Quote:
Originally Posted by SALYBOW
I agree with Gracie. "EVERYWHERE the house market is taking a bath. It is less affected here than in most places....at least now. HOWEVER who knows what will happen to our home values if some of our own residents keep trashing this area and the developers. I challenge you to find any place in this country that is more solid than this place as an investment."
I am wondering how a new bond could be issued to people who have already paid for their home with cash or with a mortgage. We were told what the bond is at that time. Can they really come back and say that we now have to pay another one. It sounds to me, and I don't really know much about bonds etc, that this is between them and the IRS. The developer may be able to pass this on to new buyers, but can they apply it to us retroactively?
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1. As I understand it, the dispute for now does not involve the developer. He sold his property to the Districts and they borrowed the money to pay him using the tax free bonds that the IRS is looking at. The dispute is between the districts and the IRS.
2. IF the districts lose the IRS fight, and they cant pay it with amenity fees, they could have to sell amenities to pay the penalties and or the cost of refinancing with taxable bonds which cost more.
3. I do not consider the fact that there is a limit on the amenities fees as a plus. If the cost (Attorney fees and losses IF any) of the IRS dispute or just the ORDINARY cost of providing or maintaining amenities rises to the point where a raise in the amenities fee is needed but not allowed, there could be less amenities by necessity. Is that what villagers want? I doubt it.
4. I do not consider the IRS issue a deal breaker, just something I should know about and consider.
JJ