Saturday Update
Good Morning Sobu Flats Community. Josh and I are still working with the remaining five unsigned individuals. There will be a formal update tomorrow evening. Thank you for your patience.
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 approximate...
Sobu HOA meeting is this Sunday, Dec 3 @ 5pm. You won’t wanna miss it! ;)
ReplyDeleteAny chance someone can do an online conference for those of us not in the area?
DeleteAny chance there is an online conf call?
DeleteYes, please! I have a free conference call number we can use if some one from the meeting could call in and just put us on speaker. All phone attendees could just be muted.
DeleteAlso - I'm confused. From the email we received from Maggie this morning, today's meeting is going to be about the annual meeting, and not about the sale of the building, but according to some of the threads on this blog it seems there may be discussion about the sale - are is there a 2nd meeting today re: sale specifically?
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DeleteWe have the same conceren as Maria..
DeleteThe email was from CMA and they didn’t know Josh would be there.
DeleteAsk the 5 prima donnas if they will chip in the the penalties and interest on the $17 million in profits they are costing us with each passing day they don't sign on a deal that inevitably is going to happen whether they choose to sign or not! That can be their holiday gift to the community of 127 who have to wait extra days for our profits and pay our bills/taxes extra days and don't get access to any upgrades / improvements / concierge services for extra days. This matters on a $17 million dollar deal and to all of us these 5 people THINK they are holding hostage. It's called FLOAT - I prefer my money in my hand and these 5 people are delaying a process that has already gone on six weeks. You hand your paper in late - you get PENALIZED, not REWARDED!
ReplyDeleteNO one is even living in 815. They have a lockbox and I believe she was usin sobu as a halfway house for recovering drug addicts.
ReplyDeleteI can confirm that 815 is inhabited by by drug addict. It’s not Lisa. There is a drug addict there. His words not mine. Y’all feeling great.
ReplyDeleteFYI. He’s very sensitive about being a crackhead.
ReplyDeleteI just wonder what is the main issues causing the reluctance of some to sign? SBA loans, Taxes, inability to find a renter, creating current income from illegally renting unit, wanting a landlocked vacation home or just control issues? Did I miss any other easily fixable reasons?
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DeleteSorry I meant "815". 816 signed.
Delete#sellSOBU, you are telling us that the main reason that these people are holding out is because they want more money? Do the hold outs really think that this property is going to be worth more in the near term ( or even long term) than what we are being offered now? If these people are astute investors, you'd think that they would collect information about current ( and near term) market trends in the real estate sector and use the market trend information to make an informed investment decision. However, from what I am hearing and reading, these hold outs are making ill-informed, nonsensical decisions that are keeping them in their hold out positions. This obviously means that the hold outs are not doing their research. Fail!
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ReplyDeleteThe stock market has an average rate of return of 7% for a period between 1950-2009. Many of the hold outs are seeing returns in excess of 200% when they sign their contracts. This is absolutely an insane amount of return for an investment. Not many an investor can boast this type of return. So, the sooner you sign: 815, 511, 308, 216 and 109, the sooner you'll pocket an incredible ROI that you can use to generate even more return! Seriously, think about it! Signing your contracts only makes good sense. Join us, your neighbors, at the table of great returns!
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DeleteAccording to the spreadsheet, 815 purchased for $29,900 in May, 2011. Return on this deal is 477%
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DeleteFacts:
ReplyDeleteUnit 109 purchase price $41,000.00
Unit 216 purchase price $80,000.00
Unit 308 purchase price $81,907.00
Unit 511 purchase price $34,500.00
Unit 815 purchase price $29,900.00
Your investment will never give you a bigger return than the deal on the table.
There will never be another deal like the one presently offered to you.
There may be a monetary cap on the special assessments, but there is no cap on the HOA fees that have already been slated to increase in January and every year afterwards.
Property taxes will be increasing and non homesteaded properties are sure to increase exponentially.
None of you live at Sobu, therefore it is not your primary residence.
All units above have illegal renters, therefore you are in breach of contract and fines of $750.00 will incur monthly.
None of you will have to claim capital gains.
If you need to 1031, that option is provided to you.
It is nearly impossible to sell a unit at SoBu without bringing money to the table due to the building being flagged due to low reserves, foreclosures and short sales.
Our units do not appraise for the amount we paid for them!!!
You know this based on the prices that you paid in the last couple of years.
With your signature, we all win. EVERY SINGLE ONE OF US!!!!
And you can legally rent for a year increasing your profits!!!
Here's my thought:
ReplyDeleteTime to subdivide the plumbing and charge these five units. The condo docs appear to support this option. It's our way to shut off their water to their illegal renters and get some plumbing improvements done on their dime. And, when they can't pay that cost, likely more than their unit cost, put a lein, they lose their vote, we change the bylaws to 80% needed to agree to a sale, and we are done with these holdouts.
And, we can rent their units to recoup some of the fees.
DeleteJust to clarify - Josh will be at the HOA meeting tonight to give an update and answer questions about the sale.
ReplyDeleteThank you. Can you help us out of towners conference in? I have a free conference call # we can use if someone from the meeting can call in and put us on speaker. We can be muted so it doesn’t get disruptive
DeleteI spoke to Josh yesterday & he said the meeting had nothing to do with the assemblage sale, He commented that we were welcome to drive down tfrom Asheville to attend the HOA meeting, if we chose. I was also advised the same thing from Maggie by phone on Friday. Based on both their comments I would have to assume this is a regular meeting of the HOA.
DeleteI'm not sure whose Anna's source is for that information. I figure that both Josh & Maggie would be the authorities on this. Please advise....
DeleteI just spoke to Josh about 30 minutes ago. He is planning on being at the meeting today. He will be giving an update about the sale.
DeleteA board member asked me to post that. :)
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DeleteIf we are not able to be conferenced in could someone take detailed notes and post after the meeting? I’m sure the update would be posted anyway but so much is missed when you aren’t actually present. Thanks to all of those attending!
Today's new vocabulary word is deconversion.
ReplyDeletehttps://www.google.com/amp/www.chicagotribune.com/classified/realestate/ct-re-0604-condo-living-20170530-column,amp.html
Please update us! What is going on? Is there still hope???
ReplyDeleteYes, there is still hope. They'll post an update and explain. We are in for another two weeks, of waiting. In the meantime, let's stay positive and be respectful. Josh is doing a great job.
DeleteThanks, Melinda! Great news! I've checked the blog no less than 500 times today... I'm good with two more weeks as long as there's still a chance of this deal happening!
DeleteThank you Melinda!
DeleteThe more I learn about that new vocabulary word, the more optimistic I become about the future of the Sobu owner-occupants! We will prevail! It is the only right course of action.
DeleteDoes anyone know when the update will be posted?
ReplyDeleteYes update would be good!
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