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NEW KINGS COLONY POA SELLING YOUR LOT
Dear Lot Owner: We have had many requests by lot owners for assistance and information regarding SELLING their lots. Two years ago, when this Board of Directors was installed, the lot values in Kings Colony were less than $500.00 and the only lots being purchased were at tax auctions. Section 2 has been electrified since the fall of 2005. Currently, five houses have been built in the subdivision. These are 2,000 to 2,400 square-foot manufactured homes that cost approximately $100,000.00. The lots on which these homes are located have more than $10,000 in improvements: including aerobic septic tanks, water wells, permanent foundations, and decking, and the built-out lots were sold for around $120,000.00 as a package with the home. We hope to have builders building more homes in the subdivision within the next 12 months. Section 1 has now been electrified by Entergy, so homes may now be built in that section. The New Kings Colony POA Board is in the process of building a brick monument at the entrance to the subdivision, and is continuing to asphalt more roads. At this time, lots are selling in Section 1 and Section 2 for $1,000.00 to $3,000.00. Representatives of Colony Ridge, Ltd may be contacting you with an offer to purchase your Kings Colony lot(s). Sherry Bates and Robin Lane are two of those representatives, but there are others. They are calling all lot owners and generally offering around $3,000.00 per lot. Colony Ridge, Ltd has created the market at this time, and they have currently purchased approximately 115 lots in Kings Colony. Presumably, they are buying lots because they feel that the lots’ values will increase as we continue to improve the subdivision. For those who have expressed concerns about development of the subdivision, you may rest assured that the current Board will enforce the deed restrictions in Kings Colony, and that no one will be allowed to build improvements on the property that do not conform to those restrictions or that decrease the value of surrounding properties. Although we have contacted many realtors in the area, none have expressed an interest in listing lots in Kings Colony. There are two problems: the subdivision is a substantial distance from most real estate offices in the area, and Kings Colony streets have no street signs yet, which means that the lots cannot be located without help. The Board plans to install street signs in the next few months. If you are interested in selling your lot(s), you should contact Bill Anderson at (832) 928-8128 or email him at billanderson21173@yahoo.com if you would like to set up an appointment to view the property. Mr. Anderson is assisting the Board as the new project manager overseeing the improvements to the subdivision. He has access to the site on a regular basis and is very familiar with the property. He will be able to help you, any realtor you have hired, or any prospective buyer easily locate your property. As a courtesy, the Board has also arranged for Mr. Anderson to help locate and sell your lot. Bill Anderson is a well respected salesman who works in the area. He will locate your lot, put a for-sale sign with his phone number on the lot, show your lot, and sell it for you. No member of the Board receives any payment from Mr. Anderson for his services, and, of course, you are welcome to hire any other realtor that you prefer. Some lot owners have asked whether the Board can provide photographs of their property to help them list the property. The Board does not make a practice of photographing specific lots for each lot owner. There are over 1700 lot owners in this project. The Board will continue to provide an overview of the project and status of improvements with its annual newsletter posted to the website: www.newkingscolony.com and presented at the next POA Annual Meeting, such date to be determined. Should you have any questions regarding the status of payment of your annual POA maintenance fees on your lot(s), please direct these concerns to The New Kings Colony POA, Inc., P.O. Box 34612, Houston, TX 77234. Alternatively, you may contact Anne Buckmaster at (281) 332-9688 or by email at buckmasterventures@earthlink.net.
Thank you. Ira Crain, CPA |
URGENT
NOTICE OF INDEFINATE CANCELLATION OF THE NEW KING’S COLONY POA ANNUAL MEETING
THE MEETING PREVIOUSLY RE-SCHEDULED FOR MAY 2, 2006 IS CANCELED
DUE TO LEGAL ACTION, THE POA CAN NOT SCHEDULE A MEETING UNTIL THE LEGAL SUIT IS SETTLED. THE CURRENT ISSUE IS WHETHER COLONY RIDGE LTD CAN VOTE FOR DIRECTORS AT THE ANNUAL MEETING WITHOUT PAYING ASSESSMENTS ATTACHED TO LOTS THEY HAVE PURCHASED
IF YOU HAVE ALREADY MAILED YOUR CURRENT PROXY – THANK YOU!!! IF YOU HAVE NOT – PLEASE CLICK HERE TO DOWNLOAD AND COMPLETE THE PROXY AND MAIL IT TO US OR FAX IT TO (713) 721-1129 IMMEDIATELY
PLEASE SUPPORT YOUR BOARD OF DIRECTORS IN OUR EFFORTS TO PROTECT YOUR INVESTMENT AND TO IMPROVE KING’S COLONY 1 & 2
NOW THAT MOST OF THE LOTS ARE MORE VALUABLE, COMPANIES MAY TRY TO BUY YOUR LOT(S) FOR VERY LOW PRICES AND ATTEMPT TO CONTROL DEVELOPMENT BY TAKING OVER THE BOARD OF DIRECTORS.
DON’T LET THEM DO IT!
CLICK HERE TO READ THE LETTER AND VIEW THE PICTURES OF LOTS DEVELOPED BY COLONY RIDGE, LTD ON THE NEXT PAGES FOR MORE INFORMATION ON THIS THREAT TO YOUR INVESTMENT
Click here to read a testimonial letter supporting the current board's work!
ALERT ALERT ALERT
KING’S COLONY LOT OWNER
First alert: Colony Ridge, Ltd is trying to buy lots below recent sales prices. Many lot owners have called to say they received a letter from Beth Ward of Rosharon, Texas offering to buy their lot(s) at a very low price based on appraised values of $1000 to $1500. Beth Ward works for Colony Ridge, Ltd, a Montgomery County company, that has historically purchased land at extremely low prices, and it then allowed new and used mobile homes and small houses of approximately 800 square feet and up on those lots. They appear to have a history of moving in to an area, getting as many lots as they can and then moving on, leaving the area very little improved. In some areas they allow old un-kept mobile homes. We question whether creating this kind of mobile home community is the best way to maximize our landowners lot values? This is not what we all want. In our recent “Letter from the Board”, we told you that recent lot sales have exceeded the appraised value. The homes that are on these recently purchased lots have 1600 square foot to 2400 square foot. These are Federal Housing Administration approved and financed homes. These homes cost close to $100,000; $120,000 with an improved lot (with County approved sewer systems and concreted water wells). These FHA homes have substantially improved the comparison value for appraisals. There are three homes in Kings Colony, Section 2 and we anticipate one or two more homes each month for the rest of 2006.
Offers for POA lots made by Colony Ridge, Ltd are substantially lower than recent sales prices, and we believe that the lot values should be higher by the end of the year due to the new homes in the subdivision and the new appraisals.
Your Board of Directors has worked hard for the last two years to rebuild the roads, culverts and drainage system and to attract buyers interested in higher quality homes. We have been able to get the work done for much less money by using local contractors and hourly laborers.
We know that you have waited a long time to realize your investment. Your board should be supported for getting the first homes in the subdivision since 1979. By the end of this year we believe that your lot(s) will be appraised for much more based on the recently sold homes and lots. Please sign and return the enclosed proxy fax (713)721-1129
Second alert: Colony Ridge, Ltd. may try to take over the Board of Directors to further their business objectives and get more lots.
We met with members of the Colony Ridge, Ltd organization on Friday, March 31, 2006 while complying with their request to examine all of the POA records. Colony Ridge, Ltd produced a deed that shows that it purchased two King’s Colony lots from Montgomery County Tax trust (lots foreclosed for taxes). They informed Board Members that Colony Ridge, Ltd owns 100 lots in Kings Colony. They refused to give the lot descriptions or deed records so that the POA could bill the company for the assessments owed; in fact, they refused to pay the past-due assessments for the two lots when presented with an invoice. Today, April 4,2006,(one day before the meeting), the lawyer for Colony Ridge, Ltd sought a Temporary Restraining Order to prevent the POA from holding its Annual Meeting on April 5, 2006. The meeting has been cancelled as a result. It appears that Colony Ridge’s purpose may be to make more time to contact all of the POA members and obtain their proxy votes in order to take over the Board of Directors. If they do so, the new Board may try to set aside deed restrictions to allow for homes of less than 1400 square feet. It could also accelerate the foreclosure of lots (we have not foreclosed on anyone to date) and to buy lots from the POA.
Some landowners would view a takeover attempt under those circumstances as a threat to their investment. Although your Board of Directors owns lots in King’s Colony, Ira Crain, Travis Burnett, Steve Haase, Becky Morris and Anne Buckmaster have worked hard for two years to increase the value of all lots in the neighborhood. We have not contacted you to offer you a ridiculously low price for your lot(s), but have shown you how your lots could appreciate in value if you hold on to them because we believe that their value will go up substantially in the next two years. Now that the goal is in sight, please do not let the Colony Ridge, Ltd organization take away your investment. I expect that the letter you will receive from this organization will say derogatory things about the board. If you have any questions regarding communications that you receive from Colony Ridge, or would like to discuss Board policies and activities, please contact your Board. You can also review the recently updated website, www.newkingscolony.com to see our accomplishments in 2005 and 2004. The value of the lots has exploded from less than $500 to $1500 according to the appraisal district. that’s a 200% increase in one year and market value is often higher. Please sign the enclosed proxy and support our effort to protect your investment.
Enclosed are pictures of two subdivisions (peach creek near king’s colony and Arcola-Fresno) where colony ridge, ltd has bought lots cheaply and allowed used mobile homes on them. The color pictures are available on the website
"Report from the Board" Click Here For Updates and a New Report From Your Board
In 2004, when this new board was elected, lots in King’s Colony were valued by the Montgomery Appraisal Board at $500.00 per lot. Realtors in the area told us that the lots could not be given away. In 2005, the Appraisal Board increased the valuations by threefold. We believe that the value of our lots will continue to go up with the improvements listed above and especially after the homes that are being constructed are in King’s Colony. Your new board is also working hard with contractors to get homes built in the subdivision. We will be posting pictures of front elevations and floor plans to be considered.
Anyone interested in building, email us; we have obtained financing at a good rate. There are 18 lots in the name of the Association. The board believes that the Association should not own lots.
If you are interested in purchasing one of these lots contact us on the www.newkingscolony.com web site for details. It is very important that you check the www.newkingscolony.com web site for updates and view the before and after photos that show our progress.
We need you to use the web site to contact us and give feedback and ideas for improving our community . EMAIL US! Your new board looks forward to working with you to accomplish our mutual goals. WRITE US!
The New Kings Colony POA Inc.
P.O. Box 34612
Houston, TX 77234