Analysis Assumptions Report

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Investment Assumptions
Price of Property   None
Date of Acquisition   1 January 2002
Holding Period   3 Years
Inflation Rate   4% per Year
Sale Price Method   No Sale Price Specified
Selling Costs   6%
     
Investor's Assumptions
Present Value Discount Rate   10% per Year
Tax Rate - First Year   39.6%
Tax Rate - Following Years   39.6%
Capital Gain Rate   20%
Cost Recovery Recapture Rate   25% - Losses Taken Currently
     
Unit Sales Draw Assumptions
Draw Percent   100%
Draw Rate   10% Annually
Draw Period   1 Month
Draw Interest Payment   Accrued
Draw Limit   None
Draw Discharge Rate   85%
     
Unit Sales Parameter Assumptions
Price Multiplier   100%
Cost Multiplier   100%
Sale Cost/Unit   Zero
Inflate Unit Prices   No
Price Growth Rate   at the Inflation Rate
Inflate Costs   No
Cost Growth Rate   at the Inflation Rate
     
Executive Lots - Interior Unit Sales Revenue Assumptions
Unit Price   $20,000.00
Units Sold   11
Unit Date Sold   1 July 2002
Unit Standard Cost   $10,000.00
Unit Sale Cost   6% of Unit Sales
     
Executive Lots - Interior January 2003 Unit Sales Revenue Assumptions
Unit Price   $21,000.00
Units Sold   11
Unit Date Sold   1 January 2003
Unit Standard Cost   $10,000.00
Unit Sale Cost   6% of Unit Sales
     
Executive Lots - Interior April 2003 Unit Sales Revenue Assumptions
Unit Price   $21,000.00
Units Sold   11
Unit Date Sold   1 April 2003
Unit Standard Cost   $10,000.00
Unit Sale Cost   6% of Unit Sales
     
Executive Lots - Interior July 2003 Unit Sales Revenue Assumptions
Unit Price   $21,000.00
Units Sold   12
Unit Date Sold   1 July 2003
Unit Standard Cost   $10,000.00
Unit Sale Cost   6% of Unit Sales
     
Executive Lots - Interior October 2003 Unit Sales Revenue Assumptions
Unit Price   $21,000.00
Units Sold   11
Unit Date Sold   1 October 2003
Unit Standard Cost   $10,000.00
Unit Sale Cost   6% of Unit Sales
     
Executive Lots - Interior January 2004 Unit Sales Revenue Assumptions
Unit Price   $22,000.00
Units Sold   15
Unit Date Sold   1 January 2004
Unit Standard Cost   $10,000.00
Unit Sale Cost   6% of Unit Sales
     
Executive Lots - Interior April 2004 Unit Sales Revenue Assumptions
Unit Price   $22,000.00
Units Sold   6
Unit Date Sold   1 April 2004
Unit Standard Cost   $10,000.00
Unit Sale Cost   6% of Unit Sales
     
Executive Lots - Golf/Lake Unit Sales Revenue Assumptions
Unit Price   $32,000.00
Units Sold   3
Unit Date Sold   1 July 2002
Unit Standard Cost   $16,000.00
Unit Sale Cost   6% of Unit Sales
     
Executive Lots - Golf/Lake January 2003 Unit Sales Revenue Assumptions
Unit Price   $33,000.00
Units Sold   3
Unit Date Sold   1 January 2003
Unit Standard Cost   $16,000.00
Unit Sale Cost   6% of Unit Sales
     
Executive Lots - Golf/Lake April 2003 Unit Sales Revenue Assumptions
Unit Price   $33,000.00
Units Sold   3
Unit Date Sold   1 April 2003
Unit Standard Cost   $16,000.00
Unit Sale Cost   6% of Unit Sales
     
Executive Lots - Golf/Lake July 2003 Unit Sales Revenue Assumptions
Unit Price   $34,000.00
Units Sold   3
Unit Date Sold   1 July 2003
Unit Standard Cost   $16,000.00
Unit Sale Cost   6% of Unit Sales
     
Executive Lots - Golf/Lake October 2003 Unit Sales Revenue Assumptions
Unit Price   $35,000.00
Units Sold   5
Unit Date Sold   1 October 2003
Unit Standard Cost   $16,000.00
Unit Sale Cost   6% of Unit Sales
     
Prestige Lots - Interior Unit Sales Revenue Assumptions
Unit Price   $36,000.00
Units Sold   1
Unit Date Sold   1 July 2002
Unit Standard Cost   $18,000.00
Unit Sale Cost   6% of Unit Sales
     
Prestige Lots - Interior October 2002 Unit Sales Revenue Assumptions
Unit Price   $36,000.00
Units Sold   12
Unit Date Sold   1 October 2002
Unit Standard Cost   $18,000.00
Unit Sale Cost   6% of Unit Sales
     
Prestige Lots - Interior January 2003 Unit Sales Revenue Assumptions
Unit Price   $37,000.00
Units Sold   1
Unit Date Sold   1 January 2003
Unit Standard Cost   $18,000.00
Unit Sale Cost   6% of Unit Sales
     
