Catching Up with Carl: November 2014

We are coming upon the Holiday Season. Usually, most work slows down between Thanksgiving and New Year's. Not in our case. If we can get the attention of important participants, here’s what we plan to do:

1. Florida: We are working on two deals. For the Florida Keys Club, we plan to arrange our final financing and move ahead with plans for the fractional cottages and the hotel. At Crystal Cove, we plan to arrange a relationship with RCI for rental, by them and by European travel companies allied with them, to lease a number of condos as the rental market to the Keys is so hot. Then, to begin construction on our first phase, and get into sales.

2. Texas: At our Seahorse Beach Club, during the first week of December we’ll be value engineering our first two homes: one on the Gulf and the other on the Bay with an eye to build and furnish homes that are more competitive with our specific market.

Or, to put it another way, we probably overbuilt and we are adjusting, which should make our selling prices more attractive.

3. New Orleans: We’ve spent a good deal of time fashioning the elements of a venture ‘deal’ there and are finally getting down to what the license can and can’t do in terms of transient use in the Quarter. By year’s end, we’ll either be in one or two projects or none.

4. A lot of projects have come to us for various reasons:

       A] At a Colorado ski area, we are working with the balance of a partially sold-out fractional project. We have submitted a proposal to ‘bulk’ sell the inventory. That proposal has not yet been accepted by the owner.

       B] At a Sierra ski community, recently purchased by a Canadian developer and hotel management company, we are in discussions to find them a development partner to build out the Village core. It's interesting as we managed the pre-sales, back in the mid-2000s, for a condo/fractional project.

      C] A Texas historic hotel with an eye to convert part of the inventory to condos, plus to build condo penthouses all for fractional sales. Our proposal is on their desk.

So, a busy end of the year for us. Our office building in Scottsdale Old Town is still for sale. Any takers?