RE:Wrong again.....Just read Claudia's latest article about Sage Ranch and noted a few items:
1. “They want to make sure that everything that (is) put in front of the Planning Commission actually gets fulfilled. They don’t want any deviation.”
This comment, in my opinion, is more related to the comments made from Stuart Nacht's lawsuit. In his response to the lawsuit is was noted that Greenbriar was considering lower the quality of the home products (Stuart refused to partake in that) and said the City wouldn't approve. The City wants to ensure that what is approved by the planning commission is what's going to be built. Period.
2. The housing stats are merely showing that Jeff's number don't jive with reality.
3. "He detailed the infrastructure to be covered by $12 million as “building all the improvements for the project… the roads, the curbs, the gutters, sewer, water, drainage, the clubhouse, the swimming pool… and also the water purchases.” He mentioned previously this first tranche would cover "outside infrastructure costs" as well. What are these costs? Jeff and Heidi purchased the building downtown for Keller-Williams new offices (along with $200,000+ in renovations). Sage Ranch already had offices across the street. Why is Keller-Williams not covering these costs in their $26M of real estate fees, plus these are Keller-William offices? What about website and associated costs? Would certainly be better to see the actual breakdown of costs and have better clarity as where those costs belong.
Once again we note that when the Sage Ranch properties were originally purchased they came with 77AF of water rights. Why are shareholders purchasing water rights that won't be required for years. 77AF will cover the required rights into Phase 3. Why were the water rights removed from the land and placed in Jeff's name? See TCCWD Annual Reports.
Captiva Verde paid double the cost of purchasing the land and water rights. Why were they ever placed in Chiachurski's name and not the company's name? I guess we are seeing why now.
By the way 3M shares issued to VOYA is diluting exsisting shareholders by 9% and this doesn't include the actually cost of financing that $12M and then another $28M for Phase 1 home construction. The Altus Report does not cover any costs of financing.
It's either shareholder dilution or cost of financing removed from the profit line.
It's all magic.
Tehachapi has an average frost depth of approximately 5". Even if the PDP is approved in September permits still have to be approved and now you are building the infrastructure during winter conditions. Not significant but you can't install anything on snow/frost until it has been removed and this costs even more money.