Attn: John Conrad
We’ve received the letter you distributed in response to our mailing seeking support for a Special Meeting to remove certain directors.
You seem to be living in the past and out of touch with today’s events. You write that the “Association now has a record of prompt payments and receipts.” That was the past. The Association has nearly depleted approximately $2 million in cash and is seeking to borrow money. This is the present reality. You write that “the real estate values of [our] homes and properties have increased substantially in the past five years.” That was the past. Nearly every piece of real estate appreciated dramatically in the past 5 years. But now, the ubiquitous signs along Rt 522 of one of your company’s own builders offering 100% financing are a testimony to a simple fact of today: those homes aren’t selling as they did in the past, and the appreciation is reversing direction. This is the present reality.