Logan Martin Lake Topics: APCO leased lots.

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	Name:	Osms -
	Subject:	APCO leased lots.
	Date:	10/11/2006 2:59:40 PM

As we know the allotment of lots to be put out to bid (30 lots) were pulled off the market at the last moment this past June. I talked with APCO personnel and was told they were reviewing the contracts and wanted to finalize any changes before bidding. They also had put a freeze on changes to existing contracts, which may explain why an abnormal number of leased lot homes are on the market. Banks want the lease to last at least as long as the mortgage and APCO had been extending leases upon request to accommodate leasees.

To top that off, realty speculators jumped into the lease bids last year and have built $175K-200K homes that they are trying to sell for $450K to 525K--a plan that ain't working! When more realistic prices are asked the properties will move.

I think condos are already overbuilt. Yesterday Russell had 18 Ridge homes listed, I believe.