Land Swap Proposal Details

We have finally received all the information about the land encroachment by Phase II on Wintervale Realty Trust’s property. Below are the engineering plans showing the details of the proposed swap:

The Lot X is the piece of our land that interests Wintervale. The Lot Y is the land we’re currently encroaching on and it is the land, which would be offered to us by Wintervale.

An argument for the swap would be that Lot Y is larger than Lot X and is being used for parking, whereas Lot X is a smaller piece of wooded land on the furthest corner of the premises. Moreover, failure to approve the swap would probably require us to tear the asphalt off the encroached land in order to officially convey the land back to Wintervale. Removing the asphalt pavement would have to be done at our own expense, which may run up to $10000 ($1.5 - $3 per square foot, same as construction costs). In addition, we will not be able to re-sod the area after the pavement has been removed, since the land isn’t ours.

An argument against the swap would be that Wintervale intends to build a duplex on the land adjacent to Lot X, which would involve the removal of trees, construction, mess and other unpleasantries for the residents of building A, in addition to possibly permanently altered backyard view.

The approval of the swap requires the agreement of all 128 units, without exception, which would constitute the amendment of the Master Deed. If passed, each of the unit owners would have to sign that amendment, once all the paperwork has been finalized.

06/30/2008 01:53 pm

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