Union Bay Real Estate – Inflated Prices Caused by Kensington Island Properties

Anyone selling their home in Union Bay for these inflated prices must be hoping for buyers unaware of the financial tsunami heading towards Union Bay landowners.  The prices in Union Bay were based on the hype spewed by Kensington Island Properties, Union Bay Improvement District, (Fake) Union Bay Residents’ Association including their little spin off groups/committees.  Union Bay is worse off now than it was before being fed the bs from these groups.

Is there anyone who believes Kensington Island Properties is going to start building hundreds of houses in Union Bay?  In this economy?  Is there a shortage of houses available to purchase in Union Bay?  Get real.  The prices these houses are selling for are still the hyped up KIP is coming bullshit.  Houses aren’t exactly being scooped up in a frenzy now are they?  Slowly going down, nowhere to go but down now.   It was bad enough the Board negotiated $1.4 million when Kensington Island Properties offered $17.4 million meaning the landowners would be making up the $16 million shortfall.  Now with windbag KIP nowhere to be found on the pages of The Record pointing at something, Union Bay landowners get to pay the entire $17.4 million.

Back then we didn’t have sewer, water filtration, new fire hall, new fire truck, office space for UBID.  Back then we didn’t have debt.

Back then we had a Board conducting business without the landowners being advised of all the details.  A Board having ‘in camera’ meetings which did not meet the criteria for those meetings and basically making up and changing rules as they saw fit.  In my opinion, rules and regulations were not adhered to.  Back then we had a Board telling us there was nothing being kept from the landowners and that the Board was open and accountable and yet answers to very simple questions could/would not be answered.  In my opinion, back then, the Board was secretive and manipulative.  I believe it would be hard for any landowners to point to those and conclude Union Bay is better off because of their service to the community.  By the time they were gone, debt was accumulating and it had negotiated $1.4 million for water filtration when KIP offered $17.4 million.

Now we have a different Board.  Now we don’t have sewer, water filtration, new fire hall, new fire truck, office space for UBID owned by UBID.  Now we have debt on a property lacking clear title.  Now we have a debt accumulating due to legal action on a property lacking clear title.

$2.5 milllion Firehall

$1.5 million Firetrucks

$17.4 million water filtration, reservoir, etc.  not including land for reservoir.  Present reservoir on KIP land with 5 year lease.  No lease – no water.

$?   ongoing lawsuit on property purchased and mortgaged without clear title.

PLUS:  Usual operating expenses of the Improvement District and ongoing costly upgrades to ageing infrastructure.

To prospective buyers:  Bring lots of money!