doubt and increasingly challenged budget will affect pool, landscape, and common area maintenance.
4. The parking lot gates and elevators have been an ongoing problem and budget drainer.
5. As Buckhead property values climb, do we really believe the value of our individual units (with a buyout) will keep pace with the similar units in newer buildings Sobu residents may buy when the buyout occurs? Take your net proceeds and buy a unit in a nearby building. In five years, which unit will be worth more? More importantly, which unit will prove to be a more comfortable and enjoyable place to live for those five years?
6. There’s no question that the assigned parking at Sobu and the guest spaces provided are inadequate. Much of this parking need spills over onto nearby streets. With all the nearby development, will these alternative parking opportunities continue to be an option?
7. Of the remaining, unsigned legal renters, have the real estate agents, if necessary, explained 1031 exchange opportunities which will allow them to take their proceeds and purchase a like investment property with little if any tax consequence and probably better ROI?
8. Finally, to the realtors (who have done a terrific job putting this deal together, and who, no doubt, have been working tirelessly behind the scenes with the non-signing owners) have these owners countered the offer on the table? I understand the admirable “same deal for everyone” stance, but is this all a numbers game in the end with the hold outs? Who will blink first? Sadly for those of us who see the writing on the wall for expenses, values, and quality of life impact moving forward, this is a frightening game.
To the person I spoke to the other day - that in spite of their insistence of not reading the blog was very well aware of what is on here: One year mortgage free. One year to move. One year of not paying HOA dues. One year to lease your unit. One year to have the developer take care of the building and infuse money into the property. One year to figure it out and get more money for your unit than you can ever hope to get on your own. One year. Get it?
ReplyDeleteAre the unsigned waiting for other owners to offer you some of their profits. If so, you are despicable! I heard that this occurred last attempt at the sale of the bldg. No one will or should offer you anything but a worthless bldg should this sale not succeed!
ReplyDeleteI am putting this at the bottom and not as a response to an above post where it should be to ensure it gets read. For all of us here at SOBU, don't for a minute think that this will all be over in five days and we all move on with our lives as before if this assemblage does not happen. The nightmare will just begin. I hope that the unsigned have come to grips with the reality that faces them in 2018 and beyond by holding onto a property in this building. It is not a pretty financial picture. As for the so called "investor" I spoke with and you know who you are I hope that you come to your senses. Because let me be real honest with you holding onto this property when you stand to have such a windfall is the absolute DUMBEST investment move you could make. It's called Investing 101. You must have skipped that class.
ReplyDeleteTo the owner of the the unit being leased on my floor: Life is about to get much harder for your tenant my friend because I plan on calling the APD every time I walk by and choke on the pot smell and loud partying going on in that unit. Good luck with it.
DeletePlease publish the unit number of the toking offender!
DeletePlease reveal the name and unit number of the investor with whom you spoke. They are not worthy of anonymity!
DeleteI think we should start a campaign this week to post, in public areas of the bldg, the units that have not signed. We should also indicate which units are illegally rented, as well as, the residency status of the owner (e.g. on/off-site). The renters of illegally rented units should know that their landlords are not forthcoming with their rental status or their neighbors.
ReplyDeleteAgree. Is there a reason (in our condo docs or elsewhere) that says we cannot start levying the fines on the illegal renters immediately? I believe the message form the HOA recently mentioned starting sometime in the future. For the 117 unit owners who are serious about Sobu, can we demand our HOA start this fine immediately? If true, that the owner of 216 as an example is renting without a leasing permit, and the community knows it, how is it possible they are actively seeking tenants even at this date?
DeleteA sign,indicating the units that are illegally renting, should be displayed prominently at the bldg's entrance for all prospective tenants to see. On the sign, the consequence of renting should be clearly stated. For example, should owner not pay fines, the tenant is responsible.
DeleteI am starting to feel threatened by the holdouts. If this deal doesn’t go through, I am unsure what I will do.
ReplyDeleteI think they need to know we have power as well. If we agree to let the building fall into disrepair, they will lose everything. There are more of us who agree this needs to go through.