Prestige Lots - Interior April 2003 Unit Sales Revenue Assumptions
Unit Price   $37,000.00
Units Sold   1
Unit Date Sold   1 April 2003
Unit Standard Cost   $18,000.00
Unit Sale Cost   6% of Unit Sales
     
Prestige Lots - Interior July 2003 Unit Sales Revenue Assumptions
Unit Price   $38,000.00
Units Sold   11
Unit Date Sold   1 July 2003
Unit Standard Cost   $18,000.00
Unit Sale Cost   6% of Unit Sales
     
Land Unit Sales Spending Assumptions
Unit Sales Cost (1 Units @ $1,050,000.00/Unit)   $1,050,000.00
Expenditure Start   1 February 2002
Expenditure Months   1 Month
Include in Draws   100%
     
Clearing & Grading Unit Sales Spending Assumptions
Unit Sales Cost (1 Units @ $59,429.00/Unit)   $59,429.00
Expenditure Start   1 February 2002
Expenditure Months   2 Months
Include in Draws   100%
     
Paving Unit Sales Spending Assumptions
Unit Sales Cost (1 Units @ $114,549.00/Unit)   $114,549.00
Expenditure Start   1 July 2002
Expenditure Months   2 Months
Include in Draws   100%
     
Curb & Gutter Unit Sales Spending Assumptions
Unit Sales Cost (1 Units @ $64,232.00/Unit)   $64,232.00
Expenditure Start   1 July 2002
Expenditure Months   2 Months
Include in Draws   100%
     
Sanitary Sewer Unit Sales Spending Assumptions
Unit Sales Cost (1 Units @ $158,810.00/Unit)   $158,810.00
Expenditure Start   1 April 2002
Expenditure Months   3 Months
Include in Draws   100%
     
Storm Sewer Unit Sales Spending Assumptions
Unit Sales Cost (1 Units @ $61,277.00/Unit)   $61,277.00
Expenditure Start   1 April 2002
Expenditure Months   3 Months
Include in Draws   100%
     
Water Unit Sales Spending Assumptions
Unit Sales Cost (1 Units @ $63,602.00/Unit)   $63,602.00
Expenditure Start   1 May 2002
Expenditure Months   1 Month
Include in Draws   100%
     
Entrance Unit Sales Spending Assumptions
Unit Sales Cost (1 Units @ $36,000.00/Unit)   $36,000.00
Expenditure Start   1 August 2002
Expenditure Months   2 Months
Include in Draws   100%
     
Power & Street Lighting Unit Sales Spending Assumptions
Unit Sales Cost (1 Units @ $9,300.00/Unit)   $9,300.00
Expenditure Start   1 April 2002
Expenditure Months   1 Month
Include in Draws   100%
     
Amenity Unit Sales Spending Assumptions
Unit Sales Cost (1 Units @ $270,000.00/Unit)   $270,000.00
Expenditure Start   1 August 2002
Expenditure Months   5 Months
Include in Draws   100%
     
Contingency Unit Sales Spending Assumptions
Unit Sales Cost (1 Units @ $35,000.00/Unit)   $35,000.00
Expenditure Start   1 February 2002
Expenditure Months   1 Month
Include in Draws   100%
     
Design Unit Sales Spending Assumptions
Unit Sales Cost (1 Units @ $37,500.00/Unit)   $37,500.00
Expenditure Start   1 February 2002
Expenditure Months   3 Months
Include in Draws   100%
     
Layout Unit Sales Spending Assumptions
Unit Sales Cost (1 Units @ $25,000.00/Unit)   $25,000.00
Expenditure Start   1 May 2002
Expenditure Months   3 Months
Include in Draws   100%
     
Taxes & Insurance Unit Sales Spending Assumptions
Unit Sales Cost (1 Units @ $12,000.00/Unit)   $12,000.00
Expenditure Start   1 February 2002
Expenditure Months   12 Months
Include in Draws   100%
     
Legal & Closing Unit Sales Spending Assumptions
Unit Sales Cost (1 Units @ $13,000.00/Unit)   $13,000.00
Expenditure Start   1 February 2002
Expenditure Months   1 Month
Include in Draws   100%
     
Appraisal Unit Sales Spending Assumptions
Unit Sales Cost (1 Units @ $5,000.00/Unit)   $5,000.00
Expenditure Start   1 February 2002
Expenditure Months   1 Month
Include in Draws   100%
     
Marketing & Advertising Unit Sales Spending Assumptions
Unit Sales Cost (1 Units @ $61,250.00/Unit)   $61,250.00
Expenditure Start   1 July 2002
Expenditure Months   15 Months
Include in Draws   100%
     
County Fees Unit Sales Spending Assumptions
Unit Sales Cost (1 Units @ $2,000.00/Unit)   $2,000.00
Expenditure Start   1 February 2002
Expenditure Months   1 Month
Include in Draws   100%
     
Development Fees Unit Sales Spending Assumptions
Unit Sales Cost (1 Units @ $60,000.00/Unit)   $60,000.00
Expenditure Start   1 February 2002
Expenditure Months   12 Months
Include in Draws   100%
     


     

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