Just want to keep you in the loop when it comes to property owners general consensus -- the word around here from what people are telling me is the following:
BRC being a real estate company, might be plotting to condemn and demolish Highline Meadows. Imagine this - The repairs needed at Highline Meadows is beyond financial capacity and it would not be possible to do another assessment to bring in the capital needed to take care of these concerns.Sharon stated in the April board meeting that there would not be another assessment.
BRC, as stated before is a real estate company and has been known to demolish entire developments in order to rebuild as a new office park or housing development. If they were to bankrupt this place, run it in to the ground, exceed their financial limit on spending so as to deny any and all means of bringing this place to livable conditions, they would have no choice but to demolish it.
Basically, they would bring upon us a forced bankruptcy. Having come to that conclusion, they would pay each property owner approximately $20 to $40k per unit and the owner would have no say or voice in this matter.
Seeing that highline Meadows sits on prime real estate property, it would be senseless for them to continue to improve this place with more assessment monies from the owners. I spoke with Paul about this and he said we as a property owner would have no say in what they pay you. He honestly believes they are up to something and he also believes
Denise had a very important agenda for leaving TMMC and choosing BRC. She is definately in bed with BRC. Why else would she have done this change without any of us property owners knowing anything about it. I sincerely hope that this scenerio is not the case. Their paperwork and numbers are behind and out of date. It seems as though they do this on purpose. No one can get a real estate loan here and they refuse to help. If they wanted this place to be profitable with decent property values, then why are they holding back on the numbers. General accounting is done every month. At the most, companies are maybe 1 to 2 months behind but not like this company. When we had TMMC they were behind as well. I thought it was part of the property managements job to do the books and keep them current. Isn't that what we pay for?!
Our unit was worth $157k 4 or 5 yrs ago. When the economy went bad, it dropped $42k to $115k. Now they are telling me we are lucky if we can get $70k. We are told we could sell right now for $47 to $70k. We currently owe $110k. Banks are not loaning because the numbers BRC is giving to the banks do not show actual numbers. The reports show too many vacancies and it exceeds the percentage the banks will allow in order to give out loans. We are too high of a risk here and only cash customers can buy in here.
If we could get BRC to produce true numbers, maybe we could get some decent prices on our units. So why is BRC holding back? Good question. Thoughts to ponder.... Sounds like they are forcing inevitable bankruptcies and bringing property values down to practically nothing and who is this benifiting?!! Certainly not us.