I will most likely try to drop the property to a very low priced buyer in the next year which will lower all property values. I am not looking to figure out how to pay thousands in assessments to a property I no longer want.
Agreed!! I heard said that the holdouts feel "uncomfortable" and "threatened" by the commentary on here. Well, you know what? we, the ones who signed, feel the same way. Surprised? Don't be. We live here also and are subject to all the ups and downs of this property over the past 15 years. We feel threatened and uncomfortable that you are oblivious to the fact that staying here is a financial disaster. We feel threatened and uncomfortable that you are ignoring the pleas of you neighbors and common sense that continuing to own a unit here is like having a ticket on the Titanic - you may eventually get saved, but the odds are against it.
DeleteI am with you anon. I will not be financially beholden to a property that is a financial nightmare. This conversion was not intended to last any longer than about 5 years beyond its conversion. Sadly, our first attempt at unloading the building with a profit was thwarted by greed. Now, our attempt is being arrested by stupidity!
DeleteTo an earlier commenter who asked if some owners have made counter offers, apparent 311, who remains unsigned, asked for more money and was told no by Josh. That individual, Gaurank Patel of KXP, inc., thinks that hold out will somehow get him more money. The only thing it will get him is a worthless property.
ReplyDeleteInteresting. Does this Gaurank Patel live in his unit? Because he is not an approved renter. And to add some perspective to Mr. Patel's request: He paid $40K for his unit in 2010, at a price of $68.97 per sq ft. The offer for his unit 7 years later is $287 per sq ft., an amount not justified by current market for this property. He is realizing an ROI of 317%! one of the highest ROI's in this assemblage. On an investment of $40K he is being offered $142K. SEVEN YEARS LATER. In a depressed property.
DeleteThis is what we are dealing with. Seriously.
If this doesn't go through, we'll see how much his property is worth.
Don't think Mr. Patel lives in unit. Unit is own by KXP, inc. It is probably illegally rented too. Can anyone verify?
DeleteThanks for the info on 311. Hope this resonates with Mr. Patel and results in his signing the docs.
DeleteI know much of this has been said, but want to reiterate with my personal experience on a couple of points.
ReplyDelete-A few years ago we renovated our bathroom and had to replace the pipes. The plumbing alone for our unit cost $2000 and it took us contacting several plumbers to even find one who would take on the job. The company that the building uses even told us no. It was a nightmare and we were without a shower for an extended amount of time.
- We had our unit appraised in February and it barely appraised for $100k. That is with a fully upgraded bathroom with top of the line fixtures. The current offer is $235 for our unit. We will NEVER see an opportunity like this again.
- The number of units that will inevitably go into foreclosure, short sell or abandon HOA dues if this deal falls through is enough to financially impact all of us severely.
-The money we have spent on special assessments over the past several years have not even been enough to repair the intended problems. The elevators were fully replaced and still break down all of the time. We will continue spending loads of money on problems that cannot be solved and will never offer us a return on our investment
I beg all of the unsigned to please think rationally about this deal. There is truly no better option than to sign, take our.profits and move on with our lives.
Late last year I wanted to gut the bathroom and do an total remodel in my unit. The contractor I had look at it for an estimate actually discouraged me from doing it. Granted, it was a friend of mine and I can tell you now I appreciated his honesty. He told me he was willing to take my money, but discouraged my willingness to remodel to that degree because it was akin to having the "best house on a terrible street" (his words), that I would probably never see a return on my considerable investment to do so. He said cosmetically it would look great but the "bones" (pipes) were not good. I decided to not go through the expense and left it as is. After reading your post I am even more convinced that it was the right decision. I have redone all the flooring, back splash, counter tops, lighting, etc; I won't sink another dime into it.
DeleteGlad you were advised against it! We had a leak and they had to open it all up to repair. It was a nightmare.
DeleteWhat is an SPA loan? Why would this type of loan prevent someone from signing a P&S agreement? Can anyone comment?
