If my parents had accepted the first offer they got, they would have experienced a $150,000 appreciation in the three years they owned the house. That would have equated to roughly 12% per annum (not too shabby). Due to health reasons, they were unable to accept the offer at the time. They sure do wish they had done so now.

The current real estate market condition has absolutely nothing to do with Big Canoe and I think everyone knows that by now. We are actually doing a lot better than other areas. It just doesn’t feel that way because we were spoiled from 2005 and 2006’s record sales. According to FMLS, there were 39 single-family homes that closed during the 1/1/2008 to 6/30/2008 time period referenced above. BCR sold 13 of them or a third. (By the way, 6 of them were “Company Houses” and 7 were re-sale homes). If you look at the same time period during 2007, there were 48 homes that closed and BCR sold 17 of them, or 35.4%. All but three were re-sale homes. Going back to 2006, 90 homes closed during January to July of which BCR sold 33 of them, or 36.6%. Only five of those homes sold were “Company Homes.” I don’t know where this rumor started that we only sell Company Property and not re-sales, but it is not true. The proof is in FMLS. I can personally state that most of the homes I have sold here are re-sale homes.

As to the concern that buyers are scurrying away from POA/HOA regulated properties, I doubt that is the majority. Most of the people I talk to (and I deal with developemnt in SC as well), want the security of a gated community, active POA/HOA, and Architectural Controls. There will always be segments of the market doing better at any given time, but in my mind, nothing compares to the beauty of our community, the quality of development and the affordability. Don’t blame the lack of sales here as if there is something inherenlty wrong with Big Canoe, the POA, or the Developer. This is a nationwide crisis, just as is the rising prices in gasoline or the declining stock market. I don’t know the prognosis for the latter two, but as for real estate here in Big Canoe, it will only get better. It has always rebounded and I am sure it will again.

He told me of one of his buyers from Florida; the buyer is looking at lots for a future home in North Georgia.

This realtor sorted through over a 100 lots and gave the buyer information on 12 lots to review and told him that there was not enough time to visit all of the lots in a single day.

The buyer took the 12 lots and removed all of the lots that were in communities that had a HOA/POA (CC&Rs). He wanted to visit only 5 lots, and of course, none of them in Big Canoe.

I may be wrong but believe Jim Mallory works for Big Canoe Realty. BCR may have a different perspective on the real estate market locally.
A different realtor with a well-known agency told me that only 39 ‘properties ” had closed for the period 1/1/08-6/30/08.Properties can include lots. I own a prime location in BC and my house has been for sale since Sept 2007 with two lookers and no offers. I had one BCR guy tell me that the 39 number was
wrong because it only included multiple listing sales!!!!!
The POA is NOT listening!!

Jim we probably agree on more than we disagree on. Giving the Board a pass because they aren’t paid isn’t one in the agree column. Spending other peoples’ money requires exercising a higher degree of fiduciary responsibility. The continued ‘corporate’ mentality has spawned the credibility problem that exists.

If we make the assumption that the elected Board members are intelligent and honest (absent the willingness to govern publicly), then where is the logic not to take a brief TO (timeout) at this stage and take a breath. You don’t have to circle the wagons or lower the drawbridge as you say. Jim Owens has summed it up several times very well in my opinion.

Anonymity - read Pete Shead’s response to Dean on the board. Paranoid perhaps but I don’t trust the powers that be. I have seen and heard too much. Chuckle if you’d like I won’t be offended.

I am shocked that the POA Board is recommending the exit fee for a property owner vote. I attended 2 meetings in reference to the fee, talk to other homeowners on a regular basis, and am still waiting to find more than a handful of people who like the fee. Why doesn’t the Board let us vote on other options?

I read Smoke Signals Online every day and I must have missed a report from the Board on homeowner comments about the fee. If I missed it, would someone please tell me where it can be found.

Son you aren’t the only one that has been here a long time. I know the history of this place as well as anyone. Financial mismanagement has always been at the cornerstone of every crisis in Big Canoe. You also aren’t the only one that loves Big Canoe.

I am one of your boss’s biggest fans (assuming you and your wife are still with the realty company)…as far as developers go he is decent…a good BC Eagle and Society of Jesus fella.

If you want to pay cash for improvements - I am with you. I am not in the ‘lower the drawbridge mentality’ (I also think that is a typical and unfair characterization), but rather the fiscal responsibility and sanity crowd. Going forward Jim the actions of this Board and the previous Board will prove to be an impediment to selling real estate here. Debt and mismanagement have always been the biggest bugaboos to this community…always playing catch up for past mistakes.

There is a HUGE difference between needs and wants. To maintain what we need in an adequate manner and paying for it as we go is not an impediment to selling real estate or a ‘healthy’ community. Our financial problems have been compounded dramatically by the last go around of amenity upgrades that were not adequately funded by the owners and have incurred significant cost increases not included in the scope of what residents were presented in order to approve the assessment increase.

If the board really wants an honest CIF, the exit sales tax approach is worst way to achieve it. The real estate meltdown will continue for a number of years due to the expanding credit crisis and the real possibility of the return to ’stagflation’ and this is how this Board wants to fund the future??

It is just another slick ploy as the $25/month amenity increase vote (I say be honest with the folks and pay cash as debt for a non-profit community association is irresopnsible management in my view - except for emergencies like the dam breaking).

How do we pay for it?