Pat & Ed Okenica
RE/Max Lake Oconee
Good morning. Actually the long term outlook for Reynolds and Harbor Club is great. Harbor Club has no debt and is fiscally strong. The community is very stable. Reynolds Plantation has around 2800 roof tops and 3200 members. While the community is in a state of receivership, the number of distressed properties is very low compared to the number of existing homes and members. I would say there is less than 4% of the homes that are distressed (probably less). THere has been a lot of interest from buyers to pursue the purchase of the community. Compared to other resort communities and metro areas, we have depreciated less and have more stability. Reynolds has a very pro active HOA and member base. Reynolds has world class facilites and a Ritz Carlton to bring it through these difficult times. Now is a great time to buy at lower prices before the uncertainty is lifted with a new buyer and the market stabilizes. It will certainly never be a ghost town.