Ad Hoc Committee Created to Manage Flint Pond Estates



This month, Flint Pond Estates Condominium Trust (FPECT) will hold its first Homeowners Association meeting. The developer is currently the Trustee of FPECT. The developer has requested the current homeowners to elect three residents that will take part in an AdHoc Committee for the purpose of assisting in the directional decisions of the Trust. All decisions about Flint Pond Estates now and in the future until 75% of the units are conveyed to the unit owners will be conducted through the AdHoc Committee. “This is a great opportunity for the homeowners to get familiar with the routine daily management and maintenance functions of the premises. Hopefully, these members who have volunteered to become members of the AdHoc Committee will have the experience to eventually become the elected Trustees of FPECT” said Sotir Papalilo, President of Dalewoods Corporation, the current Trustee of FPECT.

As newly elected members of the AdHoc Committee, Noreen Thorne, Jason Dunn, and Greg Meyer, at their meeting they will be discussing issues related to the budget and current contracts in connection with the management of the Condominium. Members of the AdHoc Committee will be meeting the first Monday of each month at which time old and new business on the agenda will be discussed. Riney Management will continue to provide its Property Management services to the AdHoc Committee and FPECT.

Financing Secured for Park Place

United Bank has issued a commitment letter to finance the development and construction of Park Place. Park Place, a 12-unit, three bedroom, two car garage residential development designed exclusive for clientele that are 55 years of age or older, slated to be built on a private 4.5 acre parcel located on Park Street, which is very close to the intersection of Route 9 and Route 135. Now that financing for Park Place Condominium has been secured marketing is about to commence. While in the process of obtaining the necessary building permits for the demolition of the existing onsite structures, as well as, the construction of the first of four three-unit building, reservations are currently being accepted. Westwood Associates has in fact received its first reservation and feels confident that this unique development located so close to so many amenities will pre sell very quickly especially when the marketing and sales staff begin to implement their marketing plan.

No Monthly Payments for Six Months

Westwood Associates is now offering its clients a “no monthly payments for six months” program to eligible and qualified buyers. Basically, the first six months you live for free. This offer is “huge” said Sue Zamis, the marketing and sales director. The offer is not limited to strictly principal and interest payment, but it also includes payments for condominium fees, real estate taxes, and typical homeowner’s insurance premium. For example, on a $299,900.00 home at a 6% interest rate amortized over 30 years with a 10% down payment the monthly payment equates to approximately $2,350.00 per month savings. The monthly payment will vary depending on the terms of the mortgage and the mortgage amount.

The monthly payment savings attained from this program would provide needed relief from unexpected expenses often seen at the time of closing. The program also provides flexibility to the extent that the monthly payments can be made at any time the clients feel is appropriate. In essence it could be used as insurance when a mortgage payment is missed or a payment can not be made due to unforeseen circumstances. Another option would allow buyers to apply any balances toward the payment of the outstanding mortgage when the home is sold.

Townhomes Now Available in New Phase

Westwood Associates is pleased to announce the opening of a new phase here at Flint Pond Estates. The homes that will be available are located on the opposite side of the Flint Pond Drive that was already constructed. The homes available are identified on their web site as units 3-8 and 66-72. Many of the homes in this phase of the development offer water views. According to Sue Zamis, Sales and Marketing Director, most of these homes can be ready for occupancy within 3-4 months from the date the P & S agreement is signed. She was also confident that the recent increased activity at the site will continue as many buyers express their belief that the market has bottomed out. She said that “the time to buy is just right”. She believes that Seller concessions coupled with the first time homebuyer’s tax credit provides an outstanding home buying opportunity. A tax credit of up to $8,000 is available for qualified first-time home buyers purchasing a principal residence on or after January 1, 2009 and before December 1, 2009.

Flint Pond Estates Occupancy Celebrated

The long anticipated occupancy of the initial townhouses here at Flint Pond Estates was celebrated on March 6, 2009 with the closing of 56 Flint Pond Drive. By April 3rd, 2009, three more buyers moved into their new homes. According to Westwood Associates, by the end of October there will be at least 14 more new residents enjoying their new homes. The buyers are elated. Buyers experience can best be surmised when Mrs. Dorothy Nacimento of 56 Flint Pond Drive said “My home buying experience at Flint Pond Estates was exceptional. From the moment I expressed an interest in purchasing a townhouse at Flint Pond to even after the final closing, everyone was professional, courteous and always available for any questions I might have throughout the entire buying process“. One of the recent buyers, Ed and Noreen Thorne, who have purchased 2 Paxton Court had the following to say “We looked at many, many complexes before buying at Flint Pond Estates…The experience of buying at Flint Pond Estates has been greatly enhanced by working with the knowledgeable, professional and courteous staff and we very much appreciate their efforts. We are very happy to be a part of this emerging community and look forward to many years of enjoying the experience of living at Flint Pond Estates.”