[l2ridehd]

The piece of information that is missing from this puzzle is the amount of income generated to the developer from home sales vs other. When they first started in this business it was 100% from building the first home and 0% other. As they grew they started selling resale homes, building commercial space, renting out business locations, and running a multiple set of businesses. Today those numbers may be 70% development and 30% other. (just a guess) As they come closer to the end the % will shift right up until the last new home is sold. Will that last year be 20% development 80% other? If it's even 50% I would think that would be a very difficult business to work away from. Even if sold, that business is 95% dependant on the Villages remaining a viable community to support it. So how much of the commercial real estate do they still own and rent? Town squares, along 466 and soon to be 466a retail space? Country clubs, championship golf courses, restaurants, and many other service related businesses. If that was known, you would be better able to project how long it is in their best interest to keep everything running like it is today.