TheMonopolyProject (TMP) is still Number 1 and climbing.
We’ve more than doubled our original investment of $100,000. If you call it two years, that’s a 50% rate of growth. If you call it 2 and a half years, it’s still 37%. That is very impressive, but not sustainable or predictable.
TheMonopolyProject remained at the top with a total Score of $223,693. In general, other assets decreased slightly this past month. This month we added $17.8K in equity even as our new-build house in Coolidge decreased in value to below what we paid!?
The Phoenix housing market is still super-hot: “A measure of prices in 20 U.S. cities gained 19.9% in July. Phoenix led the way with a 32.4% surge.”. The Case-Shiller Phoenix Home Price Index tracks home values:
TMP now has 2.0 houses; that is, one house wholly owned (Valencia) and two houses half owned with Jeff; 29th Avenue and Toltec.
TOTAL ASSETS = TMPbank_Account + TMP2bank_Account/2 + TMP_Valencia + TMP2_29th/2 + TMP2_Toltec/2
The increase in the standings is a result of the increase in value of the first two houses, Valencia, and 29th Avenue.
Valencia increased by an amazing $21,500:
This was due to a huge $50K plus jump in the Redfin estimate and smaller jumps in Zillow and Realtor.
29th Avenue increased by $6.3K including a huge $47K jump at Redfin. Something is clearly going on with the Redfin estimating algorithm. Perhaps they are just catching up with reality? Or are they insanely high?
Toltek, our new build house that is still under construction decreased, yet again! It is now below the price we paid, by $2,000. This must be due to slow demand for houses in Coolidge. We paid a base price of $281,990. The price jumped to $306,990 (verbal input) the next month. Then it slowly drifted down. The Peridot floor plan is now listed on their “Seasons at Cross Creek Ranch” website at $279,990. This is a $15K decrease in value from the estimate last month!
The framing was completed on September 24th.
The HVAC was installed on October 1st.
The build appears to be faster than originally stated. Originally, they estimated 10 months or more. The slow demand may speed up the build as more materials and laborers are available than previously estimated.
There may also be some issue with the contract. Here’s the email chain, latest on top, read bottom to top:
9/29/2021 5:19 PM
To Jeff Sutherlin Copy James Sarina
I let Albert know. There were just not any records. I told him if he has any questions to call you!
Thanks,
From: Jeff Sutherlin <jeff.sutherlin@exprealty.com>
Sent: Wednesday, September 29, 2021 2:11 PM
To:
Cc:
Subject: Re: Seasons at Cross Creek
There shouldn’t be any issues whatsoever. If someone from corporate wants to call us directly, please have them do so. The onsite sales rep represented to us that we could buy as an investor. We have even gone to the studio. It would be nice to know what is going on.
Thanks!
Jeff Sutherlin, PLLC
On Wed, Sep 29, 2021 at 1:59 PM wrote:
I am checking with corporate I will send them this info. I will let you know!! Thanks!!
Thanks,
From: Jeff Sutherlin <jeff.sutherlin@exprealty.com>
Sent: Wednesday, September 29, 2021 1:53 PM
To:
Yes, of course she got our deal approved through your office. Jim and I had to submit tons and tons of documents on the loan portal and we were even approved through your builder’s lender. And we have been forthright all along when it comes to the use of this property. We disclosed that it would be used for investment purposes and we verbally shared that when we wrote the contract. We were told that we were the first investor in the project and we were lucky because there were limited ratios of investors that could be approved in your community. We were the first and we were good to go. So, do we need to be concerned about anything??
Thanks!
Jeff Sutherlin, PLLC
On Wed, Sep 29, 2021 at 1:48 PM wrote:
Jeff and James,
Hi guys! So there was a little bit of upset at the company and they are now looking into all of our deals. You started off with Julie, did she get your deal approved with our office? And what are you going to use the home for?