NO MORE LAND LEASES at JASMINE,

JUST NORMAL WARRANTY DEEDS

Thanks to several people in the past, but especially Robin Smith, Jasmine now owns the land and the transfer of title of each condominium unit is by means of a warranty deed, the standard in the industry, NOT by a lease agreement. In order to accomplish this feat the Jasmine Association has incurred a mortgage of $2.2 million, currently under a million dollars, which is being paid off by the Jasmine 218 owners. 

 

History of the Jasmine Association and Land Ownership

The history of the Jasmine Association, thus far, has been very unique in many respects. Until Federal law changed everything in 1988,  It was originally planned as a single’s and empty nester’s community, children were not permitted Jasmine residency.

Additionally, the Developer owned the land and leased it to the Association in the form of a 99 year Land Lease. This caused many problems in both financing and the transferring of title. All of which resulted in lower property values and a continual increase in lease payments due the Developer.

80222 Pool from D Roof

A Tribute to Robin Smith

During his 9 year term as President of the Jasmine Board, Robin, thru his undying determination, was able to convert the 99 year land lease into a more manageable mortgage at an attractive interest rate and terms. Following this transition, Jasmine experienced an immediate $10,000,000 increase in total valuation. Additionally, it made sales and lending options more obtainable, for this we are eternally grateful.

Approximate Mortgage Balance 2/15/2023

80222 Pool from D Roof

Countdown to Going Live

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