ReplyDeleteIs that supposed to be SBA loans?
DeleteNot aware of any like a SPA "loan" . SPA refers to a "Sales and Purchase Agreement" that dictate the terms of a sale, and contain detailed information about the buyer and the seller. SPA's serve as a record of any deposits made as negotiations move forward, any portions of the agreement that have already been met or transactions that have already been completed, as well as an official record of when the final sale is to take place. It is, in short, all the conditions that have to be met on both sides of the table.
DeleteFor those who have actually spoken to the unsigned, can you give us a breakdown of the unit number and reason?
ReplyDeleteI hate to say it, but I, too, feel threatened by their inaction.
I think some think they're going to get a great deal on some units when this deal falls through.
Instead, they're going to get a group of people who may choose to band together and go on strike regarding paying HOA fees.
This is a golden egg. Pick it up and run with it. Look at the big picture.
You are not a real estate genius or you wouldn't live or own at Sobu.
Meanwhile, you are coming across as both threatening (to my financial future) and exceedingly cruel, not to mention horribly selfish.
And, if I were the board, I would resign and hand over the board responsibilities to the unsigned. They deserve to deal with the fallout.
They can avoid all of that drama, stress, and headache by simply signing the amazing deal in front of them.
They are coming across as selfish, cruel, threatening and above all incredibly imbecilic! To the unsigned, give us all, the 89% who have signed, one logical and analytical reason why you are not signing your P&S agreements. We are all ears. Let's hear it! Let's us help you because you clearly are incapable of making rational or intelligent decisions on your own. If only we could declare you incompetent.
DeleteHere's an idea:
ReplyDeleteWe, the signed, pool our profits and ask the buyer to close with us, less a fee we are willing to pay. They use that fee to take over the building, leaving the holdouts in place. And, that fee pays to work with these morons. They can choose to raise their electric bills, they can choose to hire a therapist too talk to them. Whatever. They also lower their offer to them every month. I'd totally pay to let these people sit there, unsigned, until the sense God gave a goose enters their heads. And, I might enjoy the new owner letting them pay the electric for all of the units. Let's all leave our lights on and water running 24/7.
Interesting! Last go around, there was talk that a buyer could purchase all the willing units, and, in this case, after controlling more than 80% of the property, change the HOA dues/rules and impose whatever special assessments they want to squeeze out the rest. This didn't work last time as the proposed buyer wished to tear down the building for redevelopment. Since this one wishes to keep it rental...
DeleteI was thinking of something similar... Would this be an plausible option? That way, the building repairs and such fall on those who choose to stay...
DeleteBy plausible I mean feasible haha
DeleteThe developer can move ahead with the purchase of 88% of the building as is the case now, take over the condo association and move ahead that way. By controlling the board they then can move ahead with the special assessments, raising the fees, etc;. However, they stipulated early on that they were unwilling to do so, that they required 100% assemblage. Doing so creates a situation of a hostile takeover and they seem unlikely to go that route. It is a time consuming process and there has been litigation brought by some in cases like this. It can drag out for a long time before it's settled and that is why it is an extreme measure. Additionally, since it is private property, the holdouts can sell to whomever they want not necessarily back to the developer. It can be done, but not as easy as it seems. The question is are they willing to change tactic go down that road?
DeleteLike in the "Scarlet Letter", there will be some soon branding a huge "U" (for unsigned) and "I" (for illegal renter). It should be posted as a daily reminder of what we are dealing with. Can't hide from it. And I hope that none of these holdouts need anything from this community in the future. I am not a spiteful person but sadly this experience has not brought the best out in people by putting so many in a state of financial hardship. Odd thing is that they will experience the hardship also. What is the end game here? Will it come down to the last day, last hour???
ReplyDeleteAnd still the unsign remain silent.
ReplyDeleteNo more Mr./Ms. nice person! The unsigned should sign or face a sure financial crisis! 117 people ( including investors, an economist, and real estate professionals) can't all be wrong about this deal!
