We were approached by a developer who had been working with three different consultants for 18 exasperating months, to obtain a Public Report on a project that was stalled. They couldn’t even get to a Conditional (Yellow) Report during this time. They had a Pink Report, which allowed them to advertise and to take reservations, and they had already had to renew that once.
The problem is that they purchased what is commonly called a “broken project.” The initial phase of the development had been built and partially sold out a few years prior. In order for our Client to move forward, they needed to have a Reserve Study done to address the existing common improvements; they needed a Budget prepared to address the remainder of the project, and they needed someone to step in and take over the DRE processing. At the time we were contacted, the DRE had issued seven (7) deficiencies.
Within 60 days of CBS’s involvement, a Reserve Study had been prepared; new HOA Budgets were prepared for 15 marketing phases, and the Conditional Public Report had been issued along with a “Final Document Notice” from DRE. The Final “White” Public Report was issued just 30 days later. Our one-stop-shop approach really brought this file to fruition; we were able to identify what was missing, and to coordinate what the client needed to complete the project.
