We have been extremely gratified by the overwhelming positive response to the restoration of Jersey Court. Since March of 2003, we have received over 60 inquiries from people wishing to purchase these units - - roughly three times as many inquiries as there will be units available! These calls flooded into our office even before we were approved to accept the non-binding reservations, simply from people who had seen that the restoration of the facade had begun.

Anyone wishing to enter a non-binding reservation agreement must of course demonstrate his or her financial ability to complete the transaction, which is usually done by way of supplying a mortgage lender's pre-qualification or pre-approval letter. Once financial ability is demonstrated, the next line of inquiry is whether the prospective purchaser intends to personally occupy the unit. The Federal National Mortgage Agency (FNMA) guidelines for condominium project approval establish a preference for owner-occupied units over non-owner-occupied units in evaluating the financial strength of a Condominium Association. Since FNMA guidelines are often used in connection with individual purchaser's mortgage applications, we decided to implement this prioritization as well. By doing so, we hope not only to assist purchasers in their financing arrangements, but also to maintain the spirit of the Jersey Court Condominiums as a community of owners.