Thank you for your question. I grew up in Prince George about a mile away and I am very familiar with this area an issue you are faced with. This is a very delicate situation. Let me first start by saying no one will be able to provide you the 100% guaranteed answer you are looking for.
Allow me to address some of the issues.
What is the worst case that could happen with Prospect Homes owning most of the lots in that community, what happens to the HOA?
- the banks sells to another developer that decides he wants to change everything and increase the fees (currently ~$180 per month).
- How can they do that?
o The developer gets a seat on the board
o If you own a one lot you have one vote
o The developer would own X lots and would get X votes
ï‚§ They would be in a position to â€œcall the shotsâ€ so to speak
- The more important questions is why?
o If they were to do this people would be unhappy and new buyers would certainly steer clear
o Thus, this is not a huge incentive, however you asked for worst case
Does the value of the properties go down if no one buys and builds on the vacant lots?
- The market has already decided that homes are too high,
o You mentioned that some are not selling and have been on the market for a while
- This could have the opposite effect since fewer homes equals less traffic and people (but I doubt it)
- The market will have final say.
- My guess, if a developer like Ryan Homes were to make a play they could take over and bring their name and reputation, thus turning things around.
Is Prospect Homes going to hold on to Tinsley Charter LLC or will it be sold off to someone else and who that might be.
- That is a question for the bank, lawyers, and Bankruptcy court
- I would guess sold to pay off the bank / outstanding debt
o But who is in a position to buy???
o I suspect they will continue reorganize
- If my memory serves me there is about one acres that is on the back side of route 106 that was zoned for a full care faculty, I would have to research that some more â€“ if owned my the developer / bank, I would guess that would be the first to go to a company that could build that out.
All in all, it should not impact the homeowners association however no one would put this into writing. No wants to be in a situation that the fees go up and no one wants to buy however that can not be guaranteed.
If you want my recommendation, just call me.
I hope this answers some of the questions you are thinking about.
If you are considering selling your property I would like the opportunity to interview the job and guide you through the selling process. I can promise you that I will represent your best interest and work to educate you with facts, even at the cost of you walking away from a deal.
Please let me know if and when you would like to meet.
Chris Capps, Realtor
Residential Real Estate Specialist
office 804.740.1644 ext. 103
â€œIt's Time to Expect More From Your RealtorÂ®â€