Dick Ragatz and his realty-sales operation is paying
off. We are looking at two projects he represents.
One is an iconic property in mid-New York State and the
other in San Francisco. We are working on the financing and feasibility of
both. The New York State project is easier for us to get closed as all
approvals are in place, and it's smaller and hence less money to raise. I’m
currently flying to the Albany, New York, airport to get 'boots on the ground'
for this deal. Mixed use; lots, Connor homes, townhomes and fractional homes.
Our team stands ready to get to work. Scott Tracy,
our broker and director of administration; Chris Cannon, our senior
marketing exec; and Richard Korowicki, our senior sales exec.
We are also working on a very high-end whole and
fractional project on a private Caribbean island. Will the upper-crust buy $1
million fractions? We think so, and are guardedly optimistic.
For the New York project, Star would be a developer; for the
Caribbean, a marketing agent. I sometimes wonder which is the most
advantageous. What do you think?
Connor Homes of Middlebury, Vermont, is an interesting
evolution. This is the high-end manufactured home company with over 100,000
square feet under roof and a long history of quality New England-style homes. Mike
Connor is the founder and still CEO.
Currently, they are being filmed by the PBS program This
Old House. Recently, via an Atlanta architect, they fabricated 30 cottages to
be sent to the Cabela's project in the Ozarks. As their reputation grows, they
are looking to 'brand' projects with their homes. For our New England area
projects, we have an exclusive deal with Connor. Yes, a bit more expensive than
'toss it up' stick built, but higher quality and we bet the market will pay a
bit more for a Connor home.
On the money front, Peter Moore, from Corporate
Finance Associates out of Portland, Maine, is our key man for funding all our
projects. He's a real talent.
