By Joe Bogardus, TVPOA Marketing Team Member, Source: Tell-e-Gram. Download here.
For years, former Tellico Village Boards struggled to find a solution on how to sell hundreds of non-revenue generating lots which had reverted to the Tellico Village Property Owners Association (TVPOA). These lots represented hundreds of thousands of dollars of missed assessment income. Although buildable, these lots were small, internal and did not have lake or mountain views.
With the successful re-launch of the Tellico Village brand in 2013, demand for housing increased. Over the ensuing years, new arrivals quickly purchased available homes in the 1,800 to 2,500 square foot range, dramatically depleting this inventory segment.
In the late fall of 2014, Beth Kuberka, TVPOA director of marketing communications, conceived and convinced the Board to trial a building program in the southern end of the community where there was a concentration of TVPOA owned lots. Working with Mashburn Homes, 1500 to 1800 square foot homes were built and a neighborhood was created with sidewalks, street lamps, decorative mail boxes and a small park.
In less than two years, the Cheeyo Place Park test was nearly sold out and three additional projects with approved by the Board in Mialaquo Coves, Chatuga Point and Tanasi Hills. All are neighborhoods with high numbers of non-revenue-generating lots. By year end 2017, sales totaled 42 TVPOA lots in the four neighborhoods.
Kuberka has continued to market these types of lots to builders throughout the Village. By year end 2018 an additional 60 TVPOA lots will have been sold. Since 2013 to the end of this year, 182 non-revenue generating lots will have been converted to occupied residences paying monthly assessments. Depending on the 2019 monthly assessment, it is projected these lots will produce between $275,000 to $290,000 worth of 2019 income. The actual net sales revenue for these lots produced more than $200,000 of revenue.
In the summer of 2012, when the marketing program was created the main emphasis was to influence Villager property values and lessen time of market for community homes. This still remains the overarching objective of the program today, and the effort has proven highly successful.
An unexpected benefit has been the opportunity to address the TVPOA lot issue. Thanks to the increased awareness for the brand and interest in living the Tellico Village lifestyle, more active adults are selecting the Village to enjoy the next phase of their lives. Some, not able to find the right size home, are building on TVPOA lots. With more than 780 lots, either currently under or soon to be under TVPOA control, supported by ongoing investment in the Tellico Village brand, this initiative offers the best chance to continue to convert non-paying lots into revenue generators well into the future to the benefit of all Villagers.