Quote:
Originally Posted by selevanl
Forewarning: in my previous life, I was a RE investor.
What was the $ dollar value associated with “fair market value” to buy HH? El Santiago went for $340k or so right? If this price was anywhere in keeping with that, then realize that commercial buildings OUTSIDE the villages are selling for millions similarly sized without the extra acreage this has.
It sounds to me like if AAC was a real estate developer, they might have turned down a really good deal. Since they’re not and can’t see beyond simply keeping it in its current use, the real estate developer who owns the property (and clearly wasn’t making money in its current form) has decided to invest a few MM to build out in exchange for a huge income stream. That’s their prerogative and that’s really all there is to it. They won’t do it everywhere bc if they did, it would decrease the appeal of the villages. So maybe they’re just making their common use space a more “efficient” use.
That said, if they want to play hardball and ask for use of your amenities, AAC is under no need to grant it to them. Or, there’s a world of negotiation bw an even exchange of amenities with no fees, and no exchange at all. Sounds like a raw deal was made both times and the AAC was listening to villagers’ wishes that weren’t based in realities. But that’s just me.
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The AAC gave the developer the amenity fees ( minus $15) from 286 units which is approximately $500k per year. In exchange, we get a new postal blog and use of the pool.
We have lost a restaurant, tennis court, and hot tub.
We gained new pool and approx 500 new vehicles traversing Morse blvd.