ReplyDeleteUnit 201 you are renting illegally. Your renter has been informed.
ReplyDeleteUnit 216 you are renting illegally. I saw you last week showing your unit. Claiming that your renters are family isn't going to work anymore. Hilary and Tim WERE NOT your family and they are willing to state that for the record.
Unit 109 you are renting illegally. Your renter has been informed.
Awesome! Great job thank you! They have got some damn nerve showing the unit as of last week, when this whole process was already well under way. Unreal.
DeleteYep saw the owner of 216 last week showing his unit. I saw him in the parking lot walking the people in and knew exactly who he was. Made it very uncomfortable for him when he was talking up the building and I explained that both passenger elevators were down. Got in the freight elevator and I pushed his floor and called out his unit, he about fell over. UNIT 216. And I mentioned knowing his old renters, he had a dumb look on his face. He cannot rent his unit and if this doesn't go through I will call him out all day, every day. He had his unit on the market for I believe $159k and his current offer is $276k IDIOT
DeletePer the spreadsheet:
Delete216 is owned by Skyview Media, Inc. What is this guy's name?
201 is owned by Nadia Carr. Is this her? https://www.facebook.com/nadia.carr.1, is this her? https://nuwber.com/person/563a44e1e0cd4806cb04bd08, is this her? https://www.linkedin.com/in/nadia-carr-29059b1b/
109 is owned by Salem Makhlouf. Is this him? https://www.linkedin.com/in/salem-makhlouf-274aa04a/
Thanks to all who are outing these unsigned owners with illegal renters. Keep it up!
I've just sent LinkedIn invites and notes to both Nadia Carr and Salem Makhlouf. I live across the country and have a Premium LinkedIn account.
DeleteUse the resources we have.
Does anyone have phone numbers for the unsigned? I'd be happy to text them a short note, a photo of my cat in the hospital, and ask them to sign.
Is anyone familiar with the owner of 511, Linh Nguyen? Do we know what his/her problem might be?
DeleteI like whoever's idea it was to bring this to the Bert show, or some media outlet. Who knows, maybe someone out there will have a creative solution for us...
ReplyDeleteYes, I agree! I think media attention is a good first step to educating the unsign. Maybe they need to hear experts tell them that they are woefully disconnected from reality.
DeleteDave Ramsey might be a good option.
DeleteCan't reason with the unreasonable!
ReplyDeleteToo bad annual meeting is after deadline. We could have used it for leverage against the unsigned idiots.
I have lived here 16 years and personally know for a FACT of 30 people that are illegally renting their units. I will learn of more as I get with someone on each floor to get feedback. HOLDOUTS.... if these people are forced to foreclose and stop paying HOA because of monthly fines, what is going to happen to the building that you will be stuck with?
ReplyDeleteFor those thinking to go to the media with our dilemma, please consider the impact this may have on the would be buyers. I cannot imagine the investors would want that kind of press.
ReplyDeleteNo investor or Realtor or seller names need be mentioned. We only need to provide the general scenario.
DeleteThe board needs to ask CMA to conduct an immediate audit of the condos for lease agreements. All not supplying a lease and not currently residing in the property should be fined. The onus is on the unit honor to show evidence that he or she is in compliance with the condo docs. If the unit owner can not show compliance then they should be fined. If fines are not paid then a lien should be placed against the unit.
ReplyDeleteOf course, if unit is empty then the unit owner will not incur fines.
ReplyDeleteMake absolutely no mistake about it if this doesn't go thru there are some hard times ahead. The board has an absolutely thankless job and some difficult decisions will have to be made next year. They have already said that we are to expect an increase in dues next year, so that is a given. The reserves are dangerously low for an old property like SOBU. Expect at least two special assessments next year. I have not heard this from anyone on the board but I am speculating that the remaining amenities will be looked at to see if it is financially viable or even feasible to keep operating. I know that in that position I would. Landscaping? Forget about it. Things such as the fitness center, the pool, even the daily cleaning of the building. Closing down the restrooms on the first floor so people don't steal the freaking toilet paper. That's what it's come to. Everything must be looked at critically to cut corners wherever than can be. The next time the gate breaks down, will we have the funds to fix it? The money has to come from somewhere. I would imagine the board is considering the consequences the building will experience by the imposition of fines for illegal renters and I can't help but wonder how easy it will be to collect on those fines.
