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During the past year, I have invested and and have been working on a 4.5
commercial acre property in Homer, Alaska. It is zoned for
commercial development, for hotel and condo development.
We have gone through the entire permitting
and platting process for 22 condos with retail space. Our strategy is
to sell the condos either as fractional shares or whole ownership. By
June 18th, we are to pay the seller $65,000 good faith money, so further
funding can be put into place no later than 8/31/08.
There are a couple of scenarios to
consider. One is to sell the project outright, the way it is, ready to
go with the architect, engineer, contractor and Bay Realty (for sales).
Or another strategy is to keep my partner and me on the job,
with build-out planned over the next three years, and the interested
party become a silent partner, with partnership percentage to be
determined. Or, last, but not least, we would be able to get the project
going with a $3,000,000 loan, enabling us to finish paying the
seller and get the site prepared with the first model for presales in
place by next spring.
We already have been approached by an
international buyer who stated in a letter on file that when the
building is done and we have a couple of sales, they will buy the entire
project form us. We feel this is an excellent project in a beautiful
location which should sell out fairly quickly as have the other two
condo projects in the area. Fifty percent of the buyers on the
other projects have been from the Anchorage area; the other
fifty percent are coming from the lower forty-eight states.
If you have any further interest and
questions, please call me. Thanks
Helen Larsen 208-55-2616 cell |
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