2011 - END OF YEAR REPORT - MILLLER'S LANDING AT PAYNTER'S MILL

Miller's Landing had four closings in 2011, three of which were re-sales and one was a Builder unit.  There was one Bonica Rose (2 bedroom, 2nd floor unit - smallest floor plan) sold furnished in January for $183,500 after 228 days on the market, unit 405.  In late March, a Nellie Stevens model (3 bedroom, 2nd floor unit) closed for $219,000, #803 after 664 days on the market - #1602, a Crepe Myrtle (2 bedroom, 1st floor large floor plan) closed for $205,000 and finally the Builder unit #1506 closed for the net price of $156,720 when you count in the Builder incentives.  It was a Sawtooth Oak model which is the same as the Bonica Rose only a reversed floor plan.  There are currently 3 units under contract waiting to close.  One is a "short sale" Nellie Stevens unit that went under contract back in September when it was listed for $209,000.  Another Builder unit Nellie Stevens (3 bedroom 2nd floor) went under contract on December 12th.  Another Builder unit Bonica Rose went under contract on December 22nd when it was priced at $179,000.  The Builder was offering to pay two years condo fees ($8,000) and $10,000 toward closing costs for an end of the year contract.  There are currently 11 more units listed as active.  Three of them are Builder units, two Crepe Myrtles and a Greenspire Linden priced at $229,000, $249,000 (furnished) and $219,000.  The Builder also has a 3 bedroom, 1st floor Willow Oak that they are currently renting to a client for which they are building a house so it will be back on the market soon.  It was listed for $249,000 when they withdrew.  There are eight re-sales listed, 5 Sawtooth Oak models from a "short sale" listed at $165,000, a Bank Owned listed at $175,000 to a high of $210,000.  There is one Bonica Rose listed at $160,000.  There are two Greenspire Lindens listed at $229,000 and $245,900.  The average days on market for a re-sale condo is 600.  The condo market is a real blood bath and the Builder is not likely to let any re-sales get ahead of him.