ReplyDeleteI know one thing - I am not willing to continue to pay for all those amenities and would be the first to vote to shut it all down. Next year dues for my unit are $600. And that is if we continue to collect from everyone. I have seen the future and it is bleak.
Yeah and in the meantime the illegal renters in the building have access to all of it with no worries or concerns. I second the vote. Shut. It. All. Down.
DeleteMake no mistake, we have $0 in reserves. Before I signed, I asked what was being done with the money left in reserves. The answer was we have a loan out that needs to be repaid. If our reserves don’t cover it, the buyer will make up the difference.
DeleteAnd our HOA is going up 10% next year. A 800 sq/ft is going to be just shy of $500 a month.
I didn't know that. You have my vote for closing the few extras we have left. Can't afford it.
DeleteShut down the pool, internet access, fitness room, roof access and any other costly amenities. I have lived here for 16 years and not once have I used the pool area or fitness facilities. This is not punishment but pragmatic since we need to conserve monetary resources for essentials, e.g., roof replacement and plumbing replacement.
DeleteIf the holdouts want to be assholes to the community then community should be assholes to the holdouts!
I am not in agreement with the holdouts - I have already signed AND I have a legal renter. This question is for Josh - Josh - is it possible the buyer has a buffer built in to offer more money ? Have you let the buyer know there are some holdouts and it is partially because they want more money? Is this definitely the final offer? If so can you let us know? And I am not suggesting the holdouts get more money. If the buyer has a buffer built in it would go across the board to everyone involved. I would just like to confirm this is final and best considering the situation we have at hand.
ReplyDeleteThis is starting to feel like Lord of the Flies and no good can come of it.
The only buyer who I know wants additional money is unit 311, Gaurank Patel. Gaurank, as we learned today, purchased his unit for 40k. He should clear more than 300% ROI with this deal. Yet, he has not sign as of the last spreadsheet update. Are there others demanding more money? Please reveal their names and unit numbers.They do not deserve to be anonymous any longer.
DeleteThe offer is the best, and final offer.
DeleteAnd no good will come of it! Only thing that will come of it are lower property values as a result of the willful neglect of the building! I encourage all those who’ve sign to exercise your power to bring about the sale of the property. Assure the holdouts that you will not monetarily support this HOA going forward! I for one will be depositing my HOA fees in the bank!
ReplyDeleteYep saw the owner of 216 last week showing his unit. I saw him in the parking lot walking the people in and knew exactly who he was. Made it very uncomfortable for him when he was talking up the building and I explained that both passenger elevators were down. Got in the freight elevator and I pushed his floor and called out his unit, he about fell over. UNIT 216. And I mentioned knowing his old renters, he had a dumb look on his face. He cannot rent his unit and if this doesn't go through I will call him out all day, every day. He had his unit on the market for I believe $159k and his current offer is $276k IDIOT
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ReplyDeletePer the spreadsheet, this is Pat Cauble and it lists her relatives. Maybe someone has contacted her son already? Do we know which one it is? I can imagine he's concerned with moving her at her age, but he's also likely concerned at becoming the owner of this and not being able to sell it at some point in the future. I really hope there's a way she can both stay put and be part of the deal. If the new owners are going to make it senior living, she might be able to be their first renter.
ReplyDeletehttps://www.spokeo.com/Patricia-Cauble/Georgia/Atlanta/p2017110317203192392777662219802
Josh, I understand you guys (realtors) have a lot to gain from this deal, so I'm sure you are working around the clock doing your best. So that we can have a little more insight, what efforts are you guys making to work with the silent, unsigned owners, and what more do you suggest we do from our end to reach out to those that do not actually live here?
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