I own a unit at Barrier Island Station in Duck, NC. Due to low maintenance fees over the years and a lack of reserves, the BOD is looking at possibly selling one of the buildings to give us some much needed cash. They found a company they are looking at with the help of the sale is TOWB. https://www.towb.life/ . Has anyone heard of them before?
I took the numbers that TOWB gave us in a webinar and presented them below:
I think there are 12 units to be sold.
A couple recent sales in the 200 building averaged $600,000
$450,000 is one estimate of potential sales price
12 X $450,000 = $5,400,000 or 5.4 M of the $5.4 M , only $2,730,000 will go back to Barrier Island. The $2.73 M number is coming from TOWB.
The company, TOWB, has lined up a loan at 15%, so the interest rate alone is going to cost the owners assoc $525,000 .5 M.
Interest cost $525,000
Foreclosures $669,000
Title work $79,560
Communication $10,000
Legal Fees $50,000
Appraisal $1,000
Deeds $139,250
Total $1,473,810
Sales of units $5,400,000
Expenses $1,473,820
To Owners Assoc 2,730,000
To TOWB or something else $1,196,181
Does this seem reasonable?
I took the numbers that TOWB gave us in a webinar and presented them below:
I think there are 12 units to be sold.
A couple recent sales in the 200 building averaged $600,000
$450,000 is one estimate of potential sales price
12 X $450,000 = $5,400,000 or 5.4 M of the $5.4 M , only $2,730,000 will go back to Barrier Island. The $2.73 M number is coming from TOWB.
The company, TOWB, has lined up a loan at 15%, so the interest rate alone is going to cost the owners assoc $525,000 .5 M.
Interest cost $525,000
Foreclosures $669,000
Title work $79,560
Communication $10,000
Legal Fees $50,000
Appraisal $1,000
Deeds $139,250
Total $1,473,810
Sales of units $5,400,000
Expenses $1,473,820
To Owners Assoc 2,730,000
To TOWB or something else $1,196,181
Does this seem reasonable?