January 2024 Update

The Big Idea:

Getting Ready for Spring Sales

We have three houses under contract

As you take a look at the lot status pdf, you’ll notice that there’s three stars on there!  We’re thrilled to have sales activity in the dead of winter (it’s dark and snow/raining as I type this), as it continues to point to a strong spring sales season! 

Home construction has slowed down

While we’ll still have plenty of finished homes by April, we have had to slow down the pace of new home starts because we’re starting to get close to the upper limit of the debt guidelines with WaFed.   This was anticipated, and our construction pace is right in line with our projections.  But it’s still a little odd to see fewer sticks in the air, after a few months of us going as fast as possible. 

Refining our construction process, and building our sales process

We’re using this time to ensure our construction process is running smoothly.  We’ve got Stephanie, our new construction admin assistant, set up in her office in the model home.  We’ve also invested in some new software to help manage the construction process better.  We’re also building our sales process built so we can be prepared for the demand in Q2. 

Interest Reserve Account

WE’VE GOT GREAT NEWS!!   

The house on Lot 3 is currently under contract, and is set to close in 30 days.  With the sale of the house on Lot 51 (pending, should close on Thursday 18 Jan) and the sale of the house on Lot 3, we’ll have enough in the interest reserve account until the end of April.  We feel very confident that we’ll get another home sold before April, and we’re very excited about a strong spring sales season.   

There won’t be any need to contemplate any additional loans from a partner, or lot sales, to finance our interest reserve account at this meeting. To review, we have been contemplating either borrowing up to $100k from a partner with money on the sidelines, or selling a few lots (likely #21-#25) to some of our builders, in order to meet our interest reserve requirements. 

The status of our loans

Check out our